Entrepreneurship is increasingly recognised as the gateway to women’s financial inclusion in West Africa. This vital discussion emerged during the Third Extraordinary Session and Second Parliamentary Seminar of the Economic Community of West African States (ECOWAS) in Lomé, Togo, where calls for increased financial support for women entrepreneurs dominated the agenda.
Unlocking Women’s Potential Through Entrepreneurship
Across West Africa, inadequate access to finance remains a significant barrier to women’s entrepreneurial efforts. Despite this, women are often the backbone of the agricultural sector, producing over 80% of the food consumed in Africa. It’s imperative to harness this potential for economic growth and poverty eradication.
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Innovative Contributions: Women in West Africa are incredibly innovative, yet they face challenges in accessing the capital needed for expansion.
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Empowerment Through Economic Growth: Initiatives aimed at enhancing women’s entrepreneurship are essential for the overall economic health of the region.
Commitment from Regional Leaders
The Speaker of the ECOWAS Parliament, Rt. Hon Memounatou Ibrahima, expressed gratitude for the session, emphasising the need for regional leaders to tackle the challenges faced by women entrepreneurs.
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ECOFEPA’s Role: The ECOWAS Female Parliamentarians Association (ECOFEPA) played a crucial role during the symposium on Financial Inclusion and Economic Empowerment of Women held on October 2, 2024. This platform addressed the financial service accessibility challenges women face.
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Calls for Action: Ibrahima called for actionable steps to ensure women have access to vital resources such as bank accounts, loans, and investment opportunities.
Strengthening Financial Inclusion Policies
One of the key discussions was the need to bolster the African Continental Free Trade Agreement (AfCFTA) to accommodate female entrepreneurship.
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Women as Change Agents: Ibrahima stated, “It is clear that women are change agents, and they should be supported if we want to accelerate the Sustainable Development Goals (SDGs).”
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A Collective Responsibility: The path to financial inclusion for women must be viewed as a fundamental human right. It requires the commitment of society to foster policies that promote equality.
Investment in Women’s Financial Inclusion
Veronica Sesay, President of ECOFEPA, emphasised that investing in women’s financial inclusion could lead to a more prosperous and equitable region.
- Economic Independence: Sesay reiterated that entrepreneurship serves as a “gateway to women’s financial redemption,” urging for increased financial resources to help women achieve economic independence.
Global Opportunities for West African Women
Dr. Jewel Howard-Taylor, former Vice President of Liberia, highlighted the Global Taskforce initiative aimed at empowering one million women in the trade industry.
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Potential for Growth: She cited a report indicating that closing the gender gap could yield a $3 trillion increase in global GDP.
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Access to Credit Facilities: Dr. Howard-Taylor called on regional leaders to ensure that women in West Africa have access to the necessary credit facilities to grow their businesses.
Moving Forward: A Collaborative Approach
As we look to the future, it’s clear that entrepreneurship serves as a vital pathway for women’s financial inclusion in West Africa.
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Breaking the Cycle of Poverty: By addressing financial barriers, we can break the cycle of poverty in our communities and empower women to achieve their full potential.
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Long-Term Commitment Required: The path to financial inclusion is long, requiring sustained advocacy for equitable opportunities for women.
Conclusion: A Call to Action
Entrepreneurship is not just a means to an end; it is a crucial vehicle for women’s financial inclusion in West Africa. By supporting women in their entrepreneurial efforts, we foster economic growth, eradicate poverty, and pave the way for a more equitable society.
- Join the Movement: Let’s commit ourselves to ensuring that financial inclusion becomes a reality for all women in West Africa. Together, we can build a brighter future for our communities.
