‘Women-led business power U.S. economy with $3 trillion output’

Sierra Leone’s Ambassador to the United States and Secretary General of the Economic Community of West African States (ECOWAS) Ambassadors group, Ambassador Sidique Abou-Bakarr Wai, yesterday, highlighted the significant economic impact of women-led businesses in the U.S, which generated $3 trillion in output.

In an initiative, he noted that international business leaders launched the formation of a global task force aimed at empowering one million women in the trade industry.

Abou-Bakarr, in a statement, expressed his admiration for the global leadership of women and referenced the World Bank’s acknowledgment that female entrepreneurs contribute significantly to global economic growth and poverty reduction.

He said: “As Secretary General of ECOWAS Ambassador’s Group in the United States and a leading advocate for effective diaspora engagement and partnership with women, I do congratulate the incredible leadership that women of substance and distinction are making across the globe to ensure the participation of women at the decision-making arena through their one million women campaign.”

He referenced the World Bank’s acknowledgment that female entrepreneurs contribute significantly to global economic growth and poverty reduction, adding that, “Women-led businesses in the U.S. alone contribute nearly $3 trillion to the economy and create 23 million jobs. Their effective trade participation drives economic prosperity globally.

“The Connecting One Million Women Who Trade (CWT) is a private sector initiative to connect and empower one million women entrepreneurs, who trade. CWT will catalyze organizations and individuals who invest in women involved in trade starting in Africa, the Americas, and the Caribbean.

“Through our ecosystem, we will engage a minimum of 5,000 business associations and cooperatives that are connected to a minimum of 200 women each to reach one million.”

In his remarks, the President and CEO of the National Black Chamber of Commerce, Charles DeBow, said, “I am honored to stand alongside global leaders in this groundbreaking initiative. Connecting One Million Women in Trade is not just about increasing numbers: it is about unlocking women’s potential across the globe.

“By breaking down barriers and providing access to vital resources, we are paving the way for a more inclusive and prosperous global economy. This initiative will empower women to participate in international trade and thrive as leaders in the industry.”

The CWT initiative, supported by Blueprint, Oakwood Green Africa, and NBCC, aims to increase the percentage of women-owned businesses involved in trade from 25 per cent to 40 per cent over three to five years. NBCC and CWT will formalize their commitment through a Memorandum of Understanding (MOU) to concretise their commitment to the success of the Initiative.

Also speaking, an international public affairs strategist and a psychologist, Dr Ky Dele, said: “CWT will serve as a clearinghouse ecosystem for grassroots-to-grass tops incorporating all necessary networks and resources for women who are ready to trade globally, preparing to trade globally and institutions that support women in trade.

“These groups and individuals will expand opportunities and enhance the capacity for women who trade by breaking down barriers for all women to connect and collaborate for trade.”

The former Ghanaian President, John Mahama, emphasised the priorities of women in trade and the importance of the CWT initiative.

Mahama recalled that in April 2024, CWT presented its first series, “The Future of Finance & Trade in Africa 1.0,” in partnership with The George Washington University and the World Bank Group in Washington D.C. The event marked a pivotal moment in addressing the continent’s financial and trade landscapes.