Monrovia, Liberia – With a population of roughly 5.2 million, half of Liberians live in poverty. The majority of Liberians (85%) rely on informal business ventures, subsistence farming, fishing, and mining for labor and income, with only a small portion of the population holding regular employment. Liberians tend to be very enterprising people.
According to reports, roughly 15% of graduates from postsecondary schools find employment in the formal or informal sectors, while approximately 63% of the population is under 25. The prosperity and expansion of MSMEs and agricultural cooperatives are critical to Liberia’s economic development. Access to financial services, which can support their efforts to grow, invest in technology, and boost productivity, is one of the major obstacles these organizations must overcome.
Seeing this gap, the Growth Accelerator Liberia Alumni & Investment Partners Cross Learning Exchange Event aims to close it by bringing together local banks, MSMEs, and agricultural cooperatives to promote sustainable economic growth.
In order to guarantee that no one is left behind, UNDP is making investments to fully realize the potential of the nation’s informal sector and to harness the entrepreneurial energy of the populace in a number of ways.
The Growth Accelerator Liberia Program is a business and agricultural cooperative accelerator that focuses on creative and effective projects as well as cooperatives in all sectors of the Liberian economy. The programme targets post-revenue businesses and cooperatives to assist them to scale and grow with a combination of Co-financing grant of, 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 done by holding an intense yearly competition for business plan pitching and company development training, with up to US$40,000 in co-financing available for the winners.
In order to promote economic growth and sustainability, the Liberia MSMEs Growth Accelerator Liberia organized 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.
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 made the point that small businesses confront several obstacles, especially when it comes to obtaining the funding required for growth, investing in technology, and increasing productivity.
“The success and growth of Liberia’s Micro, Small, and Medium Enterprises (MSMEs) and Agricultural Cooperatives are vital for our economic development. However, they often struggle to secure the financial services that are crucial for their growth.”
Acknowledging these difficulties, the cross-learning exchange between local financial institutions, agricultural cooperatives, and micro, small, and medium-sized enterprises (MSMEs) is being conducted by the Growth Accelerator Liberia Alumni and Investment partners.
He further highlighted the impact of the United Nations Development Programme (UNDP) on the initiative. “The UNDP has invested at least $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.”
He continued that the program consists of a competitive business plan pitching competition with up to $40,000 in co-financing for the winners, as well as intensive annual business development training.
“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.”
Reported by:Simeon S. Wiakanty
Contact: +231881538878
