The ECOWAS Parliament has made a strong appeal for regional legislators to intensify efforts towards enhancing financial inclusion among women in West Africa to promote female entrepreneurship and bolster economic empowerment. This call was emphasized by Memounatou Ibrahima, the Parliament’s Speaker, during the closing ceremony of the Third Extraordinary Session and the Second Parliamentary Seminar held in Lome, Togo. Ibrahima highlighted the pressing need to confront the numerous challenges that hamper West African women’s progress, a sentiment echoed in the initiatives of the ECOWAS Female Parliamentarians Association (ECOFEPA). By advocating for the rights and resources essential for women to thrive economically, Ibrahima reinforced the necessity of empowering women as crucial change agents in their communities.
The claims made by Ibrahima were bolstered by a symposium organized by ECOFEPA, themed “Financial Inclusion and Economic Empowerment of Women in the ECOWAS Subregion.” During this event, the urgency of providing women with essential financial resources—such as bank accounts, loans, and investment opportunities—was underscored. Ibrahima pointed out that unlocking women’s potential is essential for achieving the Sustainable Development Goals (SDGs), which call for social and economic equity. She emphasized that financial inclusion should not merely be about access to services; it must intersect with broader human rights issues and become a foundational aspect of economic equality.
Ibrahima provided a sobering reminder that achieving financial inclusion and economic empowerment for women is a complex, long-term process that demands tireless advocacy and strong policy initiatives aimed at dismantling existing barriers. She called for a collective commitment to ensure that all women have the opportunity to realize their full potential; by eliminating economic barriers, the path to achieving financial inclusion would be made universal. This effort is intended to break cycles of poverty within families and communities, illustrating the interconnectedness of economic empowerment and social wellbeing.
Supporting Ibrahima’s statements, Veronica Sesay, President of ECOFEPA, further articulated the argument that investment and financial inclusion for women could lead to greater prosperity and a more equitable society in the subregion. She underscored that entrepreneurship serves as the gateway to financial independence for women, and therefore, initiatives that increase financial resources available for women should be prioritized. Sesay’s perspective stresses the significance of elevating women’s economic status in order to create a more balanced and just society devoid of oppression and discrimination.
Dr. Jewel Howard-Taylor, a former Vice President of Liberia and current Secretary General of the African First Ladies Peace Mission, provided insights into initiatives available for women in the region. She stressed the importance of leveraging the Global Task Force to Empower One Million Women in the Trade Industry, an initiative carried out by International Business Leaders in Washington, which aims to create new opportunities for women in West Africa. Howard-Taylor urged regional leaders to facilitate access to credit for women entrepreneurs, highlighting that closing the gender gap could lead to significant global economic growth, estimated at three trillion dollars in GDP growth, as revealed in relevant reports.
The collective efforts outlined by the ECOWAS Parliament and its associated entities illustrate a growing recognition of the crucial role women play in economic development. Fostering financial inclusion and empowering female entrepreneurs not only serves to uplift women but also has far-reaching implications for the economic health of entire communities and nations. By committing to dismantle systemic barriers and ensure equitable access to resources, West African nations can work towards a more inclusive and prosperous society, ultimately achieving broader development goals and advancing the wellbeing of all citizens.
