The fund will focus on women-led companies, helping them access money that banks are unwilling to lend them. And by increasing women’s participation in the business world, the hope is to raise women’s decision-making powers across all sectors.
NAIROBI, KENYA – The global dearth of women in business leadership is well known, and Africa is no exception. Across the continent, only 5 percent of chief executive officers are women – slightly higher than the global average of 4 percent – and women make up just 29 percent of senior management positions, according to a 2016 report by McKinsey & Company.
The picture is not much brighter further down the chain. A recent report on women’s entrepreneurship across the globe led by Babson College shows that sub-Saharan Africa enjoys high rates of entrepreneurship, but few women get the chance to participate due to a lack of formal funding sources.
Meanwhile, just five countries – Burkina Faso, Nigeria, Guinea, Madagascar and Zambia – currently have women leading their finance ministries.
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