Monrovia – The Authorities of Liberia, in partnership with the United Nations Improvement Programme (UNDP), key monetary establishments, and worldwide improvement companions, has formally launched Cohort V of the Liberia Micro, Small, and Medium Enterprises (MSMEs) Development Accelerator Program. This milestone underscores the nation’s unwavering dedication to fostering entrepreneurship, financial diversification, and inclusive development.
By Emmanuel Weedee-Conway
The launch ceremony, held on the Ellen Johnson-Sirleaf Ministerial Complicated in Congo, was a vibrant gathering of presidency officers, non-public sector leaders, improvement companions, and aspiring entrepreneurs. The occasion marked a big step ahead in Liberia’s journey to empower native companies and stimulate sustainable improvement.
Constructing a Affluent Future By Personal Sector Empowerment
The MSMEs Development Accelerator Program has already demonstrated its transformative potential, supporting dozens of Liberian entrepreneurs throughout varied sectors. This newest cohort goals to additional speed up this momentum, with a deal with nurturing progressive concepts, enhancing enterprise capability, and increasing entry to finance.
This system has been co-designed, run, and managed by iCampus Liberia, with Accountability Lab Liberia serving because the fiscal sponsor. It’s carried out in collaboration with a community of esteemed Enterprise Improvement Service Suppliers—together with Enterprise Startup Heart Monrovia, AgroTech Liberia, GrowthAfrica, and the East Africa Market Improvement Associates—who present vital mentorship, coaching, and assist to taking part entrepreneurs.
Through the occasion, the federal government reaffirmed its dedication to creating an enabling surroundings for MSMEs to thrive. Deputy Minister for Commerce and Commerce, Mr. Wilmot A. Reeves, emphasised the important position of the non-public sector in nationwide improvement.
“MSMEs are the spine of Liberia’s financial system,” Deputy Minister Reeves acknowledged. “Supporting them isn’t just an financial crucial however a strategic transfer in the direction of sustainable development and job creation. Our authorities is absolutely dedicated to making sure this program’s success, aligned with our ARREST Agenda for financial transformation.”
He additional highlighted that fostering an surroundings conducive to enterprise development—by ongoing coverage reforms and strategic partnerships—is important to diversify Liberia’s financial system and harness the potential of its youthful inhabitants, over 60% of whom are beneath 25.
Strengthening Partnerships for Affect:
A key spotlight of the launch was the signing and renewal of Memoranda of Understanding (MoUs) with 4 distinguished monetary establishments—Worldwide Financial institution Liberia Restricted (IBLL), United Financial institution for Africa (UBA) Liberia, Bloom Financial institution Africa, and Ecobank Liberia Ltd.—affirming their dedication as strategic funding companions.
Moreover, the programme has acquired important assist from worldwide companions. The European Union Delegation to Liberia and the Swedish Embassy in Monrovia are offering supplementary monetary backing by their respective initiatives—the Group-Primarily based Forest Administration Challenge and the LEH GO GREEN Challenge. These contributions underscore the dedication of Liberia’s improvement companions to fostering sustainable financial development and environmental stewardship.
UNDP Liberia’s Resident Consultant, Aliou Dia, expressed optimism about this system’s potential to ignite change. “Our partnership with Liberia’s entrepreneurs is a testomony to our shared imaginative and prescient for a resilient, self-reliant nation,” Dia mentioned. “Empowering ladies and youth stays central to our efforts, and we’re dedicated to increasing inclusive alternatives—maybe even devoted packages for girls entrepreneurs sooner or later.”
He challenged Liberians to dream massive, inspiring the subsequent technology of entrepreneurs to aspire to international success tales like Dangote or Invoice Gates, emphasizing that “the way forward for Liberia’s financial system depends upon daring, progressive minds.”
From Imaginative and prescient to Actuality: The Affect of the Development Accelerator
Luther D. Jeke, CEO of iCampus Liberia, offered an outline of this system’s milestones, noting that it started with a name for functions in 2021, attracting 168 companies from seven counties. After rigorous vetting, teaching, and mentorship, 5 companies acquired grants of $40,000 every, demonstrating this system’s tangible assist for native entrepreneurs.
The next cohort, launched in 2021 centered on agricultural cooperatives and drew 264 candidates, with 26 companies chosen for assist. As of 2023, the programme has expanded additional, now backed by 4 monetary establishments and extra worldwide companions dedicated to fostering entrepreneurial development.
Mr. Jeke emphasised that the programme’s success displays Liberia’s rising entrepreneurial spirit and the federal government’s strategic deal with inclusive financial improvement.
Personal Sector Leaders Specific Dedication
Mr. Ayokunle Olajubu, Managing Director and CEO of UBA Liberia, reaffirmed his financial institution’s dedication to nurturing Liberia’s entrepreneurial ecosystem. “That is an thrilling chapter for Liberia,” he mentioned. “Our objective just isn’t solely to establish entrepreneurs however to assist them scale past the SME stage, creating significant impacts of their industries and communities.”
Representatives from different accomplice banks and worldwide businesses reiterated their assist and dedication to constructing a resilient, diversified financial system pushed by vibrant native companies.
A Shiny Future for Liberia’s Entrepreneurs
The MSMEs Development Accelerator Program continues to function a beacon of hope and alternative for Liberian entrepreneurs, particularly youth and girls, who’re important drivers of the nation’s future prosperity. With the continued assist of nationwide and worldwide companions—together with the European Union and the Swedish Embassy—this system is poised to speed up Liberia’s journey towards sustainable improvement.
Because the fifth cohort begins, it reaffirms Liberia’s unwavering resolve to harness the facility of the non-public sector for inclusive, resilient development—making a brighter future for all Liberians, one entrepreneurial success story at a time.
To use for the Cohort V of the programme, please go to www.growlib.org.
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