By Sandra Agyeiwaa OTOO
The Green Business Competitions for micro small and medium sized enterprises (MSMEs), a collaborative initiative by the German Development Corporation and the Ashesi University’s Ghana Climate Innovation Centre (GCIC), has created 104 new jobs and generated over GHȼ4million in the first six months after its inception.
The initiative has incubated 29 MSMEs across five regions, generating GHȼ4.35 million in revenue, securing GHȼ2.94 million in investments, and creating 104 new jobs—exceeding its one-year target.
This project aims to address Ghana’s unemployment challenge, with the Ghana Statistical Service reporting a 4.5% unemployment rate in the third quarter of 2023 and an average of 14.7% for the first three quarters of the year.
It also seeks to supports MSMEs in Ghana’s green economy, helping businesses integrate sustainable and climate-adaptive models in line with Ghana’s Nationally Determined Contributions (NDCs) to combat climate change.
Participating businesses receive advisory services, technical assistance, and financial support to enhance sustainability, drive green job creation, and promote environmentally friendly practices.
The programme also welcomed its second cohort of thirty-one MSMEs selected from five sectors including climate-smart agriculture, waste management, water management, energy efficiency and greening businesses.
Speaking at the graduation ceremony of the first cohort, Dr. Christian Jan, Head of Programme, Support to the Private and Financial Sector (PFS) Programme at GIZ, reiterated the importance of sustainability in business growth.
“The German Development Cooperation through GIZ’s mission is to support sustainable development in Ghana and our efforts are alignedwith priorities and international commitments to ensure businesses get access to the right networks, financing and support to thrive,” he mentioned.
Dr. Jan also urged businesses to aim high, stay resilient, and push boundaries. He said Ghana needs innovators, not just business owners.
The Executive Director of the Ghana Climate Innovation Centre, Ruka Sanus mentioned that, “This accelerator will push you to think bigger, see beyond the familiar and question your long-held assumptions to do business.”
“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,” she added.
Kojo Mensah Adom, a Cohort 1 member and Chief Executive Officer (CEO) of Grow It Green, highlighted the program’s impact on his business, stating that GCIC’s grant funding enabled them to invest in processing equipment and renewable energy solutions, fostering sustainable growth.
“GCIC’s grant funding enabled us to invest in processing equipment and renewable energy options, scaling our operations sustainably. 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,” he revealed.
Mr Adom expressed gratitude to 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.
