A New Era for Women-Owned Businesses in Africa

Less than 1% of global corporate and public spend goes to women-owned businesses. How can large corporations develop supplier diversity and inclusion strategies to put more money in the hands of women business owners?

Johannesburg, South Africa, 1 November 2024 — Over 200 women-owned businesses from across Africa convened in Johannesburg October 8-10, 2024, for the WEConnect International Africa Regional Conference. The two-day event offered women business owners direct access to global buyers and critical insights into navigating today’s competitive supply chain landscape.

With the theme “Empowering Growth and Sustainability,” the conference focused on overcoming the barriers women-owned businesses face, and explored new opportunities in global markets.

Supporting Women-Led Enterprises in the Global Economy

Opening the conference, Elizabeth Vazquez, CEO and Co-Founder of WEConnect International, emphasized the crucial role that women play in solving global challenges. She noted, “Women are driving innovation and creating sustainable solutions that benefit their businesses, communities, and the planet.”

One of the conference’s key talking points was the fact that less than 1% of global corporate and public spending goes to women-owned businesses. This stark figure highlights the importance of organizations like WEConnect International, which fosters inclusive procurement strategies that allow women-owned businesses to tap into the $4 trillion annual purchasing power of WEConnect International member buyers.

Supplier diversity was a major focus, as it ensures equal opportunities for women-led businesses. As Frida Owinga, WEConnect International Regional Director for Africa, noted: “Supplier diversity isn’t just about creating opportunities; it’s about fostering competitiveness. Women business owners bring unique perspectives, which strengthens industries.”

Corporations benefit from incorporating diverse suppliers, gaining fresh ideas that lead to more adaptive and innovative industries.

The African Continental Free Trade Area (AfCFTA): New Markets for Women Entrepreneurs

A significant opportunity highlighted at the conference was the African Continental Free Trade Area (AfCFTA). This agreement unlocks new trade routes for women-owned businesses, enabling them to expand beyond local markets and tap into the broader African economy.

By opening doors for intra-African trade, AfCFTA allows women entrepreneurs to scale their operations and increase revenues, helping them build resilience and drive growth even during challenging economic times.

Engaging Global Corporations for Inclusive Procurement

Global corporations including ExxonMobil, IBM, Sanofi, Corteva, and Ericsson played a key role in the conference, demonstrating their commitment to inclusive procurement practices. These companies met directly with women business owners, providing insight into procurement needs and identifying ways to collaborate.

This direct engagement with major global buyers gave women business owners a better understanding of how to align their products and services with global standards. These interactions are vital for women-owned businesses seeking to scale and tap into international supply chains.

WEConnect International Commitment to Women Business Owners

WEConnect International continues to lead efforts in supporting women-owned businesses worldwide. Through events and initiatives designed to empower women entrepreneurs to grow, network, and thrive in the global marketplace. With AfCFTA expanding intra-African trade opportunities and corporations increasingly focusing on supplier diversity, the future looks promising for women-owned businesses. As Frida Owinga encouraged, women business owners should seize the knowledge and connections gained during the conference to drive sustainable growth.

“Women-owned businesses are essential to the future of global trade, and with the continued support of organizations like WEConnect International, they are better positioned than ever to succeed on a global scale,” she said. 

Looking Forward: Africa Regional Summit 2025

WEConnect International is already preparing for the next event, The 2025 Africa Regional Summit in Johannesburg, South Africa on April 29 – 30.

The insights and connections gained at ARC 2024 will empower women-owned businesses to expand, innovate, and lead. Look out for registration information for the 2025 Summit to help you start on a promising journey toward a more inclusive and dynamic African economy.

About WEConnect International
WEConnect International is the leading global non-profit dedicated to driving money into the hands of women business owners by connecting them with large corporate, multilateral, and government buyers around the world. Its 200+ member buyers represent more than $4 trillion in annual purchasing power and are committed to sourcing from women-owned businesses in over 135 countries. WEConnect International identifies, educates, registers, and certifies businesses that are at least 51% women-owned, managed, and controlled, providing Women’s Business Enterprise Certification in over 60 countries. With a global network of 20,000+ women-owned businesses, WEConnect International is committed to closing the gender gap in global supply chains and unleashing the full economic potential of women-owned businesses worldwide.

For more information, contact:

Frida Owinga, Regional Director, Africa
FOwinga@weconnectinternational.org