The New Patriotic Party (NPP) presidential candidate, Dr Mahamudu Bawumia, has unveiled plans to establish a Women’s Trade Empowerment Fund (WoTEF) as part of his 2024 manifesto.
This is aimed at bolstering women-owned businesses across Ghana.
The fund, Dr Bawumia announced, will be instrumental in providing financial assistance, training, and market access to women entrepreneurs, enabling them to thrive in a rapidly evolving economy.
He highlighted the importance of empowering women economically, given their crucial role in sustaining households, driving local economies, and contributing to national development. According to him, WoTEF will be a multi-faceted initiative designed to address the unique challenges women entrepreneurs face, including limited access to capital, mentorship, and networks.
The introduction of WoTEF would be timely and relevant as Women constitute a significant portion of the country’s informal sector, particularly in trade, agriculture, and small-scale enterprises. However, they often face challenges in accessing finance, markets, and business development services, which hinders their ability to expand and sustain their businesses.
Empowering women entrepreneurs through dedicated financial instruments like WoTEF could significantly reduce poverty and inequality while fostering economic growth. Research has shown that when women succeed economically, they reinvest in their families and local communities, leading to improved education and healthcare outcomes, among others.
The establishment of WoTEF is a reflection of Dr Bawumia’s broader commitment to addressing the needs of diverse segments of the population.
As a seasoned economist and advocate for digital transformation, Bawumia has consistently emphasized the need for inclusive policies that leave no one behind. His focus on women’s economic empowerment is part of a larger vision to create opportunities for all, regardless of gender, location, or social status.