Fidelity Bank, Ghana’s largest privately owned bank, is to award GHS 1 million in grant funding to support innovative solutions addressing critical challenges within the country’s agricultural value chain.
The GreenTech Innovation Challenge (GTIC) 2024 aims to empower Ghanaian businesses and innovators by providing them with the resources they need to launch or scale their GreenTech solutions.
In a media statement copied to the GNA, the Bank said resources had the potential to revolutionise Ghana’s agricultural sector and ensure a more sustainable and productive future.
Julian Opuni, the Managing Director of the Bank, emphasised the Bank’s dedication to supporting the agricultural sector.
“Our commitment to agriculture is not new, and during the 3i Africa Summit in May 2024, we announced the expansion of our Fidelity Young Entrepreneurs Initiative through the introduction of an AgricTech competition. We recognise the immense potential of technological solutions in the agricultural sector, and the GTIC is a significant step forward in nurturing this potential,” he said.
Mr. Opuni also highlighted the importance of engaging Ghana’s youthful population, noting that Africa had a youthful population, with over 60 percent under the age of 25.
He said unfortunately, the agricultural sector often failed to capture the imagination of a young demographic population.
The GTIC, he emphasised, was designed to change that challenge by attracting young, tech-savvy minds and empowering them to develop innovative solutions that would transform Ghana’s agricultural landscape.
Mr. Opuni said his outfit was excited to see the incredible ideas that emerged and become catalysts for progress.
Fidelity Bank’s GreenTech Innovation Challenge underscores its commitment to driving sustainable development and empowering the next generation of agricultural innovators, the statement said.
The statement said that by providing substantial financial support and a platform for growth, the Bank aimed to catalyse the transformation of Ghana’s agricultural sector, making it more resilient, efficient, and attractive to young entrepreneurs.
The GTIC is meticulously structured to empower innovators at three various stages of development, the statement noted.
It said the Ideation Tier is designed for innovators with new, groundbreaking ideas that can tackle specific agricultural challenges.
Participants in this tier will be equipped with the resources and support needed to turn their concepts into actionable solutions, laying the groundwork for impactful GreenTech solutions.
Moving on to the scale-up tier, the statement said that programme targeted businesses with established green technology solutions that had already demonstrated success.
The statement said the commercialisation tier caters to established businesses with market-ready GreenTech products seeking to amplify their reach.
By Jibril Abdul Mumuni
GNA
