Women-led businesses in Ghana are being encouraged to look beyond traditional bank loans and turn to the capital market for long-term financing to expand their operations and create jobs.
With sustainable bonds now available on the Ghana Fixed Income Market (GFIM), businesses have new opportunities to raise funds for projects that support economic growth, social inclusion and environmental sustainability.
The call was made by Nathalie Akon, Division Director for West Africa Gulf of Guinea at the International Finance Corporation (IFC), during the “Ring the Bell for Gender Equality” ceremony organised in collaboration with the Ghana Stock Exchange (GSE) to mark this year’s International Women’s Day.
Ms. Akon referred to the sustainable financing opportunities available on the Ghana Fixed Income Market (GFIM), noting that the market now recognises instruments such as green, social, gender and sustainability-linked bonds.
According to her, the instruments provide businesses and investors with clear pathways to mobilise capital for climate initiatives, social inclusion and economic development projects.
She explained that such financing tools can play an important role in supporting women entrepreneurs and advancing gender equality while also contributing to job-rich economic transformation in emerging markets.
“These instruments are important financing tools for advancing gender equality and supporting job-rich economic transformation,” she said.
Expanding Access to Capital
Ms. Akon stressed that access to finance remains one of the most critical factors in unlocking the economic potential of women-led businesses.
She noted that when women entrepreneurs gain access to affordable and longer-term capital, they are able to expand operations, formalise their businesses and create employment opportunities.
Despite progress in education and skills development among women across Africa, she observed that many still face barriers in accessing credit, markets and productive assets.
However, she pointed to encouraging trends on the continent, including the fact that Africa records the highest rate of women’s entrepreneurship globally and also leads the world in female representation on company boards at about 25 percent.
She stressed that the private sector provides a powerful platform for women’s economic advancement, adding that the challenge now is to scale those gains through practical financial and market-based solutions.
IFC Support for Women Enterprises
Ms. Akon disclosed that the IFC had significantly expanded its financial support for women-owned enterprises across Africa.
As of the 2025 financial year, the institution had committed about US$1 billion to support women and women-owned businesses on the continent.
This support is being delivered through initiatives such as the She Wins Africa programme, which combines financing with advisory services to strengthen women-led enterprises.
She explained that the IFC also uses blended finance instruments to encourage responsible lending and improve access to finance for women-owned micro, small and medium enterprises.
Through advisory services, the organisation also works with companies to remove barriers that limit women’s participation in the labour force and leadership positions.
According to her, the combination of financing and advisory support is designed to produce measurable outcomes, including more bankable women-led businesses, increased job creation and stronger economic growth.
Capital Markets and Gender Equality
Head of Strategy and International Relations at the GSE, Diana Okine underscored the critical role capital markets can play in advancing women’s economic empowerment.
She noted that the “Ring the Bell for Gender Equality” initiative, launched in 2015 by the World Federation of Exchanges and global partners including the IFC, UN Women and the United Nations Global Compact, has mobilised stock exchanges around the world to promote gender equality in economic and financial systems.
More than 114 stock exchanges globally now participate in the initiative, demonstrating growing international commitment to expanding opportunities for women.
Ms. Okine said the Ghana Stock Exchange is proud to be part of the global movement, noting that the event serves as a reminder that capital markets do more than facilitate trading.
“Capital markets shape opportunity, influence corporate behaviour and help determine how inclusive our economies become,” she said.
She also referenced findings from the Women, Business and the Law 2026 report by the World Bank Group, which shows that women globally hold only about 64 percent of the legal rights afforded to men.
“These are not just statistics,” she said. “They represent unrealised potential and growth opportunities that our economies cannot afford to ignore.”
Ms. Okine emphasised that improving women’s access to finance is not only an economic issue but also a matter of fairness and justice.
When women are able to access capital, grow businesses and participate fully in economic activity, she said, companies perform better, economies become more resilient and societies grow stronger.
She added that institutions such as the GSE, the Securities and Exchange Commission Ghana, investors and development partners must continue to collaborate to close financing gaps and promote inclusive financial systems that expand opportunities for women entrepreneurs.
According to her, initiatives such as the annual bell-ringing ceremony serve as both a symbol and a call to action for institutions, investors and policymakers to sustain efforts aimed at achieving equal rights, justice and economic opportunity for women and girls.
