NEIP supports young entrepreneurs
By Daniel NONOR, Accra
TEN finalists have emerged winners of the fifth Presidential Pitch programme and have been awarded various sums of money to start their entrepreneurial journey and to become global giants.
The final Pitch held in Accra, last Friday before President Nana Addo Dankwa Akufo Addo highlighted this year’s event of the National Entrepreneurship and Innovation Programme in empowering young entrepreneurs to transform their innovative ideas into viable businesses.
The competition culminated in a total prize package of GHC 3 million being awarded to the top 30 finalists.
Naamgwinaa Samuel of Smart Switch emerged as the overall winner, receiving the prestigious Dr. John Kumah Prize for Entrepreneurship and Innovation, valued at GHC 250,000 plus an additional GHC 50,000 from President Nana Addo Dankwa Akufo-Addo,
Boadu Torkornoor Wisdom secured the second position, earning a prize package of GHC 150,000, while Bismark Osei of Decor Plus took third place, receiving GHC 140,000.
In fourth place, Amanda Aninagyei of Smart Watch was awarded GHC 130,000, and Onyx Terchi-Duku of OGames Studio came in fifth, earning GHC 110,000.
Nyarko Billton of Oasal Limited secured the sixth position with GHC 80,000, while Ziblim Abdul-Rahim of Hullsnovation and Isaac Brenya, along with Foster Osei of Ecovon, also received GHC 80,000 each for their outstanding entrepreneurial efforts.
Georgina Boamah of Verte Tower and Caleb Lomo of GreenHeart SE emerged 9th and 10th respectively with each receiving a cash prize GHC 80,000
In his keynote address, President Nana Addo Dankwa Akufo-Addo emphasized the transformative impact of youth entrepreneurship on the nation’s economy.
According to the President, the tireless efforts of the NEIP team have unveiled the extraordinary possibilities that youth entrepreneurship holds for the nation. Over the past four seasons of the Presidential Pitch competition, he said, he has witnessed firsthand the remarkable talent, resilience, and indomitable spirit of Ghana’s youth.
The President took a moment to honor past contestants, citing their journeys as testaments to the power of entrepreneurship.
He shared the inspiring stories of previous winners, including Lima Mbia, a 19-year-old high school graduate who turned her mother’s kitchen experiment into a successful health cereal brand, and Kilian Mountong and Nicholas Sefah, co-founders who built a software company dedicated to creating interactive learning experiences. These stories, he noted, embody the entrepreneurial spirit that the NEIP seeks to cultivate among the youth of Ghana.
President Akufo-Addo also noted the broader impact of the NEIP, which has supported over 15,000 startups, trained 250,000 young entrepreneurs, and created more than 100,000 jobs since its inception. He stressed that entrepreneurship is not just about business but about “seeing opportunities where others see obstacles” and turning “challenges into triumphs.”
He further emphasized that the NEIP’s initiatives have contributed significantly to the nation’s economic growth by enabling young entrepreneurs to develop innovative solutions to real-world problems.
The president revealed the establishment of the John Kumah Week of Entrepreneurs, to be held annually in honour of the late John Kumah, former CEO of NEIP.
Starting next year, the week preceding the Presidential Pitch will be dedicated to celebrating the legacy of Dr. Kumah, with the first-place award for the winner of the Presidential Pitch being named the Dr. John Kumah Prize for Entrepreneurship and Innovation.
Kofi Ofosu Nkansah, CEO of NEIP, on his part underscored the significance of the Presidential Pitch in empowering young entrepreneurs. He highlighted the theme of this year’s competition,
“Youth Entrepreneurship: Power and Possibilities,” emphasizing the various interventions NEIP has introduced to support young entrepreneurs, including the Presidential Business Support Program and the Acceleration Grant Program.
According to him, the SME and entrepreneurship sector, driven by the energy, creativity, and sheer determination of young individuals, is crucial to creating jobs, stimulating innovation, and solving real-world problems.
Mr Nkansah further revealed that NEIP has supported 35,000 businesses since 2017, with approximately 15,000 of them receiving direct funding. These businesses, he noted, have created jobs and contributed significantly to the economy.
He also praised the finalists for their resilience and innovation, encouraging them to learn from the experiences of successful Ghanaian fintech startups like Zeepay and ExpressPay, which have grown into major players in the industry.
In her remarks, Abena Osei Asare, Minister of State at the Ministry of Finance, commended the NEIP and the finalists for their outstanding achievements. She reaffirmed the government’s commitment to creating a conducive environment for SMEs to thrive.
She emphasized that youth entrepreneurship is a national priority and that the Ministry of Finance is committed to providing the necessary frameworks to support sustainable economic growth. She also highlighted the positive economic indicators resulting from the government’s policies, including a decline in inflation to 20.9% and a growth rate of 4.7% in the first quarter of 2024.
She further mentioned the launch of the SME Bullet Opportunity Program, which has mobilized GHS 8.2 billion to support SMEs. This program, she said, is a key initiative to further boost the sector and ensure that young entrepreneurs have access to the resources they need to succeed The program’s success, she noted, will not only enhance the capacity of SMEs but also contribute to job creation and overall economic development.
