Accra: Ms Mimi Anane Appiah, Business Development Manager at Your Investment Friend, has urged women-led Small and Medium Enterprises (SMEs) to prioritize tracking expenses and revenue to attract investor funding. She stressed the importance of financial management in drawing investor support.
According to Ghana News Agency, Ms Anane Appiah shared these insights during an SME webinar hosted by MTN under the theme 'Unlocking Funding for Women Businesses.' The session, moderated by Ms Kokui Selormey Hanson, included a panel of investment experts who provided advice on accessing funding and developing compelling business plans.
A significant recommendation from Ms Anane Appiah was for women-led SMEs to use digital tools for tracking revenue and expenses. She explained that this practice builds investor confidence by providing reliable data essential for making funding decisions. Despite Ghana's high rate of women entrepreneurs, female-led businesses often face underfunding due to their informal nature and limited profit margins.
Ms Anane Appiah cited structural challenges, such as a lack of business registration and financial records, as major hindrances. "A lot of women-led businesses are not structured because in Ghana, 85 percent of the labor force is in the informal and unstructured side of the economy," she noted. The absence of financial documentation often undermines confidence and prevents women from applying for funding.
Furthermore, Ms Anane Appiah highlighted a significant information gap regarding available funding opportunities for women-led businesses. Ms Seyram Ofori Attah, Co-founder of Your Investment Friend, emphasized the importance of tailoring investment proposals to align with investor requirements. She remarked that women-led businesses should focus on understanding what investors are looking for and tailor their proposals accordingly.
To enhance visibility, Ms Edem Attor, Partnership Officer at United Nations Development Programme, advised women-led businesses to consistently create online content that showcases their operations.
