Africa-Press – Liberia. Liberia has a population of about 5.2 million, half of which live in poverty. While only a small fraction of the population is in formal employment, most (85%) rely on informal business activities, subsistence agriculture, fishing and mining for work and income. The population is highly entrepreneurial.
With about 63 percent of the population under 25 years of age, only about 15 percent of those who graduate from tertiary institutions secure jobs in either the formal or informal sectors.
Thus, Liberia’s economic development heavily relies on the success and growth of MSMEs and agricultural cooperatives. However, one of the significant challenges faced by these entities is accessing financial services that can help them expand their operations, invest in technology, and increase their productivity.
Recognizing this gap, the Growth Accelerator Liberia Alumni & Investment Partners Cross Learning Exchange Event seeks to bridge the gap between MSMEs, agricultural cooperatives, and local banks to foster economic growth and sustainability.
UNDP is investing to fully unleash the true potential of the country’s informal sector and to harness people’s entrepreneurial energies in a variety of ways, ensuring no one is left behind.
The Growth Accelerator Liberia Programme is a business and agricultural cooperative accelerator, targeting impactful and innovative ventures and cooperatives in Liberia across all industries.
The programme targets post-revenue businesses and cooperatives to assist them to scale and grow with a combination of Co-financing grants, Mentorship, and Technical Assistance.
The Growth Accelerator Liberia is designed to help revenue-generating small and medium- sized enterprises and commercially inclined agricultural cooperatives to scale-up their operations and contribute substantially to national economic development through increased revenues and job creation.
This is accomplished through a rigorous annual business development training and business plan pitching competition with up to US$40,000 co-financing for each winner.
The Liberian MSMEs Growth Accelerator Liberia recently conducted a one-day Cross Learning Exchange Event that brought together alumni and investment partners, including International Bank Liberia Limited, UBA Liberia, Ecobank Liberia and Bloom Bank Africa-Liberia, to foster economic growth and sustainability. The gathering emphasized the critical role of small and medium enterprises (SMEs) and agricultural cooperatives in Liberia’s economic development.
Luther Jeke, CEO of iCampus Liberia, the entity that runs and manages the programme, underscored the significance of SMEs and agricultural cooperatives to the country’s economic progress.
He pointed out that these enterprises face substantial challenges, particularly in accessing financial services necessary for expansion, technological investment, and productivity enhancement.
“The success and growth of Liberia’s Micro, Small, and Medium Enterprises (MSMEs) and Agricultural Cooperatives are vital for our economic development,” Jeke stated. “However, they often struggle to secure the financial services that are crucial for their growth.”
Recognizing these challenges, the Growth Accelerator Liberia Alumni and Investment partners cross-learning exchange aims to bridge the gap between micro, small, and medium enterprises (MSMEs), agricultural cooperatives, and Local Financial Institutions.
He further highlighted the impact of the United Nations Development Programme (UNDP) on the initiative. “The UNDP has invested at least US$1.5 million, benefiting around 38 Liberian small businesses and agricultural cooperatives.
Representatives of 25 MSMEs and agricultural cooperatives, including Cooper Gweh, CEO of iFarm Liberia and Verity Sonkarlay, CEO of Evergreen Trading Enterprises Inc., shared their experiences and challenges with commercial banks. They cited high-interest rates, lengthy processing times, excessive bureaucracy, collateral requirements, and limited access to external markets as significant obstacles.
Louis Kuukpen, Resident Representative a.i., UNDP Liberia, elaborated on UNDP’s commitment to unlocking the potential of the informal sector and nurturing entrepreneurial spirit across the country.
“The Growth Accelerator Liberia program targets impactful and innovative ventures, offering them a combination of co-financing grants, mentorship, and technical assistance,” Kuukpen explained.
He added that the program includes rigorous annual business development training and a business plan pitching competition, with winners receiving up to US$40,000 in co-financing.
“The UNDP is dedicated to ensuring that no one is left behind as we strive to unleash the true potential of Liberia’s informal sector and harness the entrepreneurial energy of its people,” Kuukpen emphasized.
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