Mad. Regina addressing dignitaries at the WIDU.africa awards in Accra
As part of efforts to enhance access to financial assistance for businesses across the African continent, WIDU.africa, an initiative of the German Federal Ministry for Economic Cooperation and Development (BMZ), implemented by GIZ has supported some 950 businesses to scale up their operations with financial capital.
The financial support was accompanied by tailored-made business coaching which has directly created and secured around 2,100 jobs of which 50 percent are for women.
Speaking at the WIDU.africa Ghana awards in Accra, Country Director, GIZ Ghana Regina Bauerochse Barbosa reaffirmed WIDU’s commitment to supporting initiatives that contribute to a prosperous, inclusive, and environmentally sustainable future for Ghana.
She said WIDU, Africa was initiated by members of the African Diaspora of Germany in close cooperation with the GIZ, adding, “WIDU has become the shining example of how the vision and commitment of the Diaspora can bring about transformative change be it in the agriculture sector, catering industry, among others in the most diverse areas through financial grants and personal coaching.”
Mad. Regina further revealed that $4.5 billion is remitted annually which is about 6 percent of the gross domestic product. However, a large portion of these remittances are used for consumption rather than investment in sustainable businesses.
“This initiative uses Diaspora remittances to support small and microfinance as they are the largest source of foreign exchange. This provides crucial support to Ghana, creating jobs, and promoting economic growth” she added.
The German Ambassador to Ghana, H.E Daniel Krull underscored the importance of collaboration between development cooperation and the diaspora community. This is important for fostering entrepreneurship, job creation, and sustainable economic growth.
“The Widu.africa project initiated by German Cooperation serves as the platform to strengthen the connection and cooperation between Europe and Africa. Let us acknowledge and express our gratitude to the Ghanaian Diaspora and the entrepreneurs. We recognize the contribution of remittances to sustainable economic development and supporting small businesses, he said.
WIDU Ghana awarded some 15 entrepreneurs in five categories, Agribusiness, Young entrepreneur, Sustainability, Tech, and Female entrepreneur award. In each category, three winners were awarded in an amount of GH¢5,000, GH¢10,000, and GH¢15,000,000 respectively.
Chief Executive Officer, of Ghana Enterprises Agency, Mrs. Kosi Yankey-Ayeh indicated that the hope and success of the country rest on the shoulders of entrepreneurs hence the government through the agency has trained many entrepreneurs who today are beneficiaries of the WIDU.africa grants to help them expand their businesses.
“The GEA is the apex body that brings hope to entrepreneurs in the country as the majority of the people we train are beneficiaries of grants from WIDU. We are also proud to have coached 5,85 businesses out of the 950 who have benefitted from WIDU,” she added.
BY Prince Fiifi Yorke