- Fifteen Agritech businesses in Ghana will receive a total of GH¢1 million through Fidelity Bank’s GreenTech Innovation Challenge to boost agricultural production and market access.
- The selected businesses were among 33 youth-led entrepreneurs who participated in a boot camp focused on growth, scalability, and sustainability, with additional technical support provided.
- The initiative aims to enhance Ghana’s agricultural value chain, improve food sufficiency, and support the growth of innovative agritech solutions.
Fifteen Agritech Businesses to Benefit from GH¢1m Fidelity Bank Grant
Fidelity Bank has announced the allocation of GH¢1 million in grants to 15 technology-driven businesses focused on enhancing Ghana’s agricultural value chain. This initiative aims to boost production from planting to processing, ensuring market access, food sufficiency, and security.
The selected Agritech businesses were among 33 youth-led entrepreneurs who participated in a boot camp designed to teach growth, scalability, and sustainability practices. The boot camp culminated in a pitch competition to determine the grant recipients.
Through the GreenTech Innovation Challenge, Fidelity Bank will distribute GH¢60,000 each to ten ideation-stage Agritech businesses, GH¢100,000 to four scale-ups, and GH¢200,000 to one commercial business to support their operations.
Nana Yaa Afriyie Ofori-Koree, Head of Partnerships and Sustainability at Fidelity Bank emphasised that the initiative is aimed at stimulating sustainable growth in Ghana’s economy. “As a bank, we are focused on providing solutions to national challenges, and we recognise that the agricultural sector requires stimulation and support,” she stated.
In addition to financial and mentoring support, the bank has developed a specific programme for the agricultural sector to ensure the provision of value-chain solutions that drive economic growth. Ofori-Koree noted that beyond the GreenTech Innovation Challenge, Fidelity Bank will continue to offer technical support to all 33 agritech entrepreneurs who participated in the boot camp.
Kwabena Boateng, Divisional Director of Corporate and Institutional Banking at Fidelity Bank, expressed optimism that the initiative would help agribusinesses scale up operations and provide tailored solutions to support farmers and other players in the agricultural value chain. He emphasised the importance of self-sufficiency in food production and the role of agribusinesses in achieving this goal.
Nelson Amo, Executive Director of Innohub, highlighted the importance of technical and financial assistance in enhancing agricultural mechanisation and boosting productivity. He noted that agritech innovators play a crucial role in improving efficiency in farming and post-harvest management.
Ghana’s agritech sector is in its early stages, with significant potential for innovation in areas such as data collection, pest and disease control, and food processing. Amo urged the government and development partners to expand support for agritech initiatives at the national level to provide comprehensive value-chain solutions for food security.
Roselyn Dankyi Ntim, a young Agritechinnovator, called for increased support for Ghanaian ideas to drive growth and development. She identified fundraising, concept selling, and technology adoption as key challenges faced by young entrepreneurs. Ntim’s team has developed a mechanical machine capable of drying up to 500 kilogrammes of maize, offering a more efficient alternative to sun drying.
She encouraged Fidelity Bank and other financial institutions to implement innovative financing programmes to help commercialise agritech solutions and urged the government to create a conducive environment for the growth of the sector.
Launched in July 2024, Fidelity Bank’s GreenTech Innovation Challenge seeks to inspire innovative ideas for improving Ghana’s agricultural system, ensuring resilience and efficiency, and attracting young entrepreneurs to the sector.
