The European Union (EU) has launched the second edition of the Circular Economy Competition (CEC) in line with their support to Ghana to meet Sustainable Development Goals (SDG) 12 i.e., “responsible consumption and production.”
The CEC project aims to create greater economic and employment opportunities for Ghanaians by promoting and supporting sustainable and circular businesses.
According to the EU, solutions envisaged for the competition should aim at delivering impact, pursuing sustainability, and being scalable or replicable post-competition- at the local and national levels.
Only 20 shortlisted contestants will be selected to participate in the 2023 Circular Economy Competition with the hope to win GH¢100,000 in seed money.
Selected contestants will get the opportunity to have intense training with venture capitalists, marketing gurus, and circular economy experts.
The EU says it is looking to support innovative ideas and promote resource efficiency and thinking in Ghana across relevant sectors and help unlock the potential of re-thinking the production and delivery of sustainable choices to make these accessible, affordable, and available to the masses in Ghana.
The CEC contest is not only about waste, or about transforming waste through reuse and upcycling into new products. It also offers the potential for an economic boost through resource efficiency and industrial transformation.
“The fewer products we discard, the fewer materials we extract, the better for our environment. This process starts at the very beginning of a product’s lifecycle. Smart product design and production processes can help save resources, avoid inefficient waste management and create new business opportunities,” the EU pointed out.
The first CEC was held in Accra and aired on GH One TV and The European Union’s official YouTube channel, with 20 shortlisted circular economy business contestants participating.
They were – Kasi Coal, AY Farms, Mending Banana & Plantain Stem Papers, Ecocent Recycling Ltd, Ento Farms, Podash Processing Company, Sustainable Energy, Makola Gh, and Tiger House Ltd amongst others.
Ento Farms emerged winners after a keen contest and won GH¢65,000 in seed funding for their business. They used the funds to expand their facility, purchase equipment, and opened a second factory in Cape