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Twenty seven (27) Ghanaians have been selected as part of the 10th cohort of the Tony Elumelu Foundation Entrepreneurship program. About 17,884 applications were submitted from over 50 business sectors, ranging from farming to technology, out of which 2,115 were selected. Only 35 percent of the 10th cohort were female while the remaining 65 percent were male, with 53 percent originating from Nigeria, 10 percent from Benin Republic and 37 percent from the rest of Africa.
The 2024 cohort makes up a total of 20,000 young African entrepreneurs who have received funding, mentoring, and capacity-building support from the foundation in the past 10 years. The TEF has also disbursed about US$100,000,000 directly to young African entrepreneurs, who have created over 40,000 direct and indirect jobs, contributing to Africa’s economic growth and development.
Speaking to attendees at the ceremony, the founder of the TEF, Tony O. Elumelu , said that each person would receive a non-refundable seed capital of USD 5,000. He emphasized that poverty was a threat, hence the TEF’s advocacy for prioritizing the youth of Africa for success.
"As we mark a decade of impact, I am immensely proud of the incredible journey we have embarked on. Our entrepreneurs represent the driving force behind Africa's economic transformation, and their resilience, determination, and innovation continue to inspire us all. The future of our continent is brighter because of their efforts,” Mr. (Elemelu) noted.
The robust ability of the Foundation to reach entrepreneurs across geographies and sectors has enabled it to conduct innovative partnerships with the European Union (EU), the United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC), the US Government via the United States African Development Foundation (USADF), the Organisation of African, Caribbean and Paci?c States (OACPS), the French Development Agency (AFD), the German Development Finance Institution (DEG), the German Agency for International Cooperation (GIZ), the African Development Bank (AfDB), Sèmè City Development Agency, and Google, with bespoke programs including targeting female empowerment and growth in fragile states. Building on its existing partnership with the Sèmè City Development Agency, the Tony Elumelu Foundation will fund an additional 100 young entrepreneurs from Benin Republic in 2024.
Past beneficiaries of the TEF program from selected countries across Africa shared their success stories and how they had also impacted the lives of others.
The foundation also urged young Africans to apply for the Women Entrepreneurship for Africa (WE4A), a partnership between the European Union, GIZ, and TEF, and the Aguka Entrepreneurship Programme, a partnership between UNDP and TEF in Rwanda, which are both currently open.
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