Africa: Thought Leadership – Unleashing the Power of Female Entrepreneurs to Tap Into Africa’s Lucrative Business Opportunities

By Korkor Cudjoe, Senior Entrepreneurship Manager – Graça Machel Trust

In recent years, there has been a remarkable surge in the number of female entrepreneurs in Africa. These women are breaking barriers, challenging stereotypes, and carving out their places in the business world. For the Graça Machel Trust, the mission has always been clear – how do we elevate African women for the transformation that Africa is currently experiencing and needs. The Trust’s Women Creating Wealth (WCW) programme has been at the forefront of this movement, spread across several African countries with the aim of becoming Africa’s next unicorn by inspiring 10,000 African women to create a billion dollars in wealth by 2029.

In the last quarter, I have had the privilege of embarking on a series of country missions to review our work and impact with women entrepreneurs on the ground. A significant part of these trips involved supporting a series of recognition events to celebrate the perseverance of entrepreneurs who have completed our demanding 10-month Ignite coursework.

As we look to the future of Africa, it is essential to recognise the pivotal role that women entrepreneurs play in driving economic growth and prosperity across the continent.

The most exciting and significant opportunities for women entrepreneurs to build sustainable businesses and create wealth lie in advancements in value addition and intra-African trade. I witnessed incredible improvements in the quality of manufactured products and packaging, which are vital for competitiveness. The African Continental Free Trade Area (AfCFTA) presents a unique platform for women to leverage market opportunities, expand their businesses, and gain market share. By participating in this transformative trade agreement, women entrepreneurs can formalize their businesses, implement effective systems, and tap into new avenues for growth and expansion, thereby strengthening their business foundations and harmonizing their efforts with broader economic trends.

This trip excited and inspired me in several ways:

1. The promise of a borderless Africa: The experience of traveling across several African countries with your Ghanaian passport, encountering visa-free access in all but one, highlights the tangible progress toward the Africa 2063 vision of a borderless continent. This vision, which aims for greater unity and integration among African nations, seems increasingly attainable, as evidenced by the findings of the Africa Visa Openness Report 2019. The report underscores the strides made in easing intra-African travel, with 25% of African countries now allowing visa-free entry for citizens of other African nations and 24% offering visas on arrival. These developments reflect promising steps towards harmonizing travel across the continent, fostering stronger connections, and bringing the dream of a more united Africa closer to reality.

1. Advancing gender equality and women’s entrepreneurial leadership: Despite the persistent gender disparities across our continent, we are steadily advancing gender equality as more women recognize their power and agency to be leaders and decision-makers. We draw inspiration from the growing support for Mama Graça Machel’s vision, as more people join us in our mission to ensure African women are recognized and valued for their significant contributions to Africa’s economic transformation.We take pride in witnessing our alumni of businesswomen gain confidence and emerge as trailblazers–role models who demonstrate the incredible achievements possible when women dare to dream, set ambitious goals, and embrace challenges. Moreover, we acknowledge the critical role that supportive partners play in the success of many women in business. We celebrate these male allies and encourage more men to support their partners as businesswomen, understanding that when women succeed, they often reinvest their wealth in their families and communities.

1. Progress in value addition and intra-africa trade: The momentum in value addition driven by our entrepreneurs across various sectors is truly inspiring. We already see this in the women entrepreneurs we work with in the Women Creating Wealth programme. Take for example Thato Mokhothu, the Managing Director of RTT Construction & Consulting Engineering. Recognizing the challenges people faced in finding reliable, registered contractors, Mokhothu leveraged her vision and business acumen to build a regional company that has secured contracts worth nearly R100 million, while providing employment to over 70 individuals across Southern Africa. Equator Commercial Farming & Processing (U) Limited led by Florence Kakande, has made significant strides in value addition by minimizing waste and reducing post-harvest losses from pumpkins. The company’s diversified product ranges have proved to be a game changer, enabling them to meet a variety of customer demands. Similarly, in the manufacturing sector, Sandon DHW, led by Anusha Gowria, exemplifies entrepreneurial success. The company collaborates with assembly plants, manufacturers, and sectors like construction, mining, engineering, woodworking, technical high schools, aviation, universities, and technical colleges, showcasing the expansive reach and impact of innovative businesses.

1. Inclusive Business Models that allow small producers to aggregate: These types of business models have the potential to transform communities by bringing smaller producers into the market. These models prioritise collaboration, cooperation, and fair resource distribution so that no entrepreneur is left behind. By pooling resources and knowledge, small entrepreneurs can access larger markets. One great example is Kalamo Grains and Sarah Ngwenya, whose seed multiplication inclusive business model now works with 3,500 smallholder farmers, transforming rural communities in Zambia.

In conclusion, the transformative potential of intra-African trade for women entrepreneurs is immense. The WCW programme is dedicated to harnessing this potential by actively supporting and empowering women to capitalize on the opportunities presented by the AfCFTA. Our programme offers vital technical assistance and support from business advisors and consultants to help these exceptional women thrive. We also emphasize the crucial role of support from family and loved ones in achieving success, viewing the entrepreneur not in isolation but as part of a broader support network.

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As we advance towards our unicorn target and witness the acceleration of inclusive business models, women entrepreneurs are poised to become key leaders, driving economic growth and fostering prosperity across the continent.

I am deeply grateful to the Graça Machel Trust (GMT) networks, including Women Finance (New Faces New Voices), the Network of African Women in Business, and Women in Media, for their steadfast support in anchoring and hosting various editions of the WCW programme. These networks provide essential social capital, enabling us to collaborate effectively and advance the efforts of businesswomen alongside project management teams across seven countries: Malawi, Zambia, South Africa, Kenya, Tanzania, Uganda, and Senegal.

Together, we are forging a path towards a prosperous and unified Africa, where women entrepreneurs thrive and contribute to a vibrant ecosystem of trade and prosperity.