Ashesi University’s Ghana Climate Innovation Centre (GCIC) has inducted twenty-two (22) entrepreneurs
into its 7th Cohort of GCIC’s business incubator, under the funding of Global Affairs Canada.
The entrepreneurs are made up of 50% female-owned businesses and 40% male-owned businesses, with
38% located in Greater Accra, 27% in Ashanti Region, 15% in Western Region – while the Eastern Region, Central Region, Volta Region and Upper Regions make up 20%.
GCIC’s cohort of 7 include SMEs whose work and innovations are either aimed at climate change mitigation and adaptation, or SMEs exploring the adoption of more climate-smart and sustainable models in their operations.
They are made up of businesses in five key sectors: 42% are climate smart agriculture businesses; 27% are into waste management; and 15% are energy-efficiency organisations, with the rest in the greening and solar energy sectors.
Ruka Sanusi, the Executive Director of GCIC, during her induction speech stated that between June 2017 and June 2020, GCIC supported entrepreneurs to generate cumulative revenues of US$2.06m; created
733 new jobs; raised additional early and growth-stage financing of more than US$2m; and sequestered CO2 emissions of 14,500mt.
In the last year, the Centre has helped to avoid emissions of 70,684.47mt, which is about six times over the five-year target of 10,000mt; and has helped generate revenues of US$1,303.323 while keeping a gender balance of 50% male and 50% female-owned businesses.
She said: “GCIC’s robust business incubation programme and interventions support entrepreneurs to
Develop, and each SME is awarded an average of CA$21,300 to enhance the needed mindset, skill-set and tool-set to go the long-haul with their climate innovation by better understanding the factors that determine long-term business success and performance”.
The GCIC’s symbolic presentation of a potted asparagus fern plant to each entrepreneur is symbolic of the process of nurturing a green business and encourages entrepreneurs to nurture the gift as a reminder of the dedication they will need to demonstrate in growing their businesses during and after the business incubation period.
The GCIC’s Partnerships, Entrepreneurship and Investment Director, Dramani Bukari, took the entrepreneurs through the GCIC’s Technical and Product Development work-stream, and highlighted how they can improve their product innovation to meet global standards by using the support services offered by GCIC.
He said: “The GCIC works to improve technologies and products while stimulating climate risk mitigation and improving management practices. We are also invested in ensuring that our cohorts grow climate resilient businesses”. He went on to say: “Our grants are available after application and involve the submission of evidence on the efficient and effective utilisation of the awarded funds”.
Other presentations were delivered by the GCIC finance team on the opportunities for GCIC-supported businesses to pitch for and access financial grants.
Daniel Ababio, Senior Manager at EY Ghana (GCIC’s implementation partners for the GAC-supported
programme) which carries out Monitoring and Evaluation (M&E) of the programme said: “The M&E process that EY implements helps us to track the growth of businesses before and after the 9-month period. We are also able to accurately quantify and report on the support that GCIC gives, and we look forward to sharing your success stories during and at the end of the programme”.
The Cohort 7 entrepreneurs were inducted into the GCIC incubation programme on 20th October 2022 and will complete their tenure in June 2023.
About Ghana Climate Innovation Centre
The Ghana Climate Innovation Centre (GCIC) is a pioneering business incubator with a unique focus on
developing sustainable enterprises and climate-responsive SME ventures and entrepreneurs in Ghana.