Uganda, Botswana and Ghana have been ranked as the world’s three leading economies in Africa with the most women business owners.
This is according to the 2020 Mastercard Index of Women Entrepreneurs (MIWE), which highlights the socio-economic contribution of women entrepreneurs around the world, and provides insights on factors driving and inhibiting their advancement.
The Index’s benchmark indicator is calculated as a percentage of total business owners, and all three countries have grown their percentages since last year. Of the three countries, Uganda led with 39.6 per cent, Botswana at 38.5 per cent and Ghana at 36.5 per cent.
Data on Ghana shows that when broken into sectors, a large proportion of women-owned businesses operated in highly impacted areas (85.1 per cent) compared to men (50. 5 per cent).
Drawn from publicly available data from the Organisation for Economic Co-operation and Development (OECD) and the International Labour Organisation (ILO), the MIWE includes a global ranking of the advancement of women in business in pre-pandemic conditions across 58 economies representing almost 80% of the global female labor force. Eight countries from Africa were ranked. These included Angola, Ethiopia, Malawi, South Africa and Nigeria.
“Our findings beckon us to consider the cost of untapped potential in women as contributors, not just in business and society, but on the national and global scale, as we chart the path of post Covid-19 recovery across Africa,” Ifeoma Dozie, Director of Marketing and Communications for Mastercard in Sub-Saharan Africa.
The report also noted the effect of the pandemic on women entrepreneurs around the world; where a survey showed that 87 per cent of them said their businesses have been adversely affected.
Despite the challenges, opportunities exist for women entrepreneurs in online shopping and digital commence. “This is especially important as more women owned businesses will likely be impacted by the pandemic making the support through incentives, necessary tools, mentorship and digital inclusion platforms even more urgent,” Ifeoma Dozie added.