Sinapi Aba Savings and Loans, a micro-finance institution, is committed to investing and empowering more young female entrepreneurs in Ghana to be financially independent through its mentorship program.
In the last four years since its inception, the Sinapi Aba Mentorship Program has trained nearly 2,000 young female entrepreneurs, equipping them with essential skills to stay buoyant in their respective vocations.
The company is rolling out another batch of over 250 young entrepreneurs under its flagship program for economic growth.
The Sinapi Aba Mentorship Program seeks to enhance the entrepreneurial capabilities of small and medium-sized enterprise (SME) owners in Ghana as part of the company’s commitment to fostering economic growth and personal empowerment for women.
The sixth cohort of the program are being trained to gain critical insights into financial management, such as budgeting, pricing strategies, and securing loans for business expansion.
The new cohort adds to the nearly 2,000 female young entrepreneurs who have benefited from the program since 2021.
Chief Program Officer at Sinapi Aba, Joyce Dabo indicated that the program will expose participants to adopting new trends in business including digitalisation in the 6 months of its roll-out.
“This year we are introducing women to Digitalisation in business so that they’re able to know the current trend of business. So they can adopt some of these strategies to boost their business,” she said.
Women are reported to mostly settle for either micro or small-scale businesses, which experts believe stems from traditional notions of gender stereotypes.
Acting Head of the Gender Department in the Ashanti region, Ama Nyantah Boateng highlighted the gender imbalance and encouraged women to venture into bigger businesses.
“Women’s contributions to the economy can’t be downplayed. So they must also know about Innovation. Most often they tend to leave the bigger business spaces to men. So if the women can also go into these bigger ventures they will thrive just as much as the men will,” she said.
Acting Director of the Ghana Enterprises Agency, Thomas Fofie advised women to take positive risks in their business to foster growth.
“Risk is an eminent factor in business. So in instances where a woman runs at loss after taking a loan, they can always go back to wherever they took the loan from and explains their situation and how they are restructuring to bounce back. The banks will be more happy to receive them. So they must take risks in their business,” he noted.
The training is running in three regions of the country, including Greater Accra, Ashanti and Eastern to enhance the livelihoods of upcoming entrepreneurs.
A beneficiary, Gloria Asafo Adjei recounts how the mentorship program has shaped her business.
“Enrolling on the program has really been helpful. They taught us how to treat our customers well and other financial literacy skills. Last year, I was a mentee, this year I am a mentor. I am ready to help other people raise their businesses,” she said.
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