Mastercard Foundation Scholar Alumna, Miss. Emily Otoo-Quayson and Miss. Matilda Asantewaa Sampong, an alumna of the Department of Civil Engineering and a third year Business Administration student respectively from the Kwame Nkrumah University of Science and Technology (KNUST) have received GH¢60,000 as investment package for emerging as winners of the 2nd Edition of Presidential Pitch Competition, 2019.
They also received a GH¢40,000 personal donation from President of the Republic of Ghana, His Excellency Nana Addo Dankwa Akufo-Addo.
The two, who process sanitary pads using banana and plantain fibre, beat nine others who presented their ideas and answered questions before a panel of judges, in the presence of the President, ministers of state and members of the diplomatic corps, at the Presidential Pitch event in Accra on Tuesday, August 6, 2019.
Explaining the module of their business, Floyabana Pads, Emily and Matilda said the main target is the rural woman who cannot afford the mostly imported sanitary pads on the Ghanaian market. They assured that the grants provided to them by government would enable them expand their business.
Presenting cash awards, ranging from GH¢25,000 to GH¢60,000 to the contestants, the President, Nana Akufo-Addo explained that these awards are grants, and not loans, and represent government’s commitment to providing seed capital for some of the nation’s enterprising youth to enable them run successful businesses.
“Entrepreneurship is a vital component of economic growth and has been embraced globally as one of the most important drivers of development. There is now a firm recognition amongst governments and international organisations that the development of entrepreneurial talent is key to addressing the challenges of unemployment, especially youth unemployment,” he said.
Whilst applauding the quality of applications received this year, as well as the ultimate winners, the President, Nana Akufo-Addo assured that all contestants of the competition will receive comprehensive, structured training to help build their business management capabilities, and will be equipped with skills in areas such as finance, marketing, pitching, procurement and risks management to enable them compete in the global market.
“There are also plans to attach the winners of the Presidential Pitch to Ghanaian and international companies to help build their abilities to scale up,” he added.
The Presidential Pitch is a project designed and organised by the Ministry of Business Development to offer young Ghanaian entrepreneurs between the ages of 18 and 35 the opportunity to market their business ideas and get financial assistance to implement those ideas.
The project is in line with the President’s vision to assist young entrepreneurs to nurture their business ideas and improve livelihoods to drive economic growth. Two Hundred competitors participated in the competition.