Women, Youth Key in Unlocking Regional Economic Growth Under AfCFTA – ECOWAS

Women and youths play a pivotal role in enhancing regional economic growth and unlocking the full potential of the African Continental Free Trade Area (AfCFTA).

These points were made on Thursday by Trade Director Christopher Mensah-Yawaon during his presentation at the ongoing extraordinary session and seminar of the ECOWAS Parliament in Abuja.

The presentation, entitled “Women, Youth and Informal Cross-Border Traders: Unlocking Inclusive Growth Under AfCFTA,” focused on the contributions of women and youth to national economies.

Referencing the high percentage of female traders, which makes up about 74% of cross-border traders, Mensah-Yawaon emphasized that women are key to securing food security and economic resilience.

He reported that the total value of trade conducted by women stands at over $16,000,000 compared to the over $5,000,000 recorded by men. While women recorded an average transaction value of USD 123.12, men recorded an average of USD 438.75.

Mensah-Yawaon also highlighted the barriers faced by women and youths in trade, including limited awareness of trade regimes, challenges navigating complex customs procedures, limited access to finance, and lack of storage facilities.

He further noted other challenges, such as exposure to harassment, robberies, theft, informal charges, and other forms of extortion.

To support the leveraging of the informal sector, he called on the ECOWAS Commission to adopt an Informal Trade Organization, which would include components such as export readiness, enabling traders to meet standards required to penetrate regional and continental markets.

He added that when these groups are adequately exposed to trade markets, the opportunities they gain will strengthen their access to continental markets, participation in regional and continental value chains, digitally enabled trade and e-commerce, as well as skills development and entrepreneurship support.