Women Entrepreneurs in Africa Overcome Financial Barriers with Support from EWAT Program

Augustina Tufuor, a 30-year-old entrepreneur from Ghana, founded Tropical Snacks, a business that produces all-natural plantain chips. Despite her entrepreneurial success, Tufuor faced significant challenges in expanding her business due to financial barriers. Traditional banks required her to deposit 20,000 Cedis as collateral and hire a professional evaluator before even considering her loan request. On top of this, she was confronted with an interest rate exceeding 36%, making business growth nearly impossible.

Tufuor's story reflects the broader struggle of many women entrepreneurs in sub-Saharan Africa, where access to finance, land, and technology remains a major obstacle. According to the International Trade Centre (ITC), over 70% of women-led businesses in Africa lack access to formal financial services, forcing many to rely on informal networks or personal savings to fund their ventures.

In response to these challenges, the Food and Agriculture Organization (FAO) and the ITC launched the Empowering Women and Boosting Livelihoods through Agricultural Trade (EWAT) program. Operating across six countries, EWAT is designed to help women entrepreneurs tap into the African Continental Free Trade Area (AfCFTA) by offering training in product development, sales, marketing, and financial readiness.

One of the program’s success stories is Asma Begum Mirza, a 61-year-old agripreneur from Nigeria, who, like Tufuor, struggled to secure loans due to high interest rates and collateral demands. After attending EWAT’s Financial Readiness Bootcamp in Lagos, she gained valuable skills in crafting business plans and pitching to potential investors.

The program not only equips women with knowledge but also collaborates with financial institutions to develop loan products specifically designed for women in agribusiness. Clara Park, FAO's Senior Gender Officer, emphasized the centrality of gender equality in FAO’s mission, highlighting the organization's efforts to help women access new markets, navigate trade regulations, and improve their financial prospects.

Thanks to initiatives like EWAT, women entrepreneurs such as Augustina Tufuor and Asma Begum Mirza are overcoming structural barriers and gaining the tools necessary to grow their businesses in Africa's agriculture sector.