Empowering women in business will unlock potential for economic growth - McDan

March 27, 2024by Redeemer0

By Opesika Tetteh Puplampu

Accra, March 27 GNA – Dr Daniel McKorley, the Founder and Chairman of the McDan Group of Companies, Wednesday said putting women at the top management of his companies is not just for equity purposes.

Dr McKorley said he cherished women and put them in managerial positions because they had more potential for business development.

“Empowering women to lead in business isn’t just about equality, it’s about unlocking the full potential for the growth of our economy and society,” he said.

Speaking at the Women Business Dialogue, he said, he had been strong and hardly bowed to failure because of the training and the courage planted in him by his late mother and that courage had lived in him till today.

The economy could not achieve any meaningful growth when women, who constituted over 50.7 per cent of the country’s population, were not empowered in the business world, indicating that no country globally could make it when half of its population was left on the sidelines.

“Our economy cannot thrive when women are not given a seat at the table. I’m sure that in looking at how to promote entrepreneurship and drive exclusive economic growth and jobs, there is no better place to start than with women,” he added.

He acknowledged females as the next global key drivers of entrepreneurship, adding that there were more women entrepreneurs in Ghana than men.

Dr McKorley explained that “the woman selling ‘Kaklo’ on the street, who has 10 or five children, feeding them together with her husband, is more of an entrepreneur than a banker sitting at a desk.”

He said about 90 per cent of the 1,200 women in Ada paid back an interest-free loan of GHs3 million he gave out, a gesture, which showed how honest they were at their businesses.

In a Harvard Business Review article, it was revealed that women-owned firms in the private sector represented approximately 37 per cent of global enterprises.

He said the percentage was rising, and those firms spanned new fashion houses to visionary high-tech businesses.

To encourage more women to embark on the entrepreneurial journey, Ghana must focus on improving their financial literacy skills by empowering them with the knowledge and understanding of financial management, accessing start-up funding, and making informed financial decisions, he said.

Dr McKorley encouraged women not to shy away from taking on risks in business, such as accessing funding opportunities, as start-up funds played a vital role in fueling work growth, so women should step out of their comfort zones and seize opportunities that may require taking calculated risks.

He called for mentorship and networking programmes for women, both formal and informal, to connect experienced businesswomen with aspiring entrepreneurs, to create a strong support system as guidance and solidarity for navigating the challenges they may face in their businesses.

Dr McKorley urged banks and financial institutions to create dedicated funds or grant programmes to support women entrepreneurs, as the provision of access to capital could be a game-changer to ensure that women had the needed financial resources to start and grow their businesses.

He called on the Government to formulate policies that promoted gender equality in business to benefit society and challenged women to break free from self-limiting beliefs and be confident for success.

Empowering women to be at the forefront of the business world was not only essential for their personal and professional growth but also for the country’s economic development.

Source : GNA

 

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