Ghana’s Central Bank has lauded the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative for its role in equipping women-owned businesses to drive the country’s economy.
The second deputy governor of the Bank of Ghana, in Accra, Elsie Addo Awadzi stated that the partnership between AFAWA, the African Guarantee Fund and the Ghana Association of Banks is timely and urgent.
“We believe it will go a long way in helping our economy recover from the current macro-economic challenges it faces and indeed make it more resilient,” Awadzi stated.
While speaking during the recent AFAWA Finance Series workshop held in Accra, Awadzi called on stakeholders in Ghana to support the AFAWA initiative, saying it would serve the common good.
AFAWA is a pan-African initiative of the African Development Bank to bridge the $42 billion financing gap facing women in Africa.
The Finance Series, jointly organized by the African Guarantee Fund, offers an introduction to AFAWA’s partnership services for African finance ministers, central bank governors and financial institutions. In Accra, the three-day series addressed the country’s gender financing gap, the importance of gender-smart investment approaches, and how to increase business opportunities by building products and services to serve women entrepreneurs.
Participants also received a presentation on AFAWA’s Guarantee for Growth Programme, which offers practical advice on improving gender sensitivity in lending practices. The speakers noted that research shows women are better at repaying loans than men, and typically reinvest up to 90% of their income in the education, health and nutrition of their families and communities.
Group CEO of the African Guarantee Fund. Jules Ngankam further explained, “Our objective is to provide a holistic solution to bridge the gender financing gap in Africa. The African Guarantee Fund is committed to working with financial institutions to support women entrepreneurs through the AFAWA Guarantee for Growth program. The fund is a specialized guarantee provider that advances economic development, sustainable job creation and poverty reduction in Africa.”
Speaking to participants at the event, African Development Bank Ghana Country Manager, Eyerusalem Fasika noted that women are key stakeholders in Africa’s integration and economic development.
The workshop, the first held in West Africa, follows successful events in Tanzania and the Democratic Republic of the Congo.