Women Economic Assembly (WECONA)

I attended the Women Economic Assembly (WECONA) under the theme, ‘Unlocking gender-responsive value chains for a resilient economy.’

WECONA was founded in 2021 by President Cyril Ramaphosa to emphasize the participation of women-owned enterprises in the entire value chain to foster sustainable economic development.

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Women Economic Assembly – WECONA 2022

Women Economic Assembly (WECONA) aims to engage industry leaders to set gender transformation targets in each sector, implement existing commitments and establish game-changing interventions that will increase procurement from women-owned businesses.

The establishment of the assembly arose from one of the pillars of the National Strategic Plan (NSP) on Gender-based Violence and Femicide (GBVF), which advocates the economic empowerment of women as one of the main means to bring an end to GBVF in South Africa.

Women in Business South Africa Statistics

Here are the top stats from the plethora of figures we have collected for you:

Mastercard’s Index of Women Entrepreneurs tells us that South Africa is one of only 12 economies where women entrepreneur numbers are growing.
South Africa moved up one place from 2020 to rank 37th in 2021, with a score of 54.9, women’s advancement remains hampered by less supportive entrepreneurial conditions compared with other global economies, such as the US.
Women-owned businesses established between 2018 and 2022 were expected to generate as much as R175 billion a year and create 972 000 jobs.
Before 2021, not a single woman owned a car dealership in South Africa.
For the third consecutive year, Botswana (38.5%) ranks first in the WORLD with the highest percentage of women business owners, followed by Uganda (38.4%) and Ghana (37.2%) – Mastercard.
11.1% of working-age women are engaged in early-stage entrepreneurial activities.

Gender inequality is real (especially the gender pay gap), and it’s resulted in women being underestimated and underrepresented in the business world.

Impact of Women-Owned Businesses

47% of women (ages 15-65) are economically inactive. African women are considered the face of poverty, with many African women unemployed or employed in low-skilled jobs.

Women make up 39% of the global workforce.
Women contribute around 13% of the continent’s GDP.
Research shows that women make up 58% of Africa’s self-employed population and are more likely to become entrepreneurs than men – World Bank.
Women contributed 33% of the continent’s collective GDP in 2018 – McKinsey.
Women entrepreneurs across sub-Saharan Africa continue to earn lower profits than men (34% less on average) – World Bank.

What I learned at WECONA 2022

Female entrepreneurs are the key to the future of our economy.
Women-led technology companies are more capital efficient from Angel Investors.
Try to raise capital within your network as SA banks aren’t really supportive and progressive.
Government agencies are also not helpful when it comes to funding- the advice they were giving us was out of touch with reality. “Use your R350 grant to start a business” “apply for Industrial Development Corporation (IDC) or National Empowerment Fund (NEF)” or contact SEDA (Small Enterprise Development Agency). People kept saying they are applying and not receiving feedback etc. – basically, you’re on your own when it comes to acquiring funding.
Agriculture is a booming field and female entrepreneurs are dominating it.