KENEWENDO CALLS FOR INVESTMENT IN AFRICAN WOMEN, YOUTH BUSINESSES
Global Economist, Bogolo Kenewendo has said Governments should ensure that there is capital and investments going to women and youth to drive their economic participation and implementation of the Africa Continental Free Trade Agreement.
Sharing her views during the Africa No filter webinar titled: Another Scramble for Africa, unpacking narratives on business in Africa, the former Minister of Investment, Trade and Industry in Botswana said following the launch of the AfCFTA, there is still a lot of issues to be addressed by countries in order to facilitate successful implementation.
“Countries are working hard on finalising Rules of Origin and there is progress because most countries have partnered with the United Nations Development Programme in conducting trainings and workshops and women and youth are included.”
However, she highlighted that business entities should believe in the AfCFTA to make it successful and more people should be capacitated to participate in the implementation. She said women and youth have a significant role in driving economic development but they are mostly limited by access to capital and capacity.
“Women in leadership should ensure that they use their platforms to provide capital and investments going to women projects and businesses.”
Africa No Filter released a research project about Business in Africa Narrative, which forms part of the organisation’s work to understand and shift harmful and stereotypical narratives about Africa.
Africa No Filter says that the report comes at a crucial time for the continent as it recovers from the economic impact of Covid-19. Experts predict that Africa needs an estimated USD$175-billion per year for 20 years to end extreme poverty, and business will play a critical role.
Moky Makura, Executive Director at Africa No Filter said they wanted to understand why Africa is seen as a highrisk business destination and why the cost of money is at a premium.
“The report gives us an insight into why. It shows that business opportunities on the continent are both underrepresented and misrepresented.
And now that we know this, we can work on educating the media and changing the narrative around business in Africa.”
The report author, Richard Addy said the report offers a detailed data analysis on the narrative around business in Africa. “This rigorous research is important because narratives, frames and stories are the lenses through which we perceive and experience Africa. They inform beliefs, behavior and ultimately dictate policy.”
The report highlighted a number of other keyframes dominating distortions played out in stories, and the underrepresentation of businesses across the continent including the negative coverage, Youth and women under-representation in business as well as missing Free Trade Area and investment among other topics.