During the next five years, Africa is expected to be home to seven of the world’s 10 fastest-growing economies. Work published in the Harvard Business Review estimates that at current growth rates, African consumers will purchase $1.4 trillion in goods and services in 2020. That’s right in line with spending projections in India — and in excess of projections in Russia.
Unfortunately, this growth hasn't proportionately benefited women. Even though women make up more than 50 percent of Africa’s population, they’re seriously underrepresented in the workforce and are only just beginning to emerge as a serious consumer bloc.
Women are the backbone of developing communities. This is certainly the case in Africa. Statistics show that the average man reinvests about 30 percent to 40 percent of his income into his family, whereas the average women reinvests 90 percent.
Let us try and empower them
Smart, targeted support for key social institutions, plus scalable private-public partnerships that empower women and girls, will help ensure that Africa continues its path toward prosperity. Investing in women entrepreneurs is a critical step in that path.
Successfully starting a business helps women become self-sufficient, and provides more flexibility for their families. The Global Entrepreneurship Monitor reports that in two African countries, Ghana and Nigeria, women start businesses at a greater rate than men. Those models can and should be replicated across the continent.
