Empowering women and youth under AfCFTA

The African Continental Free Trade Area (AfCFTA) has the potential to unlock $22 billion in export growth across the continent, and micro, small, and medium enterprises (MSMEs) are at the heart of this economic transformation. CNBC Africa's Flora Limukii sat down with Dorothy Tembo, the Deputy Executive Director at the International Trade Centre, to discuss how empowering women and youth is essential to the success of AfCFTA. Tembo highlighted the importance of supporting women entrepreneurs who have historically been marginalized in business. She pointed out that societal norms often restrict women to traditional roles in the household, but when given the opportunity, women excel in entrepreneurship. Tembo shared insights from a project in Kenya that demonstrated women's dedication, consistency, and reinvestment in their businesses when provided with resources and support. Tembo emphasized the need to create space for women to thrive in business, stating, "Give us the space. We can do it, maybe even better than the men, but we will support the men as well. We don't ignore them, but give us the space." One of the key initiatives discussed during the interview was the One Trade Africa program, which aligns with AfCFTA objectives and focuses on empowering women in the trade sector. This program aims to support women-led businesses by collaborating with regional women's associations, providing financial assistance, and facilitating market access. Recognizing that many women-owned businesses may require guidance and assistance, Tembo highlighted the importance of hand-holding and accompanying them through the process of production to market entry. Access to finance emerged as a significant barrier for women entrepreneurs, with many facing challenges in obtaining funding due to perceived high risks and exorbitant interest rates. Tembo acknowledged the difficulties women encounter when approaching traditional financial institutions and emphasized the importance of tailored financial support to enable women to participate fully in trade activities. In addition to supporting women entrepreneurs, the International Trade Centre is actively engaged in working with public sector entities to develop policies that promote women's integration into AfCFTA. By advocating for gender-inclusive policies and tailored measures to support women in trade, the organization aims to ensure that women can harness the benefits of the trade agreement. As AfCFTA continues to unfold and drive economic growth across Africa, empowering women and youth in trade will be instrumental in realizing the full potential of this historic agreement. By providing women entrepreneurs with the necessary resources, support, and access to finance, opportunities for inclusive and sustainable economic development can be cultivated, ultimately advancing the prosperity of the continent.