Accra: Mrs. Matilda Asante Asiedu, Second Deputy Governor of the Bank of Ghana, has highlighted the critical role of empowering women through inclusive financial solutions in fostering national development. She emphasized this point during the launch of Stanbic Bank Ghana's new initiative, 'Obaa Sima', which is tailored to enhance access to finance and business support for women, particularly those operating in the informal sector.
According to Ghana News Agency, Mrs. Asante Asiedu described the Obaa Sima initiative as a well-considered response to the genuine needs of women who are pivotal in economic activities, such as trade, agriculture, and emerging digital enterprises. She noted that the launch was both symbolic and strategic, reinforcing the understanding that empowering women strengthens the foundations of households, communities, and the broader economy. She stated, 'Women are central to economic activity, from vibrant markets to agribusiness value chains and emerging digital enterprises. They remain the backbone of micro, small and medium enterprises, dominating trade, agriculture, retail, and increasingly, services and innovation.'
Mr. Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana, expressed that the initiative aligns with the bank's commitment to financial inclusion and economic growth. He emphasized that Obaa Sima was developed from a comprehensive understanding of the unique challenges faced by women in accessing finance and expanding their businesses. 'Today's launch is our statement of intent, a commitment to deepen inclusion and unlock the economic potential of Ghanaian women. From the entrepreneur in Kumasi to the professional in Accra, the trader in Tamale, and the young innovator building tomorrow's enterprise, Stanbic Bank is committed to supporting their growth,' he said.
Furthermore, Mrs. Nana Oye Bampoe Addo, Deputy Chief of Staff in charge of Administration, praised the bank for its targeted approach to addressing the financing gap faced by women. She stressed that improving access to finance requires not only credit but also advisory services, capacity building, and sustained engagement. She added that the Obaa Sima solution exemplified the potential of aligning financial services with the real needs of women-led businesses and urged stakeholders to collaborate in removing structural barriers that limit women's participation in the economy.
With about 92 percent of women engaged in the informal sector, many rely on informal financing channels that restrict their capacity to scale and compete. Studies indicate that nearly 58 percent of women entrepreneurs cite lack of funding as their biggest challenge. The Obaa Sima solution aims to bridge these gaps through a combination of financial and non-financial support, including access to the bank's business incubator for capacity building and financial literacy, opportunities for expansion through international trade corridors, and advisory services alongside tailored financial products to support both business and personal growth.