In 2020, the Coronavirus pandemic hit many economies globally very hard leading to job losses and collapse of businesses.
Businesses in Africa were not left out of this devastation and many economies on the continent are yet to recover and rebuild.
In Ghana, many businesses have laid-off their workers and entrepreneurs are struggling to thrive.
In September 2020, a business initiative, the New Economy Booster program was launched in Ghana and Nigeria to support entrepreneurs who have ideas to support their countries recover economically amid the Covid-19 pandemic.
Impact Hub and partners launched the New Economy Booster as a social enterprise program that seeks to support advanced and early-stage ventures, startups, non-profit organizations, and initiatives focused on solving Covid-19 related socio-economic problems.
The identified industry focus sectors are Agriculture, Healthcare, Manufacturing, Education, Tourism, and Hospitality.
According to Impact Hub, a global network focused on building communities for impact at scale, the New Economy Booster will help businesses in Ghana and Nigeria that are contributing to these countries’ “post-pandemic economic recovery.”
The program is supported by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the Lab of Tomorrow (lot), which fosters business-driven solutions for specific challenges in developing and emerging countries.
The New Economy Booster program is expected to boost solutions or ventures in sectors that have been affected by COVID-19, particularly those that are at risk of or have experienced job losses.
In Ghana, 15 entrepreneurs have already been shortlisted to be assisted to grow their innovative business ideas.
The 15 selected businesses in Ghana are:
- Developers in Vogue
- Encounter Ghana
- Health Direct Global
- Green Ecoworks
- Frish (Nshonam)
- Magvision Recycling
- Barah Farms
- Foods (Mr. Joli)
- Nukushare Agro
- Basics International (Hedzole)
- Suma Deliveries
- Scribble Works
- Dreams Arise Ghana
- SW Learn
Benefits for selected businesses
The final 15 entrepreneurs /businesses were picked out of the original 50 shortlist.
They are receiving a range of customized content and resources to develop and grow their business and network under the guidance of a team of local and global experts.
The 15 ventures selected to be accelerated are now receiving project management and coordination guidance, a tailored diagnostic and development plan; and access to a support network to help grow their business.
The businesses have also spent time engaging the Entrepreneur-in-Residence (EiR) Derrydean Dadzie at Impact Hub Accra this month.
Thread: Throwback to last Friday! Our New Economy Booster Acceleration ventures spent time engaging our Entrepreneur-in-Residence Derrydean Dadzie and other speakers.#NewEconomyBooster #ThrowbackThursday pic.twitter.com/ZfopuNs32j
— Impact Hub Accra (@ImpactHubAccra) March 11, 2021
The COO of Impact Hub Accra, Kelechi Ofoegbu says “You need many people attempting to solve problems and innovating for there to be lasting change.
These problem solvers can be the most uncertain people on the planet, but they take their ideas and try to solve problems regardless. They need to be energized.
They need a great deal of confidence for this. That confidence needs to be reinforced regularly. That is the goal for this New Economy Booster forum with an EiR.”