This is according to the recently released Female Entrepreneurship Index 2015 which looked at how 77 countries across the world are fostering women entrepreneurship, and evaluated them according entrepreneurial environment, the ecosystem, and aspirations.

The top three countries are the United States, followed by Australia, with the United Kingdom coming in third.

Among African countries, South Africa ranked the highest at 36 worldwide, with a score of 44.2 out of 100. This was followed by Botswana which ranked 53 worldwide with a score of 36.4 points. In third place was Tunisia at number 61, scoring 30.7 points.

Other countries included in the index are: Zambia, 64; Egypt, 66; Algeria, 67; Angola,68; Ghana, 69; Ethiopia, 72; Uganda, 74; and in second-to-last place globally is Malawi at 76.

More findings

The index suggests that more research needs to be done on the conditions that support female entrepreneurship, as there is a great concern that these conditions might be different to those which are in favour of male entrepreneurs.

According to the report, women entrepreneurs also play a substantial role in growing their economies.

“Fewer ‘high potential’ female entrepreneurs result in fewer ideas being realized, less innovation, less export potential, and fewer jobs created”, the index said.

The index also reveals that through their entrepreneurial activities, high-potential female entrepreneurs increase their own economic welfare, and also “improve the economic and social fabric of society through job creation, innovative products, processes, and services, and cross-border trade.”