Godwill Arthur-Mensah/Kodjo Adams, GNA
Accra, Feb. 22, GNA
– Mr Alhassan Hamza Akoligo, a young entrepreneur who established Alkoh Shea
Butter at Gambaga in the North East Region, has won the Season One of the McDan
Entrepreneurship Challenge, taking home the $100,000
coveted prize money.
He beat nine other
finalists to win the prize at the grand finale held at the National Theatre in
Accra on Friday.
Each of the nine
received GH¢25,000.00 from McDan Foundation, established by Dr Daniel Mckorley,
the Founder and Executive Chairman of McDan Group of Companies.
The Ministry of
Business Development also pledged to support the nine others with a total of GH¢300,000.00
to scale up their businesses while the Ghana Investment Promotion Centre (GIPC)
pledged to send the winner and the first runner-up on a VIP business trip
The 10 finalists
pitched their business ideas and plans before a jury and after over three hours
of exhaustive presentations, Akoligo, who is into processing and production of
quality shea butter, using modern technology, emerged the winner.
started about eight months ago, which saw 7,000 applicants nationwide,
comprising young indigenous entrepreneurs, presenting their business models and
hoping to receive financial support from McDan Foundation, the programme
organisers, to expand their businesses.
Mr Akoligo, who was
emotional after receiving the dummy cheque of $100,000, in his acceptance
remarks, expressed profound gratitude to McDan Foundation for recognising his
business model and promised to work harder to make his dream of becoming a
multi-million-dollar entrepreneur materialise.
He paid glowing
tribute to his mother, who initially employed him to assist in her shea butter
processing and selling trade, and promised to support her.
Earlier, Dr Mckorley
pledged to support the next generation of Ghanaian entrepreneurs to grow and
advised them to be determined, resilient and disciplined to accomplish their
vision of becoming multi-million-dollar entrepreneurs.
He noted that bad
attitudes and indiscipline could easily collapse budding businesses since
research had shown that out of 100 small-scale enterprises only 10 succeeded in
becoming multi-million-dollar ones.
”If you give
$100,000 to an idiot it will vanish, but a smart businessman will turn it
entreated young entrepreneurs to be innovative and creative in their dealings
to make headway in life and positively impact on the national economy.
Mr Augustine Blay,
the Executive Secretary at the Office of the Vice President, re-affirmed
Government’s commitment to supporting the youth to grow and expand their
He said government
disbursed 70 million Ghana cedis affordable micro and small loans to young
entrepreneurs, last year, through the Microfinance and Small Loans Centre
(MASLOC) and gave the assurance of creating external markets for their
Dr Ibrahim Mohammed
Awal, the Minister of Business Development, in an address read on his behalf,
said the Ministry was established to create business incubators and sustainable
therefore, to train 15,000 young entrepreneurs this year and provide financial
support to 5,000 of them, he added.
Last year the
Ministry trained 12,000 young entrepreneurs and supported 4,250 with financial
The event attracted
captains of industry, accomplished and young businessmen and women, traditional
rulers and students from second cycle and tertiary institutions.