{As part of the activities to mark the upcoming International Women’s Day 2017, the Rwanda Stock Exchange (RSE) yesterday joined over 40 other exchanges across the globe in ringing the bell to commence trading for Gender Equality.}
Held under the theme, ‘Be bold for change’ at the Kigali Serena Hotel, was graced by the Rwanda Development Board Chief Executive Officer, Hon. Clare Akamanzi, who rang the bell to commence the day’s trading accompanied by the International Finance Corporation (IFC) Country Representative, IgnaceMihigo, Mrs. FatouAminata Lo, the UN Women Deputy Representative, StefanusHandoyo, from the IFC EAC Corporate Governance Program, Dr. Monique Nsanzabaganwa, the National Bank of Rwanda (BNR) Deputy Governor, Dr. James Ndahiro the Chairman of the RSE and the CEO of the exchange Pierre Celestin Rwabukumba, among other high ranking officials from the private sector.
In addition to the 40 global exchanges, the RSE joined the UN Global Compact, Sustainable Stock Exchanges initiative (SSE), World Federation of Exchanges and Women in ETFs in raising awareness about the importance of gender equality to both business and sustainable development.
Rwabukumba said the aim was to have exchanges across the globe ring their market opening or closing bell to draw attention to the critical role businesses and markets can play in closing the gender inequality gap.
“Through the SSE initiative that we joined in 2015, we are part of the attainment of the sustainable development goals (SDGs) among which include promoting gender equality. As stock exchanges, we are encouraged to promote gender diversity on the boards and management of listed companies and to ensure accessibility of capital market services to female entrepreneurs to mention but a few,” he remarked.
It is a fact that closing gender gaps in labor markets and within the other areas reduces poverty, improves the education of children and drives agricultural production and economic growth at the global arena.
A recent report by McKinsey Global Institute concluded that as much as US$ 28 trillion or 26 per cent could be added to the global GDP in 2025 if women participated in the labor force at the same rate as men.
Mihigo noted that there was still much that needs to be done as regards women empowerment and untapped opportunities for women.
Ms. Aminata, added that gender inequality poses a critical economic challenge.
“There is strong evidence showing that women earn less, have fewer assets and are largely concentrated in vulnerable and low-paying activities. Globally, the gap between women and men’s labor force participation is 26 per cent; women on average are paid 24 per cent less than men,” she pointed out.
“In developing countries, 75 per cent of women’s employment is informal and unprotected.”
She said that adjustments must happen on all sides if the globe is to increase the number of people able to engage in decent work, to keep the pool inclusive and to realize the benefits that will come to all from the equal world envisaged in the UN’s 2030 Agenda for Sustainable Development.
Presiding over the event, Ms. Akamanzi challenged the private and public sectors need to continuously check and assess themselves in what they have done in reducing the gap, especially in the business sector.
“We need to know how we are doing in terms of data. According to the Peterson Institute, if you have 30 per cent of women in senior leadership positions in a company you expect to get around six per cent net profit which is very possible,” she explained.
Hondayo closed by saying that companies with women on board have better profitability, governance and risk management among other advantages.
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