The rise of women in investment: Unlocking opportunities for gender equality

Closing the gender gap is not only a matter of justice, but a strategic imperative for a more just, prosperous, and sustainable future, argue the writers. File Picture: Jason Boud/African News Agency (ANA)

Closing the gender gap is not only a matter of justice, but a strategic imperative for a more just, prosperous, and sustainable future, argue the writers. File Picture: Jason Boud/African News Agency (ANA)

Published Jul 18, 2023

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Madji Sock and Natasha Quist

The Women Deliver Conference taking place in Kigali is one of the largest multi-sectoral gatherings to advance gender equality. It brings together governments, the private sector, multilateral agencies and grassroots advocates and many other groupings. Gender equality is not just a matter of fairness and social justice; it is an essential driver of progress and prosperity in our world and the conference is a poignant reminder of the pressing need to address the significant gender disparities that persist worldwide.

The potential benefits of closing the gender gap are manifold, with the power to alleviate poverty, improve access to healthcare, fuel economic growth, and advance overall development progress towards the Sustainable Development Goals (SDGs). However, recent years have unveiled disheartening trends that have widened existing disparities, exposed the unique vulnerabilities faced by women and girls, and allowed opposition forces to erode their rights like never before.

The outbreak of the Covid-19 pandemic has been a watershed moment, testing the resilience of global health systems and wreaking havoc on the lives of countless individuals. Among the pandemic’s most profound impacts has been the disproportionate burden placed on women and girls, pushing them further behind in the quest for gender equality.

In the first year of the pandemic, women around the world were nearly twice as likely as men to lose their jobs. While men had largely regained their pre-pandemic employment levels by the end of 2021, women’s employment has struggled to rebound. The global female unemployment rate currently stands at 6.4%, marking a distressing reality where more women are experiencing unemployment today than at any other point since the onset of the pandemic. The consequences have been dire, not only for the affected women, but also for the broader economy, as the loss of their talents and contributions stifles growth and innovation.

The World Economic Forum’s Global Gender Gap Report 2021 indicates that gender parity remains a distant goal, with the overall global gender gap estimated to close in approximately 135.6 years. Such data underscores the need to go beyond surface-level solutions and embrace comprehensive approaches that tackle the root causes of inequality.

Furthermore, findings from the United Nations Development Programme (UNDP) indicate a stagnation in efforts to combat gender biases. Despite advancements in promoting gender equality, biases against women have shown no improvement in the past decade. It is disheartening to witness that, even in the 59 countries where women have surpassed men in education levels, the average gender income gap persists at an astonishing 39%, favouring men. This stark reality demonstrates the deep-rooted structural barriers that hinder progress towards achieving true gender parity.

Addressing these challenges and advancing gender equality requires urgent and coordinated action on multiple fronts. Governments, international organisations, civil society, and individuals must come together to prioritise and invest in policies and initiatives that empower women and girls, dismantle discriminatory norms and practices, and create an enabling environment for their full and equal participation in all spheres of life.

Promoting women’s economic empowerment is a crucial aspect of advancing gender equality. This necessitates dismantling systemic barriers that perpetuate wage gaps, occupational segregation, and limited opportunities for women in leadership positions. Employers must adopt fair and inclusive practices, including pay transparency, flexible work arrangements, and family-friendly policies that allow women to balance their professional and personal responsibilities.

A report The Status of Women in Agrifood Systems released this year by the Food and Agriculture Organization reveals that if women farmers had complete economic power, including land ownership, livestock ownership, and control over their harvests, economies would experience growth. The report highlights that as a result, 58 million people would see their incomes rise, and an additional 235 million individuals would be better equipped to withstand future food crises.

Another key aspect to consider is the issue of strengthening legal frameworks and institutions that protect and promote women’s rights. This includes robust legislation against gender-based violence, the elimination of discriminatory laws and practices, and the active involvement of women in decision-making processes at all levels.

Ultimately, achieving gender equality requires a collective commitment to challenging harmful gender norms and fostering a culture of respect and inclusivity. It is not a zero-sum game; when women and girls thrive, societies as a whole benefit. Closing the gender gap is not only a matter of justice, but a strategic imperative for a more just, prosperous, and sustainable future.

As we navigate the complexities of a post-pandemic world, let us seize this moment as an opportunity to rebuild a society that prioritises gender equality and champions the rights and well-being of all its members. Together, we can create a world where every individual, regardless of gender, can reach their full potential and contribute to a more equitable and thriving global community.

Even as various groupings convene at the Women Deliver conference, we must acknowledge that achieving gender equality and empowering women is an ongoing and complex journey. To achieve significant progress in enhancing women’s economic power, it is essential to invest in various critical areas. This includes supporting women’s groups, ensuring women have access to and control over resources, prioritising women’s health, and creating pathways for women to assume leadership positions. Additionally, removing legal and normative barriers that hinder women’s participation and influence in the economy, such as addressing childcare and employment eligibility issues, is crucial to fostering gender equality. By championing these principles and driving political and financial investment in the lives of women and girls worldwide, we can deliver on our promises and build a more inclusive, equitable, and just future for all. The time for action is now.

Madji Sock is co-founder of the Women’s Investment Club Senegal (WIC) and Natasha Quist is regional representative, West and Central Africa for the Bill and Melinda Gates Foundation.

The views expressed do not necessarily reflect the views of Independent Media or IOL.