The Growth Accelerator Malawi Program has officially introduced 19 new ventures, marking a significant milestone in the country’s pursuit of sustainable development and inclusive growth.
In a keynote address to launch the ventures, Norwegian Ambassador Ingrid Marie Mikelsen reaffirmed the Royal Norwegian Embassy’s commitment to supporting the Growth Accelerator and pointed out the remarkable progress the programme has made since its inception in 2019.
“We believe that the ventures we are supporting today will play a pivotal role in transforming Malawi’s agriculture sector, bringing new ideas and sustainable practices in the face of challenges,” she said.
Ambassador Mikelsen acknowledged the difficult business environment, citing factors such as fuel shortages, foreign exchange issues and high financing costs, but she expressed confidence in the resilience of Malawian entrepreneurs.
She noted that the Growth Accelerator stands as a key instrument to drive economic recovery and transformation, particularly in agriculture, which remains the backbone of Malawi’s economy.
“The Growth Accelerator stands as a key supporting private sector financing instrument amidst these challenges. It serves as a much-needed vehicle for driving economic transformation, especially in a time when Malawi’s private sector needs support more than ever,” she said.
These ventures, spanning sectors such as agriculture, health, transportation and tourism, were celebrated for their innovation and potential to drive economic transformation in Malawi.
The ceremony, attended by key stakeholders and dignitaries, highlighted the importance of empowering young entrepreneurs to overcome Malawi’s economic challenges.
UNDP Resident Representative Fenella Frost congratulated the new cohorts of ventures for their resilience and hard work.
“Today marks a significant milestone in our collective pursuit of sustainable development and inclusive growth,” Frost said, noting the vital role the programme plays in fostering entrepreneurship as a means of achieving the Sustainable Development Goals (SDGs).
The Growth Accelerator Programme, now supporting its seventh and eighth cohorts, continues to provide catalytic funding, mentorship and access to networks for youth-led businesses.
Frost emphasised that the programme is a crucial step in creating jobs, enhancing income opportunities and unlocking Malawi’s economic potential.
Also speaking at the event, KfW Country Director Daniela Bese underscored the importance of youth-led enterprises in building a sustainable future for Malawi.
“We, as KfW on behalf of German Development Cooperation, reinforce our commitment to supporting the young innovators who are redefining what is possible under the Malawian economy,” Bese stated.
She emphasised that the Growth Accelerator programme is not just about funding but also about empowering young entrepreneurs with resources, mentorship, and the networks they need to scale their ideas.
“We look forward to seeing impactful investments such as greening innovations, smart agriculture, or developing new products or services for the Malawian market,” Bese added, congratulating the new ventures for their hard work, creativity, and passion.
The unveiling of these 19 ventures comes at a time when Malawi faces numerous economic challenges, from climate shocks to the lingering effects of the global pandemic.
However, the collaborative efforts of UNDP, the Royal Norwegian Embassy, and KfW have provided a critical lifeline for the private sector, particularly youth-led businesses, which are seen as essential to unlocking long-term economic growth and stability.
With the backing of key development partners, these entrepreneurs are set to drive innovation, create jobs and contribute to the country’s ambitious Malawi 2063 goals.
Pemphero Tamani, whose Farmers Assistants Limited is one of the 19 ventures, called upon other young people to organise themselves and capitalise on opportunities as they arise to set themselves apart.
“We are going to procure additional machinery for the charcoal briquette production line. We produce charcoal briquettes as a sustainable alternative to charcoal and firewood. So this funding will scale up our production capacity to 16,000 metric tonnes per month,” Tamani said.
The Growth Accelerator Malawi is a 12-month business accelerator targeting young, impactful and innovative ventures across Malawi and in all industries.
It targets post-revenue businesses to assist them to scale up and grow with a combination of blended financing (a matching grant of up to US$40,000), mentorship and business development support. As of September 2023, Growth Accelerator had supported up to 79 entrepreneurs across the country through six rounds, namely, Cohort 1, Cohort 2, Covid-19 Special Cohort, Tourism Special Cohort, Cohort 5 and Cohort 6.
