Keep us in!!

Keep us in- Women Economic Empowerment and Growth

With almost 7 billion people on earth, most people still have not heard Queen B famous song, “Girls who run the World”. Nonetheless the song gained extreme popularity with its influential and empowering message that marked our achievements against the barricades of gender segregation. We still have not reach there yet; there still many social barriers that are oppressing women and young girls. Today, more women than men graduate from college, yet most large and successful firms management teams are mainly comprised of males. No surprise here: women still earn less than men with comparable credentials. The current hiring rates reflects male CEOs taking home more competitive salary packages than females CEOs with the same years of experience in the job market. Despite the uphill battle to have our place, recent gender studies have illustrated the remarkable achievement of women in the political arena, cinema, scientific and medical fields, increased business opportunity and entrepreneurship growth.

It has been widely written by gender specialist, international development practitioners and scholars that gender equality is the key factor that contributes to the economic growth of a nation. The same sentiments have been expressed regarding sustainable development that is inclusive of making and taking actions that protect the environment and quelling crime and violence. In particular, according to UNDP gender studies, “extensive data points to women as crucial for inclusive growth, yet barriers linked to gender persist in both the public and private sectors”. These striking findings represent an alarming call for policy makers to include women growth and empowerment initiatives in their decision making.

Regarding the above noted song, the pop icon eloquently suggested, “I work my 9 to 5, better cut my check”… and she further goes on to say, “Strong enough to bear the children then get back to business”. These profound lyrics represent the voices of women to reach equality and eliminate discrimination in the job market. If women earn equal wage package to males, they are more equipped to take care of their families. They will play an integral role in taking care of their children education, health and social life. The poverty rate in families will be reduced if we pay women the same wages as men for comparable work. In addition, when more opportunities are open for women and they are accessible; the economy will grow. According to statistics from the Global Entrepreneurship Monitor Research Project, “Although entrepreneurial activity among women is highest in emerging economies (45.5 percent), the proportion of all entrepreneurs who are women varies considerably among the economies: from 16 percent in the Republic of Korea to 55 percent in Ghana–the only economy with more women than men entrepreneurs”. These findings illustrate the impact women involvement in entrepreneurial activities has on job creation and economy growth. Conversely, the study revealed that in developing countries, “disproportionate shares of women-owned business in developing countries today are micro, small or medium enterprises. Often they do not mature”. The impact here on economic growth and poverty reduction is negative. In these countries women are unable to fully take care of their families and therefore have a meaningful contribution to their nation economic growth.

It is therefore of paramount importance that government and policy makers in considering the specific barriers women faced; provide pragmatic solutions to address them. Moreover, women should be encouraged to get involve in micro-business activities through incentives such as low-interest loans provided by financial lending institutions. We need to have the gender gap narrowed when managers review their salary package towards a more equitable standard. Government must work with grassroots women NGOs to offer budgetary and training support towards the attainment of development goals.

Kerry!