Malawian Youth Entrepreneurs Thriving Thanks to Business Acceleration Project
Ukhondo Product is among the youth-led enterprises benefiting from the project, receiving support amounting to K2.5 million.
LILONGWE, MALAWI - The Business Acceleration for Youth project, implemented by the Alliance of Bioversity International and the International Centre for Tropical Agriculture (CIAT), is making a significant impact on the entrepreneurial landscape in Malawi, writes Johans Mumba.
Young entrepreneurs like Innocencia Mmodzi from Ukhondo Product are experiencing remarkable growth in their businesses thanks to this initiative.
Mmodzi shared her success story, stating, "Through the project dubbed Business Acceleration for Youth, our detergent business has realised a boom."
She highlighted how the project is aligned with the goal of empowering the youth in Malawi to not only become self-employed but also create employment opportunities for others.
Ukhondo Product is among the youth-led enterprises benefiting from the project, receiving support amounting to K2.5 million.
The Acting Chief Executive Officer for the Small and Medium Enterprise Development Institute (SMEDI), Liberty Neba, emphasized the importance of the project's training components, which have enabled young entrepreneurs to gain a deeper understanding of entrepreneurship and the essentials of conducting business.
Neba noted, "The trained young people are putting much effort into value addition endeavours, resulting in improved product quality and increased sales. This, in turn, allows them to realise substantial profits in their businesses."
SMEDI is pleased to witness the youth and women selected by the project honing their business skills, ultimately contributing to the growth of the private sector and the national economy.
Marjorie Shema, the Principal Secretary in the Ministry of Youth and Sports, commended the project for aligning with the government's vision to make young people and women financially independent and productive.
She expressed hope that the trained young entrepreneurs would create job opportunities for their peers, addressing the issue of high youth unemployment.
Shema also praised the project's sustainability, noting that it extends beyond the project's expiration date.
David Slane, Chief of the Party for the Business Acceleration for Youth project, emphasised the project's focus on enhancing young entrepreneurs' business skills to enable them to manage businesses effectively and develop innovative approaches.
"The project aims to see young entrepreneurs improve their business skills, resulting in enhanced business approaches, financial management, and better market product development," said Slane.
He highlighted the collaboration with local service providers like SMEDI and Mhub to ensure the project's localization.
Pamela Fessenden, the USAID Mission Director, emphasized the U.S. government's investment in youth and women-led small and medium enterprises (SMEs) to contribute to Malawi's economic development.
She revealed plans to work with at least 500 young entrepreneurs, providing larger grants of up to 75,000 US dollars.
The project's core objectives include accelerating and investing in youth-led enterprises to create jobs, improve access to financing, diversify incomes, foster a more inclusive private sector, and enhance household resilience in targeted vulnerable districts.
Presently, the project operates in several districts, including Mangochi, Balaka, Machinga, Zomba, Chiradzulu, Chikwawa, Nsanje, Mulanje, and Thyolo. Plans are underway to expand its reach to additional districts across Malawi.
The project is providing crucial support to small and medium enterprises (SMEs) by delivering tailored technical support, industry-specific expertise, mentorship, and access to finance.