New York, United States, September 18, 2024 -/African Media Agency(AMA)/- A new Mastercard Foundation report reveals that removing systemic barriers and increasing the participation of young women in the African workforce could boost the continent’s economy by an estimated $287 billion by 2030, representing a 5% increase in GDP. Conducted in collaboration with McKinsey & Company, the study reinforces the critical role of women’s economic empowerment in ushering the continent into a new era of transformational growth.
The report, Young Women in Africa: Agents of Economic Growth and Transformation by 2030 – The Mastercard Foundation, presents a series of immediate and actionable solutions for governments, the private sector and civil society to reverse the sharp decline in young women’s contribution to Africa’s GDP, from 18% in 2000 to just 11% in 2022. The most important areas to be addressed are the burden of family and domestic responsibilities that limit women’s access to the labor market, low educational completion rates, the need to build competitive skills in key sectors and adopt gender-responsive employment policies, and the lack of access to financial services.
The report notes that there are effective private sector-led approaches and government-funded models focused on expanding employer-provided childcare services that can alleviate the burden of care for young women and create over 11 million jobs by 2030. With agriculture, education, food and hospitality, and trade – wholesale and retail – being the largest employers of young women in Africa, the Foundation advocates for the deployment of apprenticeships and training centres to accelerate women’s participation in these high-growth sectors. The ICT sector is also identified as a key sector to catalyse substantial productivity, with higher wage rates for women than men in Nigeria, Ghana and Uganda.
The study also sees Namibia as a model for other African countries to follow in prioritizing the economic benefits of gender equality, as women’s participation in the economy has increased from 40 to 42 percent in just five years. Egypt, the Democratic Republic of Congo, Ethiopia, Kenya, Mali, Nigeria, Rwanda, Senegal, Tanzania and Uganda could experience the fastest growth if they replicate Namibia’s strategy.
Marieme Esther Dassanou, Director of Gender Programs at the Mastercard Foundationsaid at the launch of the report: “Empowering young women in Africa is both an economic imperative and a transformative opportunity for the continent. By addressing systemic barriers, improving skills and promoting gender-responsive policies, we can generate an additional $287 billion in GDP by 2030. We must create environments where women can succeed as employees and entrepreneurs, so that Africa’s growth is inclusive, sustainable and driven by the full potential of its young women population.”
Unemployment rates for women are historically higher than those for men, a disparity further exacerbated by the COVID-19 pandemic. Only 26% of girls complete secondary school, and the heavy burden of unpaid care work prevents 35-40% of women from entering the workforce. Furthermore, financial inclusion remains a significant challenge, with 63% of African women unbanked, compared to 52% of men.
The Foundation also plans to expand successful programs aimed at transforming the educational environment for women and girls. Over the next seven years, the Foundation will strengthen its long-standing partnerships with the Campaign for Women’s Education (CAMFED) and the Forum for African Women Educationalists (FAWE) with $360 million to help more than 70,400 young women and girls complete their education, start their own businesses or access employment opportunities.
The report’s findings are the basis for the Mastercard Foundation’s side event, Invincible: Empowering Women, Transforming Africa, at the 79th Session of the United Nations General Assembly (UNGA 79) on September 22, 2024, at the Millenium Hilton New York, One UN Plaza Hotel. Organized in collaboration with ALADI – African Institute for Leadership and Dialogue, the event will highlight the compelling impact of young African women on economic transformation and propose bold strategies to increase their access to critical and affordable financing.
To download the full report, please click here.
For further information on this article or to arrange an interview with a Mastercard Foundation spokesperson, please contact: zvg@wimbart.com
Distributed by African Media Agency (AMA) for the Mastercard Foundation.
About the Mastercard Foundation
The Mastercard Foundation is a registered Canadian charity and one of the world’s largest foundations. It works with visionary organizations to advance education and financial inclusion to connect young people in Africa and Indigenous youth in Canada with dignified and fulfilling work. Established in 2006 through the generosity of Mastercard when it became a public company, the Foundation is an independent organization, separate from the corporation, with offices in Toronto, Kigali, Accra, Nairobi, Kampala, Lagos, Dakar and Addis Ababa. Its policies, operations and program decisions are determined by the Foundation’s Board of Directors and management.
