Augustina Tufuor, a 30-year-old entrepreneur from Ghana, has built her business, Tropical Snacks, producing plantain chips. Despite her success, she has been unable to scale her operations due to significant financial hurdles. Traditional banks have required her to deposit a 20,000 Cedi collateral and hire a professional evaluator before considering her loan request. On top of that, a staggering 36% interest rate has rendered any meaningful growth impossible for Ms. Tufuor and countless others in her position.
Ms. Tufuor’s predicament is a common story across sub-Saharan Africa, where many women-led businesses face insurmountable challenges in accessing finance, land, and technology. The International Trade Centre (ITC) reports that more than 70% of women entrepreneurs on the continent lack access to financial services, relying instead on informal networks or personal savings, which severely limits their growth potential.
To combat these barriers, the Food and Agriculture Organization (FAO) and ITC have launched the Empowering Women and Boosting Livelihoods through Agricultural Trade (EWAT) program. This initiative, spanning six countries, aims to empower women entrepreneurs by providing them with training in product development, sales, marketing, and financial preparedness, thus increasing their participation in the African Continental Free Trade Area (AfCFTA).
The financial obstacles Ms. Tufuor faces are mirrored by women like Asma Begum Mirza, a 61-year-old agripreneur from Nigeria, who also struggled with high-interest loans and collateral requirements.
However, after attending EWAT’s Financial Readiness Bootcamp in Lagos, Mirza was equipped with the knowledge and skills to present her business plan more effectively and pitch her ideas to potential investors.
In addition to training, EWAT partners with financial institutions to develop loan products tailored specifically to the needs of women in agribusiness. Clara Park, Senior Gender Officer at FAO, emphasized that gender equality is central to FAO’s mission, noting that the organization is working diligently to help women navigate trade regulations, access new markets, and improve their financial standing.
By addressing structural barriers, programs like EWAT are providing women like Tufuor and Mirza the opportunity to grow their businesses and contribute to the agricultural sector. These initiatives are essential in creating a more inclusive and equitable economy for women across Africa.
