Unemployment in Ghana presents a significant challenge with the Ghana Statistical Service reporting an unemployment rate of 4.5% in the third quarter of 2023 and the average unemployment rate for the first three quarters of 2023 at 14.7%.
The Green Business Competitions for Micro Small and Medium Sized Enterprises (MSMEs), collaborative initiative by the German Development Corporation and the Ashesi University’s Ghana Climate Innovation Centre (GCIC), is tackling this crisis head-on.
Through its first cohort, the program has successfully incubated 29 MSMEs across five regions, leading to the generation of GHS 4,353,642 in revenue, an additional GHS 2,937,640 raised in investment and funding creation of 104 new jobs in six months more than the target of 100 jobs in a year.
This program supports and scales up Micro, Small, and Medium-sized Enterprises (MSMEs) operating within Ghana’s green economy focusing on businesses that are or seeking to adopt sustainable and climate-adaptive business models, aligning with Ghana’s Nationally Determined Contributions (NDCs), to mitigate climate change. Participating MSMEs receive comprehensive advisory services, technical assistance, and financial support to enhance their operations and fortify their climate adaptation practices, create green jobs and encourage sustainable business practices that benefit both the environment and the economy.
Speaking at the graduation ceremony, Dr. Christian Jan, Head of Programme for Support to the Private and Financial Sector (PFS) Programme at GIZ, emphasized the German Development Cooperation’s commitment to supporting sustainable development in Ghana.
He highlighted that GIZ’s efforts align with national priorities and international commitments to ensure businesses gain access to essential networks, financing, and support for growth. Encouraging the graduates, he urged them to “aim high, be resilient, and push boundaries,” stressing that Ghana needs innovators, not just business owners.
The programme also welcomed it’s second cohort of thirty-one MSMEs selected from five sectors including climate-smart agriculture, waste management, water management, energy efficiency and greening businesses. Ruka Sanusi, the Executive Director of the Ghana Climate Innovation Centre, welcomed the new businesses. She emphasized, “This accelerator will push you to think bigger, see beyond the familiar and question your long-held assumptions to do business.” She reminded the businesses “While funding is important, the real value of this incubator lies in the new knowledge to be gained, the networks that will be built and the insights that could propel you into opportunities far beyond what you have imagined.”
Highlighting the impact of the programme on his business, Kojo Mensah Adom, Cohort 1 member and CEO of Grow It Green, shared that GCIC’s grant funding empowered them to invest in processing equipment and renewable energy solutions, driving sustainable growth. He said, “GCIC’s grant funding enabled us to invest in processing equipment and renewable energy options, scaling our operations sustainably.” He added “Masterclasses on climate change, investment readiness, and financial management, ESG and Taxation provided a solid foundation. These lessons were crucial in closing our first private equity raise and making our business attractive to investors.” Mr Mensah Adom thanked GCIC and GIZ for the support through the programme.
Funded by the German Development Cooperation through GIZ and implemented by the GCIC, the Green Business Competition for MSMEs, promises to play a vital role in building a more resilient and prosperous future for Ghana, driven by a thriving green economy.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
