The COMESA Federation of Women in Business has made a pitch to regional First Ladies to advocate for legislation and policies that addresses practices that inhibit the full participation of women in the regional, continental and global business.
Speaking at the SADC First Ladies forum on 17th August 2021 conducted in Malawi, COMFWB Executive Director Ruth Negash cited negative cultural practices as a major drawback.
Coupled with the prevailing COVID pandemic, she said the First Ladies support to creation of opportunities for women empowerment in business will be a critical economic driver in the region and beyond.
COMFWB has consistently been advocating governments and the private sector to join hands and assist women owned businesses to effectively participate in the economies by building their capacities in various areas of doing business.
Key areas identified include enhancing women participation in the digital space by reducing the cost of internet services and access to digital and financial literacy.
“By doing so, women and the youth can be part of the new ways of doing business online and stay competitive in the regional and international markets,” Ms. Negash said.
Various statistics compiled by eminent Global Financial Institutions have shown that in Africa, the informal private sector, which is mainly made up of women and the Youth make up to 40% of regional economies and play a pivotal role in the livelihoods of communities.
“About 50% women entrepreneurs work in the wholesale/retail trade and their livelihoods have suffered greatly due to Covid-19 shutdowns in the region; as many traditional face to face trade fairs, conferences and large scale networking events have moved to virtual/digital platforms,” Negash said.
To help improve the lives of the women in the region, COMFWB, has partnered in with the African Electronic Trade Group; which is championing public-private-partnership in developing and implementing a continental e-commerce platform called SOKOKUU. This platform is an enabler for digital transformation boosting intra-African trade for women and youth in the context of the implementation of the AfCFTA and the African Union’s Agenda 2063.
This digital service, will create equal platform and open a new door for African women and youth businesses to conduct their businesses, link with each other forming innovative value chains; from the comfort of their homes and stay competitive.