Ahead of Saturday’s observance of International Women’s Day, two female banking executives have sounded an alarm on what they consider to be the precarious state of gender equality.
Suzette Armoogam-Shah, Scotiabank Barbados Ltd’s managing director, and Carina Cockburn, country representative for the Inter-American Development Bank, emphasised that despite progress, women’s rights remain vulnerable to reversal, and the burden of unpaid care work continues to hinder women’s full participation in society.
The two leaders made the comments as they addressed students at Friday’s I AM A GIRL mentoring session, held in observance of International Women’s Day.
Armoogam-Shah emphasised the importance of continued advocacy for women’s rights, particularly in a world where progress can be reversed.
“If we are paying attention to what is going on in the global stage with diversity and inclusion, the rights we have as women today we cannot take for granted. It can be lost very easily tomorrow. We have to keep fighting, we have to keep accelerating action so that we protect our rights and keep moving forward,” she said.
The Scotiabank boss stressed that given these challenges, young women must continue to embrace opportunities that are presented to them.
She noted: “Often the best opportunities come when we decide to take the leap before we feel fully ready, behaving our way into believing. Bet on yourself every day… the space between what you are capable of, and what you actually do is called the courage gap. The only way to close it is to step forward, even as your fear urges you to pull back. Courage precedes confidence.”
Cockburn explained that while much progress has been made over the years in fostering gender equity, much work still needs to be done.
“Though there has been significant progress in closing gender gaps globally, last year, the World Economic Forum estimated that it will take 134 years to reach gender parity if we continue at our current pace. Five generations from now, so that if you are 16 years old today, that means you would have to reach 149 before we see gender parity. These statistics are not meant to be depressing, but they are an important reminder of the urgency required in our actions today,” she said.
The development banker also highlighted the often-overlooked burden of unpaid care work shouldered primarily by women in Latin America and the Caribbean.
She explained: “Whether we realise it or not, care work is the invisible and often unpaid foundation that keeps our world running. We have all probably received care at some point in our lives; the reality is that women in Latin America and the Caribbean take on 68 to 80 per cent of care responsibilities. Whether it is looking after children, younger siblings, elderly family members, or even taking on unpaid domestic work.”
Cockburn further added: “This care overload does not just affect women; it affects the economy, reduces opportunities for leadership, and limits women’s ability to fully participate in education and the workforce. The IDB estimates that if all care work was paid, it would represent 21 per cent of our region’s GDP.”
The IDB representative stressed that accelerating action to redistribute care responsibilities is essential.
“If we don’t accelerate action to redistribute care responsibilities, even the best scholarships, leadership programmes, and job opportunities wouldn’t allow women and girls to reach their full potential. If girls and women don’t have the time or support to access these opportunities, progress will always be slower than what we would like,” she said. (SB)
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