Augustina Tufuor, a 30-year-old entrepreneur from Ghana, founded Tropical Snacks to create all-natural plantain chips. Despite her success, she faced significant challenges in expanding her business due to financial constraints. Traditional banks required her to provide 20,000 Cedis as collateral and to hire a professional evaluator before considering her loan application. Additionally, the steep interest rates of over 36% made it nearly impossible for her to grow her business.
Tufuor’s experience is reflective of the difficulties many women in sub-Saharan Africa encounter when trying to access finance, land, and technology. The International Trade Centre (ITC) reports that over 70% of women-led businesses in Africa lack access to financial services, forcing them to rely on informal networks or personal savings.
In response to these challenges, the Food and Agriculture Organization (FAO) and ITC launched the Empowering Women and Boosting Livelihoods through Agricultural Trade (EWAT) program. This initiative spans six countries and aims to assist women entrepreneurs in participating in the African Continental Free Trade Area (AfCFTA) by providing training in product development, sales, marketing, and financial preparedness.
Asma Begum Mirza, a 61-year-old agripreneur from Nigeria, also faced difficulties in obtaining loans due to high-interest rates and collateral demands. After attending the EWAT Financial Readiness Bootcamp in Lagos, she learned how to improve her business plan presentation and effectively pitch to investors.
The EWAT program not only offers training but also collaborates with financial institutions to develop loan products specifically designed for women in agribusiness. FAO’s Senior Gender Officer, Clara Park, highlighted that gender equality is a fundamental focus for the FAO, which is actively working to help women access new markets, adapt to trade regulations, and enhance their financing opportunities.
Through programs like EWAT, women such as Augustina and Asma are gaining valuable tools and knowledge to overcome systemic barriers and expand their businesses within the agriculture sector.
