The third season of an initiative by the Ministry of Business Developmnet (MoBD) supported by President Nana Addo Dankwa Akufo-Addo Presidential Pitch Competition was held in Accra yesterday 1st July, 2020 with Douglas Akoglo, founder of Sheacoal Zoyanna Enterprise, emerging the overall winner out of twenty others.
The winner made away with a cash prize of GH¢70,000 from the Ministry with an additional GH¢30,000 from President Akufo-Addo, after an impressive pitch on how his company turns shea butter waste into coal for cooking.
The young entrepreneur will also get a fully funded work study programme outside the country and in addition, be attached to a company in Europe to experience good work practices, build networks and gain experience on how to access funding and markets for his business.
Dumenyo of Anquito, a mosquito repelling device, and Cornelius Nyobator of Verdant, an organic weedicide, took second and third place and walked away with GH¢60,000 and GH¢50,000 respectively. Winners from the 4th to 10th position also had GH¢30,000 each.
The first and second runners-up will be attached to top Ghanaian companies to study to gain knowledge to be able to expand their operations.
In his opening address, the Minister for Business Development Dr. Ibrahim Mohammed Awal, noted that despite the pandemic business confidence is still high.
He advised the contestants to consider themselves as global entrepreneurs in order to produce products that meet both local and international standards.
He noted that President Akufo-Addo is determined to create an ecosystem that supports entrepreneurs to thrive and enables job creators.
Dr. Ibrahim Awal, also congratulated the finalists of this year’s event and urged them to continue to work hard to expand their businesses and create jobs for the youth.
Speaking at the ceremony, President Akufo-Addo said all the 10 finalists of this year’s Presidential Pitch Programme would, over the next three years, receive free mentorship, coaching and business advice services.
While congratulating all 10 finalists, aged between 18 and 35, the President urged them to work hard, expand their businesses, create more jobs, and support the growth of the Ghanaian economy.
He disclosed that, the Presidential Support Programme is a Government initiative aimed at supporting young men and women who have defied the odds to enter into business.
He paid tribute to finalists of the past two seasons who have created a total of 460 direct and indirect jobs, mostly in rural communities, and stressed the need to encourage entrepreneurship in the country to help turn the country’s economy around.
President Akufo-Addo believes that entrepreneurship is a vital component of the country’s economic growth.
“Our young men and women can be a positive source of development when provided with the knowledge and skills they need to contribute in the growth and development of the country,” he said.
Another flagship initiative, the Presidential Business Support Programme (PSBP), is currently training 26,000 young entrepreneurs to build their capacity and enhance their competitiveness, he said.
So far, he said 45,000 young people have been trained under the programme since it began and expressed the government’s commitment to develop programmes that would provide integrated national support for small businesses and startups.
President Akufo-Addo commended the Minister of Business Development, Ibrahim Awal, for successfully implementing the event which began three years ago.