Jacob Avoge, the Chief Executive Officer (CEO) of Grow Africa, has emphasized the significant challenges innovators face in Africa, particularly financial constraints, which remain one of the most pressing hurdles.
In an interview on A1 Radio following his 1,000-liter tank innovation, he detailed the harsh realities of innovation, including the difficulty of accessing funds and the high costs of bringing ideas to fruition. He noted that being an innovator in Africa often forces individuals to make tough choices between advancing their projects or meeting basic needs.
“Being innovative is the most difficult thing. If you joke, you’ll sleep hungry, I’m telling you. Because the little money you have, while you are on a project, you feel like seeing it to a certain level, so you’ll look at it and say, ‘Let me go and buy something and continue it.’ Before you notice it, the money you have to feed yourself is gone. Ask anybody who is into innovation; they’ll tell you,” Mr. Avoge shared.
He also highlighted the lack of a robust support system for local businesses, describing how the African market’s preference for foreign goods hinders the growth of homegrown innovations. “Innovation is very expensive, and in Africa, we are not yet made into art and made-in-Ghana goods. Our high appetite for fake foreign goods is still dragging us down,” he remarked.
Accessing financial resources, particularly loans, remains another major barrier for African entrepreneurs. Mr. Avoge elaborated on the challenges of securing funding, explaining that the process of revisiting and improving prototypes often adds to the financial strain. This, coupled with accumulating loan interest, makes it nearly impossible for many innovators to succeed.
“You take the loan, you create the product, and if it doesn’t go well, you have to redo it until you get it right. The wastage and the interest accumulating at the bank or where you took the loan from—it’s hard to survive. Youth cannot survive on loans when it comes to innovation,” he explained.
Contrasting this with other countries, Mr. Avoge noted that innovators elsewhere often benefit from targeted funding and the opportunity to present prototypes, significantly reducing financial pressure and enabling growth. “In that case, you don’t have a problem. But here, the little money you have, you have to use it,” he said.
He cautioned that without significant changes in financial support systems and a shift in consumer attitudes toward local products, Africa’s potential for innovation and self-sufficiency may remain untapped.
Source: A1 Radio Online | 101.1 MHz | Gifty Eyram Kudiabor | Bolgatanga
