Addis Ababa, 8 October 2023 (ECA) – African countries have been urged to promote gender responsive and inclusive policies to support women and youth entrepreneurs to accelerate trade development in Africa.
Speaking at the 14th African Congress for Women Entrepreneurs and 4th COMESA Federation of Women in Business Forum, the Principal Regional Advisor for Regional Integration and Trade Division at the Economic Commission for Africa (ECA), Brendah Phiri-Mundia, said women and youth, have revolutionized entrepreneurship in Africa and they are better positioned to boost trade through the African Continental Free Trade Area (AfCFTA).
The Congress ran under the theme, Economic Empowerment and Entrepreneurship Promotion for Women and Youth and support of MSMEs for realizing Africa Continental Free Trade Area (AfCFTA) and Regional Integration in line with Africa’s Agenda 2063 and UN Sustainable Development Goals (SDGs).
The congress took stock of progress on tackling challenges in accessing economic opportunities faced by women and youth across the African continent.
Ms. Phiri-Mundia noted that the AfCFTA which came into force in May 2019, could advance the global and continental goals on gender equality and women empowerment.
According to the ECA, the full implementation of the free trade area will increase the value of intra-Africa trade to US$195 billion by 2045 compared to US$113 billion recorded in 2020 which is the baseline.
Women have made an undeniable impact in the entrepreneurial landscape with research indicating that Africa alone has more entrepreneurs than other regions for both females and males. Sub-Saharan Africa has the highest rate of female entrepreneurs globally with approximately 26% of female adults involved in entrepreneurial activity.
The ECA’s 2021 Women’s Entrepreneurship Report estimates that reducing gender inequality will boost African economies by US$316 billion.
Ms. Phiri-Mundia stressed that Africa’s youth is a potent force for innovation and economic development with incubators, accelerators and government initiatives helping young entrepreneurs turn their ideas into reality.
Recognizing the potential of women and the youth in business development, the ECA is providing support to Member States across the continent in the development of gender-responsive and inclusive policies and context-specific interventions to drive women and youth empowerment within the continental integration agenda.
“Support is being provided for gender mainstreaming in national and regional AfCFTA implementation strategies, capacity building of women’s business associations and MSMEs to ensure they also take advantage of the opportunities under the AfCFTA,” said Ms. Phiri-Mundia.
However, the challenges faced by both women and youth entrepreneurs cannot be ignored, Ms. Phiri-Mundia added, acknowledging the access to start-up financing, skills development, mentorship, promoted by various Women Business Associations and development partners to overcome the challenges faced by women and the youth.
The ECA has also stepped up its efforts to contribute to addressing the complex issue of collecting gender disaggregated data to support better policymaking and evidence-based advocacy across the African continent, said Ms. Phiri-Mundia, who represented the ECA Deputy Executive Secretary and Chief Economist, Hanan Morsy.
These efforts include a joint project with UNCTAD and the UN Economic Commission for Europe to “develop a coherent approach to measuring the impact of trade on gender equality using official statistics and building on the existing statistical data and capacity of countries”.
She called for collective action to amplify collaboration in initiatives that address multiple barriers faced by women and youth which finance literacy and digital finance, apprenticeships especially in male-dominated sectors, digital skills training and profitability information across sectors.
The ECA is keen to deepen its partnerships and work towards a future where every woman and youth entrepreneur in Africa not only achieves their aspirations but also transforms their dreams into impactful, sustainable enterprises Ms. Phiri-Mundia said.
