New Initiative Launched to Boost Ghanaian Entrepreneurs with Financing and Business Support
A groundbreaking program designed to provide affordable financing and tailored business support to entrepreneurs in Ghana has been introduced. Named the Follow-On Finance Initiative, this program aims to equip growth-oriented businesses with the necessary resources to expand, generate employment, and create income opportunities. It builds on the successes of the WIDU.africa project.
The initiative is a collaborative effort between Advans Ghana Savings and Loans Ltd. and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, with financial backing from the German Federal Ministry for Economic Cooperation and Development (BMZ).
WIDU.africa: Empowering African Entrepreneurs Since 2019
Launched in 2019, WIDU.africa has been a vital platform for supporting over 6,000 micro and small businesses across Africa. It leverages diaspora remittances, pairing them with coaching and funding to spur economic growth and job creation. In Ghana alone, WIDU has played a key role in creating and sustaining nearly 3,000 jobs.
Advans Ghana: A Catalyst for Financial Inclusion and Growth
Advans Ghana has built a solid reputation for empowering Ghanaian entrepreneurs through innovative financial solutions tailored to the needs of small businesses. Its focus on fostering financial inclusion and sustainable growth has made it a trusted partner for businesses aiming to scale their operations. As a core partner of the Follow-On Finance Initiative, Advans Ghana brings valuable expertise in supporting micro, small, and medium enterprises (MSMEs).
About the Follow-On Finance Initiative
The Follow-On Finance Initiative is designed to bridge the gap between grant-based support and structured financial solutions for entrepreneurs ready to grow their businesses. This pilot program, set to begin this month, will involve approximately 90 entrepreneurs, providing them with customized loan products and ongoing coaching to maximize their chances of success.
Key Features
Affordable Loans: Entrepreneurs will access working capital and investment loans with favorable terms to support their growth and sustainability.
Business Coaching: Coaches from WIDU will offer personalized guidance throughout the process, ensuring proper fund utilization and long-term business success.
Impact Monitoring: The program will include regular follow-ups to assess how loans are being used and to measure the initiative’s impact on job creation and income growth.
Pilot Phase and Future Plans
The pilot phase will serve as a test bed for refining the initiative. Insights gained will shape a broader rollout to reach more entrepreneurs across Ghana. This phased approach ensures the program remains impactful and responsive to the evolving needs of the business community.
Participation Details
Eligible entrepreneurs who are part of the WIDU network will be contacted by their assigned coaches to begin the application process. For more information, inquiries can be directed to [ghana@WIDU.africa].
The Follow-On Finance Initiative represents a significant advancement in supporting Ghana’s entrepreneurial ecosystem. By combining the expertise of development partners and financial institutions, the program aims to drive sustainable business growth, reduce unemployment, and foster long-term economic development in Ghana.
Source: TheDotNews