Trade ministry advocates active involvement of women and youth in entrepreneurship

The active involvement of women and youth in economic activities and entrepreneurship is very crucial to Africa’s economic development and sustainability.

Mr Osman Mumuda, Ashanti Regional Director, Ministry of Trade and Industry, who stated this, said Africa, and in particular, Ghana’s path to industrialization should be linked to women and youth entrepreneurship, which was the backbone of economic growth and development.

Speaking at a women’s conference in Kumasi, Mr Mumuda pointed out that, women and the youth had critical roles to play in trade and industrialization of the country.

The conference, which was on the theme, “making AfCFTA work through a deliberate inclusion of women,” was organized by Ghana National Chamber of Commerce and Industry in partnership with the German Development Cooperation.

It was used to discuss challenges, educate, explore opportunities, and present policy recommendations under the AfCFTA to enable the women to have better understanding of opportunities available and make informed decisions.

Mr Mumuda, said rapid economic development in Africa depended on how entrepreneurs would be able to absorb and creatively adopt technological knowledge and innovation in their processes.

“Currently, we see an increasing number of women entrepreneurs who are open to trying infinite business possibilities.

Their role is vital because advances in economic development require business activities exhibiting both dynamism and stability, which are characteristic of successful women entrepreneurs in Ghana” he emphasised.

Mr Mamuda said that was why the African Continental Free Trade Area (AfCFTA) Agreement for instance, recognised the important role women-led businesses played and the challenges most of them faced in day-to-day activities.

He said in AfCFTA, a special protocol had been created for women and youth-led businesses to negotiate trade for these categories, adding that, it would be adopted in the next African Union meeting for operationalization.

Mr Mumuda said in Ghana, the government was making efforts to support women in business to export to the continental market as well as negotiating with banks to support women-led business that were interested in exporting under AfCFTA to be given loans at a subsidized interest rate of 10 per cent.