Emmanuel OchayiThe Economic Commission for Africa (ECA) has predicted that the full implementation of the African Continental Free Trade Area (AfCFTA) will elevate intra-Africa trade to $195 billion by 2045, as compared to the 2020 baseline of $113 billion.
During the 14th African Congress for Women Entrepreneurs in Addis Ababa, Brendah Phiri-Mundia, the ECA’s Principal Regional Advisor for Regional Integration and Trade Division, emphasized the transformative potential of AfCFTA and highlighted the vital role of women and youth entrepreneurs in driving this economic revolution.
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Phiri-Mundia advocated for inclusive policies, stressing that women and youth entrepreneurs have already made substantial contributions to Africa’s entrepreneurial landscape.
With the highest rate of female entrepreneurs globally in Sub-Saharan Africa, the potential for growth is substantial. She also pointed out that reducing gender inequality could boost African economies by $316 billion.
The ECA is actively supporting Member States in developing gender-responsive policies and interventions to empower women and youth within the context of continental integration. This support includes gender mainstreaming, capacity building for women’s business associations, and assisting micro, small, and medium-sized enterprises (MSMEs) in taking advantage of AfCFTA opportunities.
Additionally, Phiri-Mundia emphasized the importance of collecting gender-disaggregated data to support evidence-based advocacy and policymaking. The ECA is collaborating with partners like the United Nations Conference on Trade and Development (UNCTAD) and the UN Economic Commission for Europe to develop a comprehensive approach for measuring the impact of trade on gender equality.
Furthermore, she called for collective action and partnerships to address the various barriers faced by women and youth entrepreneurs. The ECA is committed to working toward a future where every African woman and youth entrepreneur can realize their aspirations.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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