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Insight & Analysis - July 14, 2022

5 Best African Countries to do Business as a Female Entrepreneur

There are only 13 African countries that are listed among the 65 most progressive nations for female entrepreneurs in the MasterCard Index or Women Entrepreneurs.

Approximately 37% of the worldwide Gross Domestic Product (GDP) is currently produced by female entrepreneurs. They accomplish this by working at their neighbourhood supermarkets, becoming licensed healthcare providers, or starting their own businesses.

And this is precisely why more women should be encouraged to engage in the global labour market in whatever capacity they can, Jane Prokop, an Executive Vice President of MasterCard said.

The MasterCard Index of Women Entrepreneurs seeks to offer a worldwide perspective on how women entrepreneurs are faring in nations all over the world.

Here are 5 best African countries to do business as a female entrepreneur. 

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1. Botswana 

On the worldwide index, this Southern African nation came in at number 35. It is the first African nation to have the highest index score.

In the world, Botswana has the second-highest proportion of female business owners. An important factor in the socio-economic development of Africa, Southern Africa, and in the world, is women’s digital entrepreneurship.

According to estimates, the female economy is the greatest emerging industry in the world and has the potential to boost the global GDP by $12 trillion by 2025.

2. South Africa 

South Africa, comes second on the continent. According to the index, more South African women launched their own businesses in 2022 and 2021 than in 2020. Algeria, Egypt, Tunisia, Angola, and Botswana were among African nations that observed a comparable pattern.

Due to COVID-19 pandemic and the following lockdown measures which caused employment issues many female business owners were forced to launch their enterprises in 2021. 

3. Ghana

Ghana performed marginally better on these parameters, ranking 37th for access to credit and 44th for government support of SME. On a global scale of entrepreneurial attitudes and perceptions, Ghana is rated sixth with a ranking of 69.7%.

Women make up 96.1% of the labour force in Ghana, a country with a reputation for being patriarchal. Additionally, the majority of the nation’s female business owners have positive attitudes.

4. Uganda

With 90.5% of women in Uganda borrowing and saving money to start a business, compared to 52.4% in other low-to-lower middle-income nations, Uganda is one of the African countries that has the highest percentage of female entrepreneurs globally. Even among women, Uganda has a vibrant entrepreneurial culture.

5. Nigeria

The most populous country in Africa was ranked number 53 on a global list of the top nations for female entrepreneurs.

Despite the fact that women are frequently underrepresented in opportunities, women in Nigeria were shown to be more entrepreneurial than men. The economy exhibits a robust, upbeat culture where there are seen to be commercial opportunities.

According to the report, these encouraging and healthy entrepreneurial attitudes foster women’s aspirations for greater financial independence.

According to MIWE, Nigeria, with a score of 59.1%, was also ranked second globally for the proportion of women working in professional and technical fields.

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