Hon. Amin Modad Minister, Ministry of Commerce & Industry

Mr. Ayokunle Olajubu, CEO/Managing Director, United Bank of Africa 

Mr. Lekan Balogun, Bloom Bank, CEO/Managing Director

Mr. Abadiah Koon, Country Risk Manager-Ecobank Liberia Limited

Ms. Weade Browne-Sieh, Credit Manager, International Bank Liberia Limited

Mr. Carl-Henrik Olaison-Progarm Officer for Inclusive Economic Development, Embassy of Sweden

Development partners representative: FAO, EU

Members of the press, business organizations, youth and women groups

Ladies and Gentlemen,

I am deeply excited to welcome you all to this pitching and selection ceremony for the 2nd Cohort of the Liberia Growth Accelerator Programme, which is a flagship in collaboration with the Ministry of Commerce-MoCI under the Livelihood & Employment Creation Programme. 

When we launched this programme in 2021, we desired to help Liberian businesses to acquire the business development capacity and access financial resources that they would need to grow their businesses; while at the same time supporting the achievements of the SDGs, including poverty reduction and economic growth. 

Growth Accelerator Liberia has attracted significant partnership and resource mobilization opportunities in the last three years from traditional and non-traditional partners. The Government of Liberia has contributed 3 million to the Accelerated Community Development Programme, of which almost US$300,000 was targeted at supporting agriculture cooperatives using the Growth Accelerator model of the program in 2023. The Embassy of Sweden in 2022 provided funding of US$0.5 million to support forest enterprise development through the programme, the EU (European Union) in 2023 committed funding of US$100,000.00 to support the programme while both the World Bank and USAID have been engaged in similar initiatives, and collaboratively providing support for capacity building and creating access to finance for MSMEs. 

Also in 2023, the Growth Accelerator was included under the private sector component of a recently approved Project Preparatory Grant of the Global Environment Facility project (Strengthening Agricultural Resilience Through Transformational Livelihood Adaptation In Liberia, for which 10 million USD is to be mobilized in 2024 with some resources to be dedicated to support Outcome 2 of the project (Business development tools and guidance delivered to build technical and financial capacity of MSMEs.). The Growth Accelerator represents an ideal model to facilitate both pooled and parallel financing opportunities and continue to attract desires from partners to engage and support poverty reduction. There is also a considerable potential to scale up new initiatives and solutions through partnerships with government institutions, development partners, CSOs (Civil Society Organizations), and the private sector.

With 3 years along this journey, we are proud to have provided approximately 3 million in capacity-building and catalytic grants to 38 Liberian MSMEs, including agricultural cooperatives, approximately 40% of which are women-led enterprises. Our tailored approach has led to tangible outcomes, including increased revenues, job creation, and improved business practices among the supported enterprises. We have built a strong network of mentors, experts, and partners who have contributed to the success of the program and the growth of the businesses involved. Our impact assessments have shown that businesses supported through our program have experienced significant growth and sustainability. 

For example, two of the businesses (Edana Photography and Wungko’s Farm) winning the grants during the first Cohort (2021), were able to hire a total of 15 new employees and 20 contractors, making it a total of 35 (18 men/17 women), thereby creating new jobs in 2022.  In another case, eight businesses from Cohorts 1 & 2 (EverGreen Enterprises Wungko’s Farm, AGoretti, Mako’s fruit, Nimba Ventures, Makona River Farms, Nimba Women Agriculture venture and Eco Energy) were able to generate U$80,500 in sales revenue exclusively because of the grant funding and capacity building acquired through the programme. Additionally, to date, more than 30% of the 38 programme’s alumni have employed persons with disabilities (PWDs) to create livelihood.  About 5 of the alumni have also received additional funding opportunities from USAID and the World Bank to further scale and grow their businesses. Successful businesses have been able to buy new processing equipment, increase the volume of their production and are expanding their marketing and distribution networks across the country with an increase in employment and profit margin.

Let me recognize the wonderful partnership with the Government of Liberia through the Ministry of Commerce & Industry for allowing us to contribute to the achievement of the ARREST Agenda. I also want to thank Accountability Lab & ICampus for their implementation of this initiative, and for being able to attract some of the most outstanding entrepreneurs across Liberia.

I am also delighted to extend special thanks to our financial partners: United Bank of Africa, Ecobank Liberia Limited, International Bank Liberia Limited, and Bloom Bank. We are glad to have you on board and look forward to strengthening our partnership with you, which has generated a commitment to affording the Growth Accelerator grantees flexible loan programs that can enable them to access additional capital to further scale their businesses. We look forward to seeing more MSMEs under this program accessing these innovative loan schemes in the coming years.

Ladies and gentlemen, I want to reassure you of UNDP’s commitment to empowering local entrepreneurs, particularly women and youth through the Growth Accelerator, which has proven to be a transformational initiative providing resources, mentorship, and networking opportunities for Liberia MSMEs. In testament of this, we gather here today to witness the final process of a selection process that started a few months back under the fourth Cohort (2024). For this year, 114 applications were received through the Application Form between May 28, 2024, to July 15, 2024. Following the various due diligence processes, 28 high-potential enterprises have been shortlisted out of which 20 will emerge as grant winners. These businesses have been thoroughly vetted and are expected to make significant contributions to the growth and sustainability goals of the program and the Liberian economy at large. 

Just a few months ago this year, using funding from the Swedish Embassy in Monrovia 30 Forest-based enterprises from Grand Cape Mount, Gbarpolu, Rivercess, Sinoe, Lofa, Grand Gedeh and River Gee Counties have been enrolled into the Growth Accelerator Programme. These 30 Forest-based Enterprises have undergone a couple of intensive business development trainings aimed at preparing them to increase their productivity and income to support them in formalizing their businesses and aid them in developing comprehensive business plans for more sustainable operations, job creation, and alternative livelihood development. Each of these 30 enterprises are soon to receive US$10,000.00 each.

I want to emphasize that small and medium enterprises (SMEs) contribute to economic growth and job creation in Liberia and have enormous potential to drive poverty reduction and enhance gender equality. It is therefore important for the government, private sector, and international organizations to work together to support these businesses.

Meanwhile, I would like to encourage businesses to aim to address the need for sustainable business practices that consider environmental and social impacts. I want to encourage entrepreneurs to build resilient businesses that can adapt to the current challenges, including climate change. I want to encourage all of you to take this initiative very seriously as your success will encourage UNDP and partners to continue to invest or end the support. For the businesses that were not successful, we still see great potential in you, and it is our fervent hope that you will continue to strive. Think outside the box and strive to make your business grow.

Finally, I want to reiterate UNDP's ongoing support for Liberia’s development goals and our belief that MSMEs represent the key to achieving Liberia’s transformational growth. I am equally excited about the innovative ideas that will be presented during the competition here today and hope that this will trigger more enthusiasm from all of our partners, including the Ministry of Commerce and Industry, development partners, and other stakeholders in releasing or stepping up financial support to the Growth Accelerator Programme.

I wish everyone a fruitful and enjoyable event. 

Thank you!