Women’s Economic Empowerment and Financial Inclusion in the Democratic Republic of São Tomé and Príncipe

Began drafting a national action plan on women’s economic empowerment and financial inclusion.  The plan will be discussed at a July 31 high-level conference celebrating African Woman’s Day.

A new government took office in December 2018 in São Tomé and Príncipe and set several key objectives including increasing economic growth and employment and improving social services. Prioritizing resource allocation to protect social spending and promote growth is essential to addressing the country’s high debt vulnerability and is a crucial objective of a program under discussion with the International Monetary Fund. These efforts are complemented by various World Bank-supported programs, including one on social protection.

Recognizing that women and youth face disproportionately higher unemployment rates and fewer entrepreneurship opportunities, the government sees this as women’s economic empowerment as an area deserving special attention and representing a vital source of growth. Progress in this area is also an indispensable component of meeting the objectives of the Sustainable Development Goals by 2030.

The two-day workshop brought together approximately 40 participants from the private and public sectors and development organizations to discuss the barriers that women face, identify measurable goals, and brainstorm on policy-focused solutions. Experts on gender equality offered analytical evidence on the macroeconomic implications of women’s economic empowerment, described best practices from the region, and moderated plenary and breakout group discussions. At the end of the two-day workshop, the participants presented their findings and recommendations, and began drafting the new national action plan on women’s economic empowerment and financial inclusion. 

Discussions among participants focused on the following main messages: