The Kofi Annan Enterprise Hub for Agricultural Innovation (KAEHAI) at the West Africa Centre for Crop Improvement (WACCI), University of Ghana (UG), organized an Agricultural Entrepreneurship Ecosystem Stakeholder Engagement Workshop, as part of the launch of the KAEHAI – KGL Foundation Entrepreneurship and Incubator Programme. The workshop was preceded by the Programme Launch on March 13, 2023 at WACCI and was meant to bring together experts and stakeholders to discuss the challenges and opportunities in the field of entrepreneurship, and to identify ways in which they can all work together to support the growth of the agricultural entrepreneurship ecosystem in Ghana.
In attendance were Professor Irene S. Egyir, Dean, School of Agriculture; Professor Marian Quain, Deputy Director-General, Council for Scientific and Industrial Research (CSIR); faculty from University of Ghana (UG) and officials from the National Entrepreneurship and Innovation Programme, Ghana Enterprises Agency, the Chamber of Agribusiness, Ghana, Agricultural Development Bank, Prudential Bank and Ecobank Ghana.
In delivering the opening remarks and the purpose of the workshop, Prof. Egyir welcomed the workshop participants and added that there is an urgent need to bring several actors on board to create physical and social structures which can support individuals and organizations venturing into agriculture.
Professor Irene S. Egyir, Dean, School of Agriculture
The workshop had two working sessions. The first session explored the topic “Building & Strengthening of the Agricultural Entrepreneurship Ecosystem in Ghana”. Panellists for this session were Prof. Marian Quain, Deputy Director-General, CSIR; Prof. Irene S. Egyir, Dean, School of Agriculture, UG; Mr. David Antwi Ofori, Director of Innovations, National Entrepreneurship and Innovation Programme, and Mr. Abdul Latif Mohammed, Ghana Enterprises Agency.
The panel pointed out that agricultural entrepreneurs currently face several obstacles that impede agricultural innovation and development. Among these challenges are deficient infrastructure, restricted access to land, insufficient agricultural policies, and inadequate financing. Prof. Egyir also added that access to labour is now expensive since the Ghanaian workforce is gradually becoming more educated. Consequently, young people have to bear high labour costs which could restrict implementing any innovative agricultural ideas they may have. To address these challenges, the panellists suggested that financial institutions could consider making funds more accessible to individuals who are poised to go into any farming adventure. They also proposed widespread adoption of insurance policies to shield these entrepreneurs from imminent losses which might deter them from putting in their best work.
Panellists: Mr. David Antwi Ofori, Director of Innovations, National Entrepreneurship and Innovation Programme Prof. Marian Quain, Deputy Director-General, CSIR; Prof. Irene S. Egyir, Dean, School of Agriculture, UG, and Mr. Abdul Latif Mohammed, Ghana Enterprises Agency. Moderator: Mrs. Jereme Keren Agyemang, Programme Manager, KAEHAI, WACCI
When the panel was queried about the involvement of the government, private sector, and public organizations in promoting the advancement of agricultural entrepreneurship in Ghana, Prof. Quain, speaking on behalf of CSIR, highlighted their innovative collaborations with farmers and private agricultural ventures to foster agricultural development. In contrast, other panellists expressed divergent opinions, advocating that the private sector bear the sole responsibility of providing necessary support, with the government taking the lead in regulating and intervening in policies.
The second session explored the topic “Financing the Agricultural Entrepreneurship Ecosystem in Ghana”. Panellists for this session were Mr. Kofi Arko, Head of Agribusiness, Agricultural Development Bank, Ms. Florence Addo-Quaye, Head, Retail Banking Department - Prudential Bank Limited, Mr. Fred Attakorah, Ecobank Ghana Limited and Dr. Daniel Dzidzienyo, Coordinator of Research (Anglophone Africa), WACCI. When panellists were first presented with the question of the key challenges agricultural entrepreneurs face when accessing financing to support their businesses, they unanimously agreed that the major setback for agricultural entrepreneurs in accessing finance is the high-risk nature of Ghanaian agriculture. This drawback makes the industry quite unattractive to most financial institutions, making them unwilling to loan out substantive amounts to support agricultural start-ups. They however advised the trainees to opt for support from family members and friends as they start their businesses and encouraged them to keep proper financial records and build up their accounts. According to them, approaching banks for loans during the early stage of starting a business will inadvertently lead to insurmountable debts and render them unable to acquire more finances from other financial institutions in the future.
Lastly, there was the question on the current sources of financing available for start-ups and how they can be accessed. Panellists identified Ghana Incentive-Based Risk Sharing System (GIRSAL) and Ghana Enterprises Agency (GEA) as potential supports for start-ups as they provide monetary and advisory support to grow agricultural-related businesses.
Prof. Egyir, in her closing remarks, stressed on the importance of maintaining integrity and building networks and connections which will generate some form of social or financial support for any budding agripreneur. She encouraged the trainees present to constantly venture into innovative ideas they can readily showcase and benefit from directly.