The bustling city of Tamale, Ghana became a dynamic hub as it hosted the first-ever Inclusive Finance and Impact Investment Forum (IFIF) in Northern Ghana. The forum took place from August 21st to 23rd, 2024, highlighting a remarkable group of women-led agribusinesses— the unsung heroes advancing economic development in Ghana’s underserved regions. These women are transforming the agricultural landscape, driving innovation, and fostering community growth.
The forum, organized by MEDA’s Greater Rural Opportunities for Women 2 (GROW2) project and in partnership with the University for Development Studies (UDS), with funding from Global Affairs Canada (GAC), successfully brought together more than 150 stakeholders from the finance and investment sectors. Facilitated by the Aspen Network of Development Entrepreneurs (ANDE) West Africa Chapter, the event focused on the major challenges women-led agribusinesses face in Ghana’s Northern, Upper West, and Savannah regions. Centered around the theme, “Inclusive Finance and Impact Investing: A Catalyst for Sustainable Development in Northern Ghana,” the forum served as a crucial platform for these businesses to connect with potential investors, share their unique stories, and explore innovative financing opportunities to drive their growth.
“This forum has opened doors for us that we never thought possible. The networking opportunities and investor interest have made us feel seen and supported in ways we have not experienced before.”
– Founder of Samwinn Foods
Bridging the financing divide: Overcoming challenges faced by women-led agribusinesses
Since 2018, Portia Gban has been at the forefront of empowering women in the Upper West region, starting with just 16 women and growing her impact to over 2,000. Her agribusiness, SWEO Limited Company, formally registered in 2022, has provided essential training for women in soy, rice, and other crop production, addressing critical challenges in agricultural mechanization and market access.
One of the ongoing challenges Gban has faced is limited access to farming equipment. In her region, men are typically given priority, forcing women to farm later in the season, which negatively affects their yields. To overcome this, Gban introduced agricultural mechanization services, allowing women to access necessary equipment on time, resulting in improved yields and greater economic security.
However, the challenges faced by women in agriculture extend far beyond access to equipment. As Gban has observed, women entrepreneurs in Ghana encounter significant barriers to securing financing. Financial institutions have long been reluctant to extend credit to small and medium-sized enterprises (SMEs) and those working in the agricultural sector, where women are heavily involved. This reluctance is rooted in several factors—barriers to accessing formal financial services, low levels of financial literacy, high interest rates, and complex loan processes. Perhaps most troubling is the patriarchal systems that often restrict women’s property rights, making it even more difficult for them to secure loans. In Northern Ghana, these challenges are further compounded by limited investment opportunities, information gaps regarding impact investments, information asymmetry, and a lack of support to prepare for funding.
Recognizing these obstacles, Gban is now seeking investors to expand her business and better serve the growing needs of the women she supports. She aims to secure debt financing to purchase essential tools such as a tractor, thresher, truck, and planter. With these resources, she will be able to increase the number of women her agribusiness supports by 25%, further strengthening their ability to farm efficiently and profitably.
These new tools will not only enhance the productivity of the women farmers she works with, but also improve their competitive advantage in both local and international markets. Timely access to equipment will allow these women to farm at the optimal time, leading to better yields, higher incomes, and a more stable economic future for their families. Expanding her mechanization services will directly contribute to the economic resilience of the women in her community, enabling them to meet the growing demand for high-quality grains like maize and soybeans. This expansion will ultimately empower more women, boosting their economic independence and contributing to the sustainable development of the region.
Gban’s efforts are a testament to the broader struggle that women in agriculture face. By addressing both the practical needs of access to equipment and the systemic financial barriers women face, she is not only helping women in Northern Ghana thrive but is also paving the way for long-term, sustainable economic growth in the region.
Accessing agricultural investment
According to the Food and Agriculture Organization (FAO) and the World Bank, women globally play a significant role in agriculture, comprising about 43% of the agricultural workforce. Research suggests that if women had the same access to resources as men, agricultural output in developing countries could increase by 2.5 to 4%. This increase could lead to greater food security, higher incomes for families, and a significant reduction in poverty levels. Closing the gender gap in agricultural investment is not just a matter of equity; it is a powerful driver of economic growth and sustainable development.
However, the women who convened in Tamale are resolved to change this narrative. The IFIF sought to bridge these gaps by linking them with investors eager to back their innovative ideas. The forum transformed into a vibrant space where networking thrived, and meaningful conversations were initiated. These women were not merely seeking funding; they were championing a future where their businesses can flourish, bringing prosperity to their communities.
Shaping the perfect pitch: The investment pitch process
The investment pitch process at the IFIF was a transformative experience. Guided by InvestPro Advisors and Innohub Growth Foundation, participating women-led agribusinesses were equipped with a customized investment pitch deck template. With expert guidance, they crafted these templates to capture the essence of their businesses, highlighting their unique models, value propositions, and market strategies. The preparation was comprehensive, involving a rigorous review process with input from transaction advisors, UDS’s Agribusiness Department, and GROW2’s Market Systems Development (MSD) unit. Detailed feedback from assigned experts and MEDA advisors enabled the women to refine their presentations, ensuring they were well-prepared for the investor pitch at the IFIF.
Pitch day and networking: Showcasing entrepreneurial potential
The investor pitch day served as a dynamic platform showcasing the entrepreneurial potential of 15 agribusinesses, including 14 visionary women-led agribusinesses. These businesses presented their strategies, detailed product offerings, financial performance, and outlined growth trajectories, aiming to engage investors in a collaborative journey of growth and impact. A total of six impact investors participated in the pitching sessions. Each business had the opportunity to pitch before at least four investors, which exposed them to financing options. The sessions were highly interactive, with investors actively participating, asking probing questions, and showing genuine interest, which led to several follow-up discussions planned to explore potential partnerships and investment opportunities.
Investors noted that several of the agribusinesses have the potential for support and will be engaging with them in the coming days to delve more deeply into their businesses and to understand the issues around their financials, marketing strategies, business aspirations, investment needs, and growth trajectories. In response to the feedback received from investors, MEDA’s GROW2 project will work closely with the women-led agribusinesses to refine their pitches, ensuring they align more closely with investor needs and priorities. This refinement process is expected to improve their chances of securing meaningful investments that can drive growth. The approach underscores MEDA’s dedication to fostering sustainable development and building strong partnerships that will contribute to long-term economic growth in the Northern region.
Building lasting connections and opportunities for growth
Following the pitches, the forum evolved into a powerful networking opportunity. Investors and agribusinesses engaged in one-on-one meetings, diving deeper into the details of each proposal. These interactions laid the groundwork for ongoing dialogue and prospective partnerships. Investors also toured exhibition stands where the agribusinesses highlighted their products and services, adding another layer of connection and opportunity.
One of the standout moments of the forum was when a small-scale agribusiness owner from the Northern region shared how the forum had not only introduced her to potential investors but also connected her with a mentor interested in guiding her in scaling and strategically growing her operations. This scaling through mentorship could boost her farm’s productivity by 30% over the next year, highlighting the forum’s immediate and long-term benefits.
Field visits: Raising investor confidence
The most impactful moments of the IFIF came when investors visited the agribusinesses themselves. These field visits offered a valuable opportunity for investors to see firsthand the operations, meet the teams behind the businesses, and witness the challenges and triumphs on the ground. These visits were pivotal in deepening investor confidence and solidifying relationships that could lead to future investments.
Event outcomes: Setting the stage for growth
The forum achieved several significant outcomes that set the stage for sustainable growth. The investment pitches, supported by detailed feedback, helped to identify fundable projects and highlighted the need for additional support to enhance investment readiness. The discussions that followed the pitch day indicated a strong interest from investors in exploring joint investment opportunities and collaborative financing models.
Enrolling eligible businesses on a crowdfunding platform is set to diversify funding sources, broadening access to a wider investor base. As the ongoing dialogue between investors and agribusinesses continues, building on the foundation laid during the forum, concrete partnerships are poised to emerge, driving sustainable economic growth in Northern Ghana.
The IFIF proved to be a tremendous success. It not only created connections—it also laid the groundwork for partnerships that could drive sustainable economic growth in Northern Ghana. The forum highlighted the power of women-led agribusinesses, like Portia Gban’s enterprise, to transform their communities and emphasized the critical role of ongoing support and engagement. Continuing to bridge the gap between women-led agribusinesses and investors makes the potential for long-term, sustainable growth in the region clearer than ever.
This article was initially published by MEDA.
