Ghana Development Marketplace - Ghana

Source: World Bank

On July 13, 2004, The IMF and the World Bank agreed that Ghana had taken the necessary steps to reach its completion point under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative.

Ghana Development Marketplace (GDM) seeks to tap innovative energies across Ghanaian society to boost local enterprise and create jobs. The World Bank Group, in collaboration with other partners, is sponsoring GDM to recognize and fund social entrepreneurs with ideas that reduce poverty. Since 1998 the Development Marketplace has awarded more than $25 million to over 500 groundbreaking projects through global competitions and country-level development marketplaces. Ghana is one of ten Development Marketplaces to be held in 2005. 

All project ideas submitted will be screened and reduced to fifty finalists. The finalists will then be given capacity building assistance to fine tune their project proposals and develop business plans for competitive exhibition at the main event, where a jury will select twenty winning projects for awards.A target minimum of 4.5 billion in grant funds will be raised and shared by winners in prize awards. The twenty winners will be awarded grants ranging between 50 million and 300 million.

The main event will be held in May 2005 at the Accra International Conference Center and will include:

• Innovation Competition: Participants from across the country -  individuals, small and medium enterprises (SMEs), civil society organizations (CSOs), and others - will propose and showcase project ideas for reducing poverty and advancing development in order to win start-up financing.
• Knowledge Forum: Business leaders and experts will share experiences in best practices and enriching participants' knowledge on good SME management. 

Drawing on national development priorities, project ideas for the innovation competition must add value and focus on selected strategic areas. These include:

• Agri-business  
• Agro-forestry 
• Arts and craft
• Education
• Health
• Information communication technology (ICT)
• Small-scale mineral processing (e.g., jewelry)
• Tourism
• Waste management

Applicants are expected to be:

• Ghanaian small and medium enterprises (SMEs), CSOs, or individuals  
• Profit-making start-up or established ventures  
• Willing to register the business venture upon winning the award (if not already registered)
• Willing to establish a relationship with a bank upon winning the award (if not already established)

Proposals will be assessed according to the following criteria: 

• Entrepreneurship  
• Innovation  
• Job creation 
• Realism and results
• Sustainability
• Value for money. 

Individuals, SMEs, civil society organizations, and others with a valuable product or service idea can apply. They should be able to justify the selected themes and demonstrate capacity to develop the idea into a viable business venture.

There are three ways to contribute:

1. Cash contributions: Donors may choose either of two options for contributions: 
   1. Donor transfers funds to WB account, with grant agreements being signed between WB and winning proponents; or
   2. Donor disburses the funds and signs grant agreements directly with winning proponents.  

Both options must go through the pre-screening and selection process. Donors may participate in this process through the assessment process or as part of the final jury panel.

2. Special awards: Sponsors or donors may give special awards during the competition. These awards, to be given in conjunction with the competition grant awards, may represent themes of special interest to the partner or donor. Using their own selection criteria, sponsors may commit to funding one or more of the finalists projects and do the implementation monitoring themselves. Some sponsors may wish to select their own criteria, but have the independent jury decide which projects they sponsor. They would still be responsible for disbursements and any monitoring and evaluation.
3. Contributions in kind/services: Donors, sponsors, or partners may give contributions in kind that can help reduce operations costs of the competition event. For instance:
   • Partners/donors can help disseminate information about the competition and identify potential applicants; donors can help applicants prepare for the competition or provide referrals to a suitable organization that could partner with a less experienced applicant. 
   • A major sponsor might provide hotel accommodations for competition finalists or jurors and/or cover their travel fare. 
   • Donors or partners can provide assistance in the screening and vetting of proposals.
   • Donors or partners can sponsor participants in the knowledge-exchange event.

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