Source : African Media Agency (AMA)
2024-09-18 14:51:43
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– What are the systemic barriers preventing young women in Africa from entering the workforce?
Table of Contents
Title: Empowering Young Women in Africa: A Key to Unlocking Economic Growth and Transformation by 2030
Meta Description: A new report by the Mastercard Foundation reveals that removing systemic barriers and increasing young women’s participation in the African workforce could boost the continent’s economy by $287 billion by 2030.
Keywords: women’s economic empowerment, economic growth, Africa, Mastercard Foundation, McKinsey & Company, GDP, education, employment, financial inclusion.
Header Tags:
* H1: Empowering Young Women in Africa: A Key to Unlocking Economic Growth and Transformation
– What are the key systemic barriers hindering young women’s economic empowerment in Africa?
Unlocking Africa’s Economic Potential: Empowering Young Women for Transformational Growth
The Mastercard Foundation has recently released a groundbreaking report that reveals the immense potential of Africa’s young women in unlocking the continent’s economic growth. The study, conducted in collaboration with McKinsey & Company, estimates that removing systemic barriers and increasing the participation of young women in the African workforce could boost the continent’s economy by an estimated $287 billion by 2030, representing a 5% increase in GDP.
The Current State of Women’s Economic Empowerment in Africa
Despite making up approximately 50% of Africa’s population, women continue to face significant barriers in accessing economic opportunities. The report notes that the contribution of young women to Africa’s GDP has declined sharply from 18% in 2000 to just 11% in 2022. This decline is attributed to various systemic barriers, including the burden of family and domestic responsibilities, low educational completion rates, limited access to financial services, and inadequate competitive skills in key sectors.
Addressing the Barriers: Solutions for Transformational Growth
The report presents a series of actionable solutions for governments, the private sector, and civil society to reverse the decline in young women’s economic empowerment. Key areas to be addressed include:
- Alleviating the burden of care: Employer-provided childcare services can create over 11 million jobs by 2030, freeing up young women to participate in the labor market.
- Building competitive skills: Apprenticeships and training centers can accelerate women’s participation in high-growth sectors such as agriculture, education, food and hospitality, and trade – wholesale and retail.
- Deploying gender-responsive employment policies: Governments and private sector companies can adopt policies that promote equal pay, flexible work arrangements, and targeted recruitment strategies.
- Expanding access to financial services: Financial institutions can develop innovative products and services that cater to the needs of young women, enabling them to access capital and start businesses.
Country-Specific Examples: Models for Success
The report highlights Namibia as a model for prioritizing gender equality, with women’s participation in the economy increasing from 40 to 42% in just five years. Other countries, including Egypt, the Democratic Republic of Congo, Ethiopia, Kenya, Mali, Nigeria, Rwanda, Senegal, Tanzania, and Uganda, could experience rapid growth by replicating Namibia’s strategy.
Quote from Marieme Esther Dassanou, Director of Gender Programs at the Mastercard Foundation
“Empowering young women in Africa is both an economic imperative and a transformative opportunity for the continent. By addressing systemic barriers, improving skills, and promoting gender-responsive policies, we can generate an additional $287 billion in GDP by 2030. We must create environments where women can succeed as employees and entrepreneurs, so that Africa’s growth is inclusive and sustainable.”
Conclusion
The Mastercard Foundation’s report underscores the critical role of young women in unlocking Africa’s economic potential. By addressing the systemic barriers that hinder their participation in the workforce, Africa can harness the full potential of its human capital, driving transformational growth and prosperity for all. Governments, the private sector, and civil society must work together to create an enabling environment that empowers young women to succeed, ultimately unlocking the continent’s full economic potential.
Keywords: Economic Empowerment, Young Women, Africa, Mastercard Foundation, McKinsey & Company, GDP Growth, Systemic Barriers, Financial Services, Competitive Skills, Gender-Responsive Policies.
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Meta Description: Unlock Africa’s economic potential by empowering young women. Remove systemic barriers and increase their participation in the workforce to boost GDP by $287 billion by 2030. Read more.
Header Tags:
H1: Unlocking Africa’s Economic Potential: Empowering Young Women for Transformational Growth
H2: The Current State of Women’s Economic Empowerment in Africa
H2: Addressing the Barriers: Solutions for Transformational Growth
H2: Country-Specific Examples: Models for Success
* H2: Conclusion
