Ghana hosts first Inclusive Business Forum in Accra

Ghana launched its first Inclusive Business and Inclusive Green Business (IB/IGB) Forum in Accra, bringing together key stakeholders to promote sustainable business practices.

The event, organized by GIZ, the Association of Ghana Industries (AGI), and the Ghana Enterprises Agency (GEA), showcased findings from a comprehensive study that identified 15 companies meeting inclusive and green business criteria out of 300 screened businesses.

These companies currently reach over 1.8 million low-income individuals across Ghana.

"This initiative is not just about identifying innovative business models but about creating a sustainable framework that empowers communities, enhances livelihoods, and protects the environment," said Dr. Dirk Assmann, GIZ Ghana Country Director, during the forum.

The initiative introduced a Risk Reduction and Social Innovation Fund to improve financing access for sustainable businesses and launched a coaching program that has already assisted 35 companies in scaling inclusive business practices.

The study projects that women-led businesses will represent 40% of IB/IGB initiatives by 2026. Over 200 stakeholders, including government agencies, impact investors, and business associations, contributed to the study's development.

The forum marked the beginning of a three-part seminar series aimed at helping companies implement inclusive and green business models. GIZ, GEA, and AGI will continue supporting businesses in adopting sustainable practices as part of Ghana's broader economic development strategy.

The initiative was funded by the German Cooperation through GIZ's Support to the Private and Financial Sector Programme.

Collaborative initiative

Dr Assmann said the forum was designed to foster a collaborative initiative that is driven by the private sector, supported by government efforts, and implemented by multiple stakeholders.

He said the goal was to promote Inclusive businesses and inclusive green businesses that not only thrive economically but also uplift low-income families.

“These companies exemplify how business can be a force for good, generating profits while simultaneously enhancing environmental sustainability and improving the quality of life for individuals in need.

“In essence, IB/IGB embodies the principle of "doing well by doing good," directly impacting the poorest 40 per cent of the population, often referred to as the Bottom of the Pyramid (BoP),” he stated.

With a presence in over 120 countries, including Ghana, he said GIZ was committed to sustainable economic development and inclusive growth.

“Our Support to Private and Financial Sector Programme actively collaborates with local businesses to enhance their employment potential while promoting environmentally sustainable and socially responsible practices,” he said.

Greater attention

For his part, the Chief Director at the Ministry of Trade and Industry, Patrick Yaw Nimo, said the importance of inclusive business had increased worldwide, noting that the international community was focusing greater attention on green and inclusive business models because of their relevance for solving social and environmental solutions.

He said promoting inclusive business and inclusive green businesses aligns with the guiding principles of Ghana’s MSME policy which promotes equity in terms of opportunities for gender, with a strong focus on women, the youth, vulnerable and disadvantaged persons. 

He said the event represents many things for the ministry as it offers the opportunity to get a better understanding of Inclusive Businesses (IB) and Inclusive Green Businesses (IGB); a reason to pause and take stock of policies and programmes; a cause to promote evidence-based analysis to identify barriers experienced by MSMEs to guide policy making, and most importantly an informal networking session which is expected to give rise to valuable ideas and strategic partnerships.

“The MSME sector is the backbone of our economy, but it faces numerous challenges that hinder its growth. 

“The National MSME and Entrepreneurship Policy aims to address these constraints by strengthening institutions, fostering collaborations, and promoting entrepreneurship initiatives, particularly for women and youth,” he stated.

Given the current trend within the MSME sector, he said the Ministry would continue to collaborate with development partners to create a more favorable environment for inclusive businesses.

He said this would include improving regulations and creating incentives that encourage these businesses to thrive.