According to the latest global ranking conducted by the Mastercard Index of Women Entrepreneurs (MIWE), the highest number of women entrepreneurs globally are found in Uganda.
The Mastercard Index of Women Entrepreneurs (MIWE) is an annual ranking that highlights the progress and achievements of women in business across the globe.
In the latest ranking, MIWE submits that besides Uganda, women account for 4 out of every 10 business owners in Ghana, placing the country second on the list of countries with the highest number of women entrepreneurs.
As a matter of fact, half the countries in the global top 10 were sub-Saharan African countries. Besides Uganda and Ghana which ranks 1st and 2nd respectively, Botswana (3rd), Malawi (7th), and Angola (9th) all sit high up the latest ranking.
According to the report which studied women entrepreneurs in 58 countries globally, female entrepreneurs are opening successful businesses faster than ever before in spite of myriad challenges.
Some of these challenges include disparity in access to the internet and technology, barriers to accessing funding, restrictive cultural and social norms among others.
However, despite the drawbacks, the determination of women to start their own business in these Sub-saharan markets is nearly at the same level as men.
“More importantly, it brings to light how much more women can contribute economically and socially if such barriers are removed, or systems improved,” the report reads.
In sub-Saharan markets, the report found that women are driven into entrepreneurship out of necessity. This is especially true for countries like Ghana, Botswana, Russia, Malawi, Angola and Brazil where around 4 in 10 entrepreneurs are driven into business out of necessity.
“Their ability to thrive in these aspects explain their particularly high standing in society as business owners, despite poor underlying entrepreneurial supporting factors,” the report says.
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