A GROUNDBREAKING report by the Mastercard Foundation, conducted in collaboration with McKinsey & Company, has revealed that improving young women’s workforce participation in Africa could contribute a staggering $287 billion to the continent’s economy by 2030. The report, Young Women in Africa: Agents of Economic Growth and Transformation By 2030, identifies key barriers preventing women from contributing fully to Africa’s economic potential, and provides solutions that governments, the private sector, and civil society can implement to reverse the decline in women’s economic participation.
According to the study, young women’s contribution to Africa’s GDP has dropped significantly, from 18 percent in 2000 to just 11 percent in 2022. The report emphasises that addressing this issue is crucial not only for Africa’s economic growth but also for improving gender equality and social cohesion across the continent. Key challenges include heavy caregiving responsibilities, lower education completion rates, lack of competitive skills, and limited access to financial services.
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Key solutions for boosting participation
The report outlines several strategies that could reverse this downward trend and increase young women’s economic participation. Among the most impactful measures proposed are expanding childcare services, enhancing education and skill-building programs, and adopting gender-inclusive employment policies. By addressing the burden of unpaid care work that restricts many young women from entering the workforce, Africa could create over 11 million jobs by 2030.
Sector-specific recommendations
The report highlights several high-growth sectors where young women’s participation could make the biggest impact: agriculture, education, trade, and the ICT sector. In particular, the ICT industry offers significant potential for growth, with some African countries already demonstrating higher rates of remuneration for women compared to men. In Nigeria, Ghana, and Uganda, the tech sector is particularly well-positioned to catalyse this transformation, offering lucrative opportunities for young women.
The study calls for the roll-out of apprenticeship and boot camp programs designed to rapidly increase women’s presence in these key industries. Expanding private-sector-led and government-supported childcare facilities could further alleviate the care burden that keeps women out of the workforce.
Learning from Namibia’s success
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Namibia stands out as a success story in the report, with the country increasing women’s participation in the workforce from 40 percent to 42 percent over just five years. The report suggests that other African countries, such as Egypt, Kenya, Nigeria, and Tanzania, could replicate Namibia’s strategies to achieve similar or even faster growth.
Supporting educational advancement
The Mastercard Foundation plans to invest heavily in improving educational opportunities for young women. Over the next seven years, the Foundation will invest $360 million to expand its partnerships with organisations like Campaign for Female Education (CAMFED) and Forum for African Women Educationalists (FAWE). These initiatives aim to support over 70,000 young women and girls in completing their education, starting businesses, or gaining employment, further driving their contribution to the economy.
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A vision for Africa’s future
Mastercard Foundation’s Director of Gender Programmes, Marieme Esther Dassanou, emphasised the transformative potential of empowering young women: ‘By addressing systemic barriers, enhancing skills, and fostering gender-inclusive policies, we can unlock $287bn in additional GDP by 2030.’ Dassanou highlighted the need for creating environments where young women can succeed as both employees and entrepreneurs, ensuring that Africa’s economic growth is inclusive and sustainable.
The report underscores the importance of financial inclusion, noting that 63 percent of African women remain unbanked, compared to 52 percent of men. Tackling this financial disparity is essential for ensuring that young women can access the resources they need to participate fully in the economy.
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Event at United Nations General Assembly (UNGA 79)
The Mastercard Foundation report will serve as the foundation for discussions at the upcoming event, Invincible: Empowering Women, Transforming Africa, scheduled to take place on the sidelines of the 79th Session of the United Nations General Assembly (UNGA 79). The event will focus on strategies to bolster young women’s access to affordable finance and will bring together leaders from government, civil society, and the private sector to discuss pathways to economic transformation led by young African women.
A path forward
The Mastercard Foundation report offers a clear roadmap for Africa’s economic future, driven by the empowerment of its young women. By tackling barriers such as caregiving responsibilities, educational gaps, and financial exclusion, Africa has the potential to unlock a powerful wave of economic growth. Governments, the private sector, and civil society must work together to implement the report’s recommendations, ensuring that young women become central to Africa’s economic transformation by 2030.
