Saturday, May 25, 2024

Africa is home to majority of the world’s entrepreneurs

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Fred Dzakpata
Fred Dzakpata
Fred Dzakpata is a Ghanaian journalist who specializes in business reporting in Africa.

A new report by the World Bank says 76 percent of Africans see entrepreneurship as a good career choice.

The report dubbed “Profiting from Parity: Unlocking the Potential of Women Businesses in Africa” rates that the highest percentage globally.

It further reveals that sub-Saharan Africa has the highest rate of entrepreneurship in the world.

The continent has approximately 42 percent of the non-agricultural labor force classified as self-employed or employers.

Despite this achievement, the study reveals most women entrepreneurs are unable to grow their businesses beyond small scale subsistence operations.

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That significantly affects their contribution to poverty reduction and shared prosperity.

The report also draws on new, high-quality, household and firm level data to present the clearest evidence to date about the barriers to growth and profitability faced by women entrepreneurs.

Significant number of African entrepreneurs are women who dominate the Agric sector.

Policy makers now have evidence based guidance on designing programs to target multiple obstacles and improve the performance of women entrepreneurs.

The report was launched in Ghana’s capital, Accra, by the country’s second lady Samira Bawumia.

She called on the World Bank to align its policies with local actions to help address existing challenges.

Samira Bawumia further called on African governments to help clear the major hurdles preventing women businesses from growing into multinational firms.





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