In the 2023 Mastercard SME Confidence Index, the World Bank notes that SMEs account for 60% of jobs in Africa. A 2022 African Union Development Agency report supports this, indicating that SMEs account for closer to 80% of jobs in Africa. StatsSA reported that industries in South Africa’s formal business sector, in particular, generated $677.42 billion in total turnover in the 2019 financial year. The report further stipulated that the breakdown of turnover by business size shows that small businesses were responsible for generating $148.39 billion. However, when determining and understanding the spaces taken up by the titans in small business, Forbes Africa’s research led to more male founders, leaders, and C-suite executives, hence the preponderance of one gender over the other in the list of Africa’s Small Giants.

Source: Forbes June 08, 2024 04:37 UTC