The United Nations Development Program (UNDP) Growth Accelerator Liberia Program hosted its 4th cohort pitching and selection event for 28 MSMEs contesting the entrepreneurship and agriculture categories on August 29-30, 2024, in Monrovia.
The event brought together thoughtful entrepreneurs, agriculturists, government, and development partners from across Liberia who share a common interest in practical solutions for sustainable development.
In his opening remarks, UNDP Liberia Resident Representative Anthony Ohemeng-Boamah reassured the agency’s commitment to empowering local entrepreneurs, particularly women and youth through the Growth Accelerator.
He said this program has proven to be a transformational initiative that provides resources, mentorship, and networking opportunities for Liberian MSMEs.
Ohemeng-Boamah noted that MSMEs contribute to economic growth and job creation in Liberia and have enormous potential to reduce poverty and enhance gender equality.
He encouraged entrepreneurs to build resilient businesses that adapt to current challenges, including climate change.
20 businesses out of 28 semi-finalists emerged as the winners of grants in various categories. Five won $40,000, eight in the category for $20,000 and seven in the category for $10,000.
Delivering the closing remarks, the proxy for the Minister of Commerce and Industry (MOCI), Merisco N. Davis encouraged those who did not win to keep working hard and to the winners, he encouraged them to stay focused on their businesses.
UNDP Liberia’s Deputy Resident Representative for Program, Louis Kuukpen said the program manifests efforts that bring economic solutions and supports the creation of resilient livelihood and income-generating opportunities for the poor and vulnerable population.
Kuukpen expressed gratitude to partners and the government supporting this initiative through the MOCI.
He also thanked the Growth Accelerator Program brand ambassador Josephine Kolubah.
The United Bank for Africa (UBA) Head of Marketing and Corporate Communication, Chidi Anaba acknowledged UNDP’s support of this program noting that UBA and other banking partners will support the winners easily access loans.
The Growth Accelerator Liberia Program is an initiative that supports impactful entrepreneurs and agricultural cooperatives’ scale-up through access to technical assistance, mentorship and a co-financing grant.
This year’s program primarily focused on accelerating Liberian MSMEs and Agricultural Cooperatives to strengthen business and cooperative development services by promoting access to finance, capacity-building, and innovation responsive to the rights and needs for the economic advancement of women, youth, and People with Disabilities (PWDs).
In its fourth year, the Growth Accelerator Program received 114 applications across 9 counties in three funding categories.
Seventy-seven applicants for US$ 40,000, 21 applicants for US$ 20,000 and 16 applicants for US$ 10,000.
43 applicants were selected by an independent selection committee across the three categories to compete in the finals after an extensive due diligence selection process.
UNDP Growth Accelerator Liberia is implemented in partnership with the Ministry of Commerce and Industry and Accountability Lab (iCampus), with support from the European Union in Liberia and the government of Sweden.
