By | Joseph Tramontana – Chief Financial Officer for OnPoint Education Network
The role of women in building a strong economy is a subject that has attracted the attention of many key players in the economy; in America and all over the world.
The U.S strategy for women empowerment decrees that advancing women, economic participation globally is critical to achieving the U.S foreign policy.
The U.N theme for the 61st session of the “Commission on The Status of women CSW(61) which took place in March 2017 focused on -Women economic empowerment in the changing world of work- the challenges and achievement of women and girls in implementing the sustainable development goals.
Empowering women in economically is not only the right thing to do but the smart thing to do in realizing sustainable economic achievements.
Men have predominantly taken center stage in matters development across the world. Most of the women especially in developing countries have been left to spectate as their male counterparts gamble with all issues even the ones better understood by women. A culture that glorifies men and belittles women have played a significant role in these economic zones hence poverty has characterized most of the families.
For the world to realize the full potential of the woman and the girl child there must be a deliberate effort to structure and enact policies that favor women in the market place.
Women economic empowerment can be achieved by leveling the ground on access to finance, education, training, business and job opportunities. There needs to be suitability in giving opportunities at all levels of the economy, public and private sector.
The role of men in ensuring the stability of the family economically, education and quality health cannot be over emphasized. Women increased participation in household income through has proven to bring a healthy change and stability by offering quality education for the children and good health. Studies have indicated that women have a robust saving culture which if utilized can lead to sustainability of the family.
When women work, the economy grows. Increased participation of women in the market place has resulted in the growth of the economy fundamentally.
According to UN women, increasing the share of household income controlled by women will lead to better spending which favors children. That can be through increased earnings or cash transfers. There is notably increased economic growth by over 50% in the last 50 years due to an improved participation of women in development and girl child empowerment campaigns that have increased over the years.
Studies have shown that for every year of education o the women at the reproductive stage, there is a percentage decrease of child mortality.
Less than 47% of the women world-wide are formally banked and that explains their inability to access credit facilities in the banking institutions. That is prevalent in lower middle incomes which form over 80% of the world’s population.
Although there is a marginal improvement in women participating in the labor market, it’s worth noting that women are paid less compared to their male counterparts.
Disproportionate responsibility for unpaid work has led to minimal participation in economic growth. Women spend much of their time attending to family chores; taking care of children, helping the sick and the disabled, all without pay. Increased participation of women in paid work would register an insurmountable improvement in economic growth.
Gender imbalance often noticeable in many countries’ laws has played a significant role in stunted economic growth with few women participating in making decisions. This policy making is male dominated. Thus women issues remain neglected, and the woman remains without power to be productive. Any economy that would want to register substantial growth economically must invest in policies that empower women. More women must be encouraged to come out in the market place. Women must be actively involved in crafting policies that are affirmative and deliberately enforcing the gender participation policies.
Governments and other development organs must devise ways that will lead to the inclusiveness of the women and the girl child. Education must be designed in a way that is sensitive to the girls. State organs must enforce laws that favor women in economic development and must be seen to do so.
Policies need to be enforced to close the gender gap that has bedeviled the women. There is a need for calls for sustained ad focused public action.
All development stakeholders need to devise ways in which women can be involved in active economic participation.
There is need to design corrective policies that focus on the domestic political economy. That will register improved economic participation for the women.
Joseph Tramontana is serving as the Chief Financial Officer for OnPoint Education Network. He has more than two decades of executive-level expertise .Currently working as a professional writer for Dreamjobs that offers jobs for all type of businesses in Srilanka.