Fifteen agritech businesses to benefit from GH¢1m Fidelity Bank grant
Fidelity Bank is providing GH¢1 million to 15 technology-driven businesses to provide solutions in Ghana’s agricultural value chain.
This is meant to boost production along the agricultural value chain, from planting to processing, as well as ensuring market access and food sufficiency and security.
The 15 agritech businesses were among 33 youth-led entrepreneurs who attended a bootcamp to learn about growth, scalability, and sustainability practices in preparation for a pitch competition to select the beneficiaries.
The bank’s GreenTech Innovation Challenge will provide GH¢60,000 to ten ideation agritech businesses, GH¢100,000 to four scale-ups, and GH¢200,000 to a commercial business for business operations.
Speaking with the media on the side-lines of the bootcamp, Nana Yaa Afriyie Ofori-Koree, Head of Partnerships and Sustainability, Fidelity Bank, said the initiative was to stimulate sustainable growth of the local economy.
“As a bank, one of our key areas is providing solutions to the problems nationwide and we see that the agric sector needs some stimulation and support,” she said.
Mrs. Ofori-Koree explained that, although the bank provided financial and mentoring support for businesses, it also developed a specific programme for the agricultural sector to ensure the provision of a value-chain solution to drive economic growth.
“That’s why we decided to have this GH¢1 million grant, which will be shared with 15 successful entrepreneurs by the end of the challenge.”
She stated that, in addition to the challenge, the bank would continue to give technical support to all 33 agritech entrepreneurs chosen for the bootcamp and assist them throughout their journey.
Mr Kwabena Boateng, Divisional Director, Corporate and Institutional Banking, Fidelity Bank, said the training was to empower businesses to scale up their operations to support farmers and other players in the agric value chain.
He was optimistic that the initiative would help agribusinesses provide tailor-made solutions to support the country “in growing what we eat and be self-sufficient.”
Mr Nelson Amo, Executive Director, Innohub, noted that the technical and financial assistance provided to the beneficiaries would enhance agric mechanisation and boost productivity.
“The importance of innovators in food security cannot be overemphasised. They help bring about efficiency in farming and post-harvest management,” he said.
Mr. Amo said Ghana’s agritech was in its early stages, with many prospects for data collection on farmers, pest and disease control, and food processing that innovators, with support, could leverage to ensure food security.
He urged the government and other development partners to step up the initiative at the national level to give a complete value chain solution in the agricultural sector to guarantee food security.
Ms Roselyn Dankyi Ntim, a young agritech innovator, called for increased support for Ghanaian ideas to drive growth and development.
In terms of the key challenges faced by most young entrepreneurs, she identified fundraising and selling concepts, as well as technology, particularly to recipients.
Regarding her team’s mechanical machine capable of drying up to 500 kilogrammes of maize, she said, “For farmers in particular, telling them that the machine is better than the sun and the money involved isn’t easy.”
Ms Ntim urged Fidelity Bank and other financial institutions to implement innovative financing programmes to help commercialize their ideas and agritech solutions and encouraged the government to create an environment conducive to their growth.
In July 2024, Fidelity Bank launched the GreenTech Innovation Challenge to encourage innovative ideas for improving the country’s agricultural system to ensure resilience and efficiency and attract young entrepreneurs to the sector.
Source: GNA