Accra, Dec. 22, GNA – The Mastercard Foundation has teamed up with PYXERA Global and a consortium of enterprise development rganizations to build the capacity and support the growth of 10,000 micro, small and medium scale enterprises’ (MSMEs) owned and run by women and young people in Ghana.
The two-year program seeks to drive growth in the Ghanaian economy by strengthening the MSME network and building the capacity of individual MSMEs located in peri-urban communities in Ghana to withstand the shocks of the Covid-19 pandemic, to scale up and expand employment to women and young people in the country.
The program consists of three main components. Namely:
1. Advisory services – the consortium will advise, counsel, mentor and train MSMEs to assist in their recovery and build their resiliency during and post Covid-19.
2. Digital access – by enabling MSMEs to utilize digital platforms to access professional services, market information, toolkits, peer-to-per learning and access to market. MSMEs will also be supported to digitize their operations.
3. Tailored business development services – by offering bespoke sector-specific business development services to women owned and led businesses to enable them scale up and thrive.
The program will focus primarily on women owned businesses, youth-led businesses, and sectors where women work, such as light manufacturing, wholesale and retail, agriculture and fisheries value chains, renewable energy and water, sanitation and hygiene (WASH), extractive, garment, hospitality and merchandizing.
The consortium, led by PYXERA Global, includes MDF West Africa, ScaleUp Africa, JA Venture Capital, and Global Mamas. Collectively, they will leverage their strengths and networks to develop systems that builds the resilience of MSMEs and unlocks growth.
Kofi Koomson, Program Director for the consortium said “The disruptive impact of the pandemic on the operations of MSMEs in Ghana threatens to undo strong progress made in building their capacity over the past decades. By brokering support from multiple partners, we are able to address the urgent needs of MSMEs and ensure they remain in operations for the long term”.
CEO of JA Venture Capital, John Armah stated, “our value addition of assisting MSMEs through financial restructuring, financial modeling, and importantly managing cash flow, liquidity, supply and demand shocks will contribute to building their resilience and enable them rebound
stronger”.
Olivia Asiedu-Ntow, co-founder of ScaleUp Africa added, “we are obsessed with growth and bringing a gender-based approach and expertise to guide the growth of more women-based entrepreneurs in Ghana through unique insights and networks.”
“Under this program, we are happy to work with MSMEs to digitize important parts of their business operations to maintain their ability to work and to minimize the economic consequences resulting from the pandemic”. Added Richard Yeboah, Managing Director of MDF West Africa.
Sustainably growing women owned and led businesses
Alice Darko, CEO of Cirilo Consult, a local enterprise based in Adiembra suburb of Takoradi, Western Region stated that “as a procurement service company, this program would provide my firm and other similar women-owned businesses the opportunity to grow sustainably.
In these trying times, understanding digitization and how it can support the operations and overall efficiency of businesses will make a big difference”.
The partnership is part of the Mastercard Foundation’s Covid-19 Recovery and Resilience
program in Ghana.
Commenting on the program, Nathalie Akon Gabala, Mastercard Foundation’s Regional Head for Western, Central and Northern Africa said “women owned, and managed businesses constitute the majority of MSMEs in Ghana. Building their capacity and enabling them to digitize safeguards their operations and positions them appropriately to lead the economic recovery process in the country”.
About PYXERA Global
For 30 years, PYXERA Global has facilitated mutually beneficial partnerships between the private, private, and social sectors worldwide to drive social impact that enriches lives and livelihoods, inclusively, equitably, and sustainably. Our Enterprise and Community Development team works with entrepreneurs and enterprises of all sizes and industries to accelerate business growth, human capital, and community development.
For more information on PYXERA Global, please visit: www.pyxeraglobal.org
About Mastercard Foundation
The Mastercard Foundation works with visionary organizations to enable young people in Africa and in Indigenous communities in Canada to access dignified and fulfilling work. It is one of the largest, private foundations in the world with a mission to advance learning and promote financial inclusion to create an inclusive and equitable world.
The Foundation was created by Mastercard in 2006 as an independent organization with its own Board of Directors and management.
For more information on the Foundation, please visit: www.mastercardfdn.org
About the Mastercard Foundation COVID-19 Recovery and Resilience Program
The Mastercard Foundation COVID-19 Recovery and Resilience Program has two main goals.
First, to deliver emergency support for health workers, first responders, and students. Second, to strengthen the diverse institutions that are the first line of defense against the social and economic aftermath of this disease.
These include universities, financial services providers,businesses, technology start-ups, incubators, government agencies, youth organizations, and
non-governmental organizations.
Media contacts:
PYXERA Global
Kofi Koomson
Program Director
Email: [email protected]
Mastercard Foundation
Kweku Ahiagble
Country Lead, Program Communications
Email: [email protected]
GNA