As South Africa commemorates Women’s Month under the national theme, “Empowered Women Empower the Nation,” renewed focus is being placed on advancing women’s economic empowerment through expanded access to markets, procurement opportunities, investment, enterprise development and participation in value chains.
For the Women’s Economic Assembly (WECONA), Women’s Month serves as another opportunity for reflection on the progress thus far. This is also a reminder that South Africa’s economic transformation will ultimately be measured not by policy commitments alone, but by the tangible opportunities created for women-owned businesses to participate, compete and grow across the country’s economy.
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Since its inception, WECONA has brought together government, business, banks, development finance institutions, and civil society to drive targeted, practical, measurable and sustainable economic participation, by women-owned businesses. Through these collaborative partnerships, the Assembly continues to champion the interventions that remove barriers and expand economic participation for women entrepreneurs.
According to the World Bank, “Women entrepreneurs comprise 28 percent of all businesses globally, and as a result, are critically important to economies. As SMEs generate 7 out of 10 jobs in the world, women entrepreneurs contribute significantly to labour force participation, economic growth, and innovation.” Globally, the gender gap in credit access for women entrepreneurs, the disparity between the demand for credit and the actual credit received amounts to approximately USD 1.7 trillion. Experts estimate that closing this gap could boost global income per capita by 12 percent.”
Similar to the South African experience, funding is still a major challenge, “with women owning only 12.6% of enterprises employing 51-200 individuals. These statistics underscore the systemic barriers women face in scaling their businesses, which include limited access to growth capital, mentorship opportunities, and professional networks, according to The State of the SMME in South Africa Report.
Although progress has been achieved, significant challenges remain. Many women-owned enterprises continue to face constraints in accessing finance, procurement opportunities, markets, technology and business development support. Addressing these structural barriers requires sustained collaboration between the public and private sectors to ensure that economic inclusion becomes an everyday reality rather than a policy ambition.
Central to WECONA’s mandate is its work across 17 strategic economic sectors, where it seeks to accelerate women’s participation in supply chains and advance the national aspiration of achieving 40% participation by women-owned businesses. The Assembly recognises that inclusive procurement remains one of the most effective mechanisms for building sustainable enterprises, stimulating economic growth and creating employment.
Futhi Mtoba, Co-chair of WECONA says, “Women’s economic empowerment is not merely a social imperative, it is a strategic economic necessity. When women-owned businesses participate meaningfully in supply chains, the benefits extend well beyond individual enterprises. It is globally known that, inclusive procurement strengthens supplier diversity, drives innovation, creates jobs, builds resilient value chains and contributes to a more competitive and inclusive economy.
Women’s Month provides an opportunity not only to celebrate progress, but honouring the 70th anniversary march of the heroes, on whose shoulders we stand on, and to reaffirm our collective commitment to translating policy into procurement, partnerships and investment that create lasting economic opportunities for all women.”
This year’s launch of Women’s Month through the EmpowerHer Market Trade Fair reflects the importance of creating practical opportunities for women entrepreneurs to showcase their products and services, connect with buyers and investors, and establish strategic partnerships and access new markets. WECONA welcomes initiatives that move beyond dialogue and create tangible pathways for women-owned businesses to participate more meaningfully in the economy.
WECONA is excited to engage with various stakeholders which includes, The Johannesburg Chamber of Commerce and Industry, The Global Standard One, Consumer Goods Council, the mining sector, the banks and entrepreneurs that will be participating in the EmpowerHer Market Trade Fair.
Every new market accessed, every partnership formed and every procurement opportunity secured represents another step towards building an economy where women-owned businesses can compete, grow and thrive. “It is in our hands.”
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