During an economic depression, women bear the brunt disproportionately. And the economic challenges which women are facing as a result of the COVID-19 enforced lockdowns have confirmed this familiar but sad pattern. Levels of employment and income among women have not recovered as fast as their male counterparts. President Cyril Ramaphosa, in his address on National Women’s Day bemoaned this issue which weighs down heavily on the country’s conscience, post-1994.
Refreshingly, the president outlined government’s plans to accomplish the objective of the economic and financial inclusion of women. The following points are worthy highlighting:
1. Public Procurement
Creating procurement opportunities for women- owned businesses within the public sector supply chain. Last year, government announced that 40 per cent of public procurement should go to women-owned or -operated businesses, and is calling on the private sector to make a similar commitment.
2. Women’s Economic Assembly
The launch of Women’s Economic Assembly to identify the supply chain opportunities for women-owned businesses in key industries such as steel, automotive and energy sectors.
3. Financial Inclusion Policy
Development of a financial inclusion policy to address the barriers experienced by women-owned businesses and low-income earners to access credit, to also access grants and other financial transactions.
4. Economic Recovery and Reconstruction Plan
Ensuring that women benefit from the most recent relief measures and from the Economic Reconstruction and Recovery Plan.
5. Advancing the Position of Women
Advancing the position of women on the African continent. For instance, the Protocol on Women in Trade to enable the effective participation of African women in the African Continental Free Trade Area agreement.
Huge expectation
There is huge expectation that South Africa will implement the commitment it made during the United Nations Generation Equality Forum that took place in June to protect and promote women’s leadership and representation across society.
