Ghanaian Entrepreneur Flourishes Through Mastercard Foundation Initiative
Yvonne Nuoriyee, the founder of Edible Treats, a burgeoning Ghanaian business, credits the Mastercard Foundation's BRIDGE-in Agriculture initiative with transforming her entrepreneurial journey. Speaking on International Youth Day, Nuoriyee shared how the program provided the crucial support needed to propel her business to new heights.
"About a year ago, when I joined the ‘BRIDGE-in Agriculture’ program, my startup business was struggling with just three flavors of chocolate products," Nuoriyee explained. "The initiative came in at the right time to push me to the next level. Today, the brand has 10 different flavors of chocolate products."
The Building Resilience and Investing in the Development and Growth of Entrepreneurs in Agriculture (BRIDGE-In-Agriculture) initiative is a five-year project by the Mastercard Foundation focused on providing affordable capital and technical support to Small and Medium Enterprises (SMEs) in Ghana's agricultural sector and related industries. The program specifically targets young people and women, equipping them with the skills necessary for dignified and fulfilling work.
Gaining Essential Business Skills
Nuoriyee, a participant in the capacity-building initiative, highlighted the key lessons she learned during the training, which included bookkeeping, financial management, environmental, social, and governance (ESG) sustainability, and customer care.
The impact of the training was immediately apparent. Nuoriyee cited sustainability as a prime example. "Hitherto, the lights were always on in the production center even when work was over. However, the training enlightened her to manage power and water efficiently, which helped cut down the cost of production." This newfound awareness of resource management translated directly into cost savings for her business.
Furthermore, the training equipped her with essential financial management skills. "Now I can keep proper records financially. I can tell how many sales I have made, and determine the pricing to make a profit, as well as how to cut down costs to be efficient and competitive," she stated.
Ongoing Coaching and Mentorship
The support extended beyond the initial six-month program. The Mastercard Foundation ensured that participants received ongoing coaching and mentorship to guide them in implementing their newly acquired knowledge.
"We were assigned coaches who helped us throughout the training and even after," Nuoriyee explained. "I did my training with African Skills Hub (ASH), and they had in-house coaches and other industry resource persons who are always available to help us grow our business and provide ideas whenever we are stuck." This continuous support system proved invaluable in navigating the challenges of running a growing business.
Securing Funding for Expansion
The BRIDGE-in Agriculture program also included a pitch competition, providing participants with the opportunity to secure grants by presenting their business models to a panel of judges.
Edible Treats emerged as the first runner-up in the competition and received funding to invest in the business and scale up production. "When I was done, as part of the same program, I applied for a pitch competition organized by the Foundation, and I got funding to scale up," Nuoriyee said. "It helped me to add more variety to what I was doing because I started with just three flavors, and that support enabled me to expand to 10."
Enhanced Market Access and Visibility
The initiative proved transformative in several ways, including improved market access and increased visibility for participating businesses. The Mastercard Foundation actively engages with program participants, inviting them to participate in exhibition programs and featuring their businesses on its website and social media platforms.
"I will say that the Foundation has been welcoming, considering us as family, and didn’t just leave us after the support, but has been handholding us throughout the journey," Nuoriyee said.
The exposure on the Foundation's platforms gave credibility to their businesses and attracted the attention of potential customers who had never heard of their brands.
A Ripple Effect of Empowerment
Yvonne Nuoriyee's business, which includes her Enumde chocolate brand, focuses on adding value to local foods and supports female smallholder farmers. She has also trained over 150 women in vocational skills to promote economic independence.
Nuoriyee emphasized that the Mastercard Foundation program has had a positive ripple effect, benefiting not only her business but also the women she supports in the value chain.
Future Export Ambitions
One of the significant benefits of the BRIDGE-In-Agriculture program was the assistance provided with business registration and certification. Resource persons guided Nuoriyee through the process of registering her business and obtaining Food and Drugs Board (FDA) certification.
With these crucial certifications in place, Nuoriyee aims to expand further, seeking additional funding to venture into the export market. The BRIDGE-in Agriculture initiative has provided her with the foundation and the confidence to pursue her ambitious goals.
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