The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) has partnered the National Board for Small Scale Industries (NBSSI) to improve the employment and income situation in Africa.
The total sum of the WIDU programme is €13 million. This project will be rolled out on a nine-month orientation phase with Ghana and Cameroon as pilot countries.
A press release on January 27 in Accra by the two institutions stated that the overarching goal was to support micro and small enterprises, entrepreneurship and job creation, by providing them with improved access to finance through the topping-up of migrants’ transfer of funds and capacity- building of entrepreneurial skills.
According to World Bank estimates, members of the Africa Diaspora in Germany transfer €1.2 billion annually to their countries of origin to support family and friends.
This clearly indicates the great potential for economic development of which African countries can explore. However, the remittances are rarely used for any entrepreneurial investments.
In an attempt to harness the entrepreneurial opportunities amongst families of the African Diaspora, an online platform “WIDU” was created. WIDU, which is a digital framework, is used to facilitate, track and subsidize small private business investments in Africa.
“The objective of WIDU is to create new jobs, increase income and better economic perspective for Ghana.
“This resonates with the government’s Ghana Beyond Aid Agenda focused on job and wealth creation,” the Executive Director of NBSSI, Mrs Kosi Yankey-Ayeh, said.
The Project is the maiden initiative that enables members of the Africa Diaspora to invest their money into start-ups and small businesses in Africa, supported and subsidized by the German government.
In addition to financial support from the Diaspora, NBSSI will provide coaching and mentoring to sponsored entrepreneurs.
The National Board for Small Scale Industries (NBSSI) is an agency under the Ministry of Trade and Industry (MOTI). It is mandated to strengthen and grow Micro, Small and Medium Enterprises (MSMEs) across Ghana.
NBSSI has 16 Regional Offices and 178 District Offices known as the Business Advisory Centres/Business Resource Centres.