Women are dominating the African workforce and increasing revenue in many countries. This domination has led many countries to recognize how female entrepreneurship drives the economy through innovation and success as technology continues to advance.
Companies such as Mastercard are traveling to Egypt, Nigeria and South Africa to partner with nonprofit organizations aimed at teaching young girls why they should enter the workforce and how they can make an impact. With these partnerships, organizations, such as the Mini Enterprise Programme, hope that girls and women will take the initiative to enter the workforce in the near future.
In Ghana, women make up more than half of the labor force; if maximally utilized, the additional personnel could lead to increased production of good services by 2.5 percent within one year. One of the benefits of being able to export more products in a year is the increased revenue it brings in to the country. Female entrepreneurship drives the economy in Ghana by helping to build more jobs and providing more opportunities for other women to enter the force.
Female entrepreneurship also drives the economy by using education to teach youth. Companies work with organizations to empower young girls, as they have recognized the potential young girls have to drive the economy in the future. Many women in the field have stepped up as role models and proven that they can start businesses just as successfully as a man.
Furthermore, women are working faster than men to start businesses in many African countries. According to the World Bank, the time required to start a business for women and men increased about a day between 2015 and 2016, however, women were still, overall, faster than men by one day.
The opportunity to involve women is a positive step forward not only for the economy, but for the alleviation of poverty experienced by many around the world. Approximately six out of 10 of the world’s poorest people are women. They are usually the primary caretakers of the family, yet are often denied the opportunity to earn an adequate living.
The initiatives set out by Mastercard and other organizations give hope to women suffering from poverty and promote the continued empowerment of women. Empowering young girls has led to more African countries seeing the benefits of having female entrepreneurship drive their economies.
– Seriah Sargenton