On November 15, 2024, the Queer & Allied Chamber of Commerce Africa (QACC Africa) launched its South African chapter during the ILGA World Conference held in Cape Town. Founded in 2022 in Kenya, QACC Africa aims to promote economic inclusion for queer-owned businesses across the continent. The launch event was notable for its attendance by representatives from the U.S. Government and various LGBTIQ+ organizations, highlighting the initiative's international support 1.
Research conducted by The Other Foundation estimates that South Africa's LGBTIQ+ market is valued at over R250 billion annually, indicating a significant economic potential for queer entrepreneurship. The study also revealed that 90% of South African LGBTIQ+ employees aspire to start their own businesses, while 75% of them report needing funding to do so 1.
In response to these needs, QACC Africa is developing the Pride + Prosperity Fund, which aims to provide financial support to queer-owned enterprises. This initiative emphasizes the importance of collaboration between public and private sectors to achieve economic and social justice for the LGBTIQ+ community 1.
The organization plans to offer resources, training, and mentorship to LGBTIQ+ organizations, fostering an environment where queer entrepreneurs can thrive. This launch is part of a broader movement to unleash Africa's queer 'pink economy,' which seeks to empower queer individuals and promote their contributions to the economy 1.
As the global conversation around economic inclusion and diversity continues to evolve, initiatives like QACC Africa's South African chapter are crucial in ensuring that queer voices are heard and supported in the business landscape. The commitment to economic empowerment within the queer community reflects a growing recognition of the importance of diversity in driving economic growth 1.