Reach for Change's programme calls for collaborative solutions to support women entrepreneurs

At the Reach for Change's Partnering for Change programme in Accra, speakers emphasised the importance of collaboration, public-private partnerships, and the use of technology and innovation to address the significant economic and systemic challenges facing women entrepreneurs.

They highlighted the need for public, private, and social sector stakeholders to work together to promote inclusion and equity within the entrepreneurial ecosystem, particularly in overcoming the systemic barriers women entrepreneurs face in accessing their economic rights.

The Reach for Change's Partnering for Change programme is an initiative that brings together businesses, NGOs, and government entities to discuss solutions for pressing social issues, with the goal of creating a stronger ecosystem for social entrepreneurship.

The discussion, centred around the theme "Building Equitable Systems that Foster Inclusion, Fairness, and Opportunities for All," aimed to turn dialogue into action and form new partnerships that would help create a more just and sustainable entrepreneurial ecosystem in Africa.

The panelists were CEO, Reach for Change, Sofia Breitholtz, GIZ, Support to Private and Financial Sector, Dr Christian Jahn, Services and Training Manager, Scania West Africa, Haroen Gyselinck, CEO, Ghana Venture Capital Association, Amma Gyampo and Founder and CEO, Soronko Academy, Regina Honu.

Lack of capital

The CEO of Reach for Change, Sofia Breitholtz, who opened the discussions, expressed concern over the numerous challenges faced by women entrepreneurs, particularly the lack of access to capital.

Responding to a question about what an equitable economic system looks like, and why it is essential for sustainable development," Breitholtz said,

"We need better and more flexible capital. We need a shift in mindset. We need to bridge the digital gap. We know what needs to be done, so my frustration comes from why we’re not doing enough. And I think we also need to be careful not to always place the burden on women, suggesting that they aren’t prepared or ready."

The CEO of the Ghana Venture Capital Association, Amma Gyampo,  called for a reduction in the interest rates on loans provided to women, emphasizing that the current rates are unsustainable for their businesses.

She also advocated for better education for credit officers on how to assess the risks of lending to women.

"We’ve seen examples of how funders can join social enterprises and entrepreneurs on their long journey, but the consequences are devastating when things go wrong.

"I mean, we know that some women are paying as much as 40 per cent interest rates simply because they are women in rural areas. That’s unsustainable for anyone—40 per cent interest rates, or even 20 per cent or 25 percent in the commercial banking sector. And most of the decision-makers on the credit side are male," she said.

"If it's a cooperative in a rural area, they aren't necessarily going to seek equity or venture capital—it’s just a mismatch. But we need to understand the different sources of funding and apply ourselves in ways that allow us to collaborate and partner. This way, we can provide patient capital and long-term support to help these businesses grow and navigate markets."

Technology

The Founder and CEO of Soronko Academy, Regina Honu,  urged women entrepreneurs to leverage technology to break barriers, emphasizing that innovation has the potential to drive success in their businesses.

"I believe technology can push us further. It should enable more access for women—not just able-bodied women, but also women with disabilities and those in remote rural areas—ensuring that they are not left behind," she said.

In her opening remarks,  a representative from the European Union in Ghana, Margo Pitura, acknowledged that while there were youth and gender-focused policies in place, the overall economic impact on young entrepreneurs remains limited due to systemic barriers and practical challenges in accessing these benefits.

"Systemic barriers, a lack of practical support, and policy gaps have led to high unemployment, limited access to capital, and ongoing economic inequality for women and youth. While gender and youth policies exist, their real benefits are still out of reach," she stated.