The ECOWAS Parliament is taking significant strides to empower women across West Africa. Speaker Memounatou Ibrahima recently called for regional parliamentarians to prioritise women’s financial inclusion and promote female entrepreneurship during the closing ceremony of the parliament’s Third Extraordinary Session in Lome, Togo.
The Importance of Financial Inclusion for Women
Ibrahima passionately addressed the myriad challenges faced by West African women, represented by the ECOWAS Female Parliamentarians Association (ECOFEPA). She underscored that financial inclusion is vital for women to thrive and realise their potential. Here’s why this matters:
- Empowerment through Access: Women must have access to resources such as bank accounts, loans, and investment opportunities. This access is crucial for fostering female entrepreneurship and economic independence.
- Change Agents: Ibrahima highlighted that women are often change agents in their communities. Supporting them is essential for achieving the Sustainable Development Goals (SDGs).
Key Takeaways from the Seminar
The recent symposium organised by ECOFEPA, themed “Financial Inclusion and Economic Empowerment of Women in the ECOWAS Subregion,” provided critical insights into the pressing need for policy reforms. Ibrahima stated:
- A Collective Responsibility: Financial inclusion must not just be about accessing financial services; it should be a fundamental human right that promotes economic equality.
- Long Path Ahead: The journey towards true financial inclusion is lengthy. It requires a robust advocacy for equitable opportunities for women.
The Role of Advocacy in Women’s Empowerment
Ibrahima’s call to action emphasised the need for dedicated advocacy to eliminate economic barriers. She stated:
- “Let us commit ourselves to a future where every woman can realise her full potential.”
- “This is how we can break the cycle of poverty within our families and communities.”
Insights from ECOFEPA Leadership
Veronica Sesay, President of ECOFEPA, echoed these sentiments, highlighting that investment in women’s financial inclusion can create a more prosperous and egalitarian subregion. Her key points included:
- Entrepreneurship as a Gateway: “Entrepreneurship is the gateway to women’s financial redemption,” Sesay said, stressing that financial resources are vital for women to pursue independence and political aspirations.
Opportunities through Global Initiatives
Dr Jewel Howard-Taylor, former Vice President of Liberia, urged women to leverage the Global Task Force to Empower One Million Women in the Trade Industry. This initiative aims to open new avenues for West African women in trade and business.
- Access to Credit: Howard-Taylor also called on regional leaders to ensure that women have access to credit facilities, essential for business growth.
The Economic Impact of Closing the Gender Gap
Howard-Taylor cited a compelling statistic: closing the gender gap could trigger a $3 trillion GDP growth rate globally. This powerful statement underscores the economic potential of empowering women.
Conclusion: A Call to Action
The ECOWAS Parliament’s commitment to women’s financial inclusion and economic empowerment is a crucial step towards creating a more equitable West Africa. By prioritising these initiatives, we can pave the way for a future where women can thrive as entrepreneurs and leaders in their communities.
The road ahead may be challenging, but with concerted efforts from all sectors of society, we can foster a more inclusive environment where women’s contributions are recognised and celebrated.
