Africa-Press – Liberia. The Government of Liberia, in partnership with the United Nations Development Programme (UNDP), key financial institutions, and international development partners, has officially launched Cohort V of the Liberia Micro, Small, and Medium Enterprises (MSMEs) Growth Accelerator Program. This milestone underscores the nation’s unwavering commitment to fostering entrepreneurship, economic diversification, and inclusive growth.
The launch ceremony, held at the Ellen Johnson-Sirleaf Ministerial Complex in Congo, was a vibrant gathering of government officials, private sector leaders, development partners, and aspiring entrepreneurs. The event marked a significant step forward in Liberia’s journey to empower local businesses and stimulate sustainable development.
Building a Prosperous Future Through Private Sector Empowerment
The MSMEs Growth Accelerator Program has already demonstrated its transformative potential, supporting dozens of Liberian entrepreneurs across various sectors. This latest cohort aims to further accelerate this momentum, with a focus on nurturing innovative ideas, enhancing business capacity, and expanding access to finance.
The program has been co-designed, run, and managed by iCampus Liberia, with Accountability Lab Liberia serving as the fiscal sponsor. It is implemented in collaboration with a network of esteemed Business Development Service Providers—including Business Startup Center Monrovia, AgroTech Liberia, GrowthAfrica, and the East Africa Market Development Associates—who provide critical mentorship, training, and support to participating entrepreneurs.
During the event, the government reaffirmed its dedication to creating an enabling environment for MSMEs to thrive. Deputy Minister for Commerce and Trade, Mr. Wilmot A. Reeves, emphasized the vital role of the private sector in national development.
“MSMEs are the backbone of Liberia’s economy,” Deputy Minister Reeves stated. “Supporting them is not just an economic imperative but a strategic move towards sustainable growth and job creation. Our government is fully committed to ensuring this program’s success, aligned with our ARREST Agenda for economic transformation.”
He further highlighted that fostering an environment conducive to business growth—through ongoing policy reforms and strategic partnerships—is essential to diversify Liberia’s economy and harness the potential of its youthful population, over 60% of whom are under 25.
Strengthening Partnerships for Impact:
A key highlight of the launch was the signing and renewal of Memoranda of Understanding (MoUs) with four prominent financial institutions—International Bank Liberia Limited (IBLL), United Bank for Africa (UBA) Liberia, Bloom Bank Africa, and Ecobank Liberia Ltd.—affirming their commitment as strategic investment partners.
Additionally, the programme has received vital support from international partners. The European Union Delegation to Liberia and the Swedish Embassy in Monrovia are providing supplementary financial backing through their respective initiatives—the Community-Based Forest Management Project and the LEH GO GREEN Project. These contributions underscore the commitment of Liberia’s development partners to fostering sustainable economic growth and environmental stewardship.
UNDP Liberia’s Resident Representative, Aliou Dia, expressed optimism about the program’s potential to ignite change. “Our partnership with Liberia’s entrepreneurs is a testament to our shared vision for a resilient, self-reliant nation,” Dia said. “Empowering women and youth remains central to our efforts, and we are committed to expanding inclusive opportunities—perhaps even dedicated programs for women entrepreneurs in the future.”
He challenged Liberians to dream big, inspiring the next generation of entrepreneurs to aspire to global success stories like Dangote or Bill Gates, emphasizing that “the future of Liberia’s economy depends on bold, innovative minds.”
From Vision to Reality: The Impact of the Growth Accelerator
Luther D. Jeke, CEO of iCampus Liberia, provided an overview of the program’s milestones, noting that it began with a call for applications in 2021, attracting 168 businesses from seven counties. After rigorous vetting, coaching, and mentorship, five businesses received grants of $40,000 each, demonstrating the program’s tangible support for local entrepreneurs.
The event marked a significant step forward in Liberia’s journey to empower local businesses and stimulate sustainable development.
The subsequent cohort, launched in 2021 focused on agricultural cooperatives and drew 264 applicants, with 26 businesses selected for support. As of 2023, the programme has expanded further, now backed by four financial institutions and additional international partners committed to fostering entrepreneurial growth.
Mr. Jeke emphasized that the programme’s success reflects Liberia’s rising entrepreneurial spirit and the government’s strategic focus on inclusive economic development.
Private Sector Leaders Express Commitment
Mr. Ayokunle Olajubu, Managing Director and CEO of UBA Liberia, reaffirmed his bank’s dedication to nurturing Liberia’s entrepreneurial ecosystem. “This is an exciting chapter for Liberia,” he said. “Our goal is not only to identify entrepreneurs but to help them scale beyond the SME level, creating meaningful impacts in their industries and communities.”
Representatives from other partner banks and international agencies reiterated their support and commitment to building a resilient, diversified economy driven by vibrant local businesses.
A Bright Future for Liberia’s Entrepreneurs
The MSMEs Growth Accelerator Program continues to serve as a beacon of hope and opportunity for Liberian entrepreneurs, especially youth and women, who are vital drivers of the nation’s future prosperity. With the ongoing support of national and international partners—including the European Union and the Swedish Embassy—the program is poised to accelerate Liberia’s journey toward sustainable development.
As the fifth cohort begins, it reaffirms Liberia’s unwavering resolve to harness the power of the private sector for inclusive, resilient growth—creating a brighter future for all Liberians, one entrepreneurial success story at a time.
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