By Emmanuel AKOMEA
Five youth-led agribusiness start-ups have been awarded US$1000 each in grants to support their ventures, as part commitment to nurturing the next generation of agricultural entrepreneurs.
This initiative is part of the Agribusiness Catalyst programme aimed at cultivating the agribusiness sector by offering vital support and funding to early-stage start-ups. Developed through a collaboration between the Food and Agriculture Organization of the United Nations and Innohub Growth Centre, it seeks to enhance the agribusiness landscape.
Janetta Carlucci, a Representative of FAO, explained that the Agribusiness Catalyst programme is a crucial initiative within the FAO project empowering young women and men in agribusiness to spearhead inclusive rural transformation in Africa. This initiative aligns with the FAO regional priority programme area on Decent Employment in Agrifood Systems.
The programme covers three target countries: Ghana, Kenya and Zambia. Its overarching objective is to expedite the transformation of youth-led agrifood systems in Africa.
The recipients are Sagrisalma Tropical Snacks, Ferm Farm Life, Prosect Feed, and Antanah Farms.
Chief Executive Officer of Innohub Growth Centre, Nelson Madiba Amo, said the aim is to help these businesses become investment-ready and attract further funding from other partners in the future.
“We want to reduce barriers for agribusinesses at the early stage and help them access the funding they need to scale up and thrive. By providing initial funding and support, we hope to see significant growth and success among the participating start-ups,” he noted.
He added that the programme promotes growth for entrepreneurs, encouraging them to stay committed to their core ideas and goals. Participants, he stated, are urged to prioritise growth and scalability in order to attract investors and achieve long-term success.
Mr. Amo noted that in addition to the initial funding, selected start-ups will have access to follow-on support, including a revolving loan facility with low-interest rates and guidance on engaging with banks for additional funding opportunities. A monitoring and evaluation mechanism will also be in place to track the progress of each start-up and ensure that funds are used effectively.
Thamar Victoria Afedu-Annan, the leader of Ferm Farm Life, a woman-led agribusiness in the Northern Region, praised FAO and Innohub for their support of start-ups. She lamented that access to finance and high interest rates on loan facilities have been significant hurdles for the business, hindering its ability to secure the necessary funding for scaling up operations.
Despite these challenges, she remains optimistic that support initiatives like this one can break through barriers and create a positive impact in the sector.
Prosect Feed CEO, Kwabena Tufuor, a beneficiary of the grant, said the support will help him expand his business while looking at onboarding other small businesses within the sector for stronger partnerships.
Prosect Feed, through its innovative approach, provides alternative protein substitutes to help farmers lower their feed costs by up to 30 percent. With a focus on efficiency and cost savings, it is making waves in the market by offering innovative solutions to common challenges faced by farmers.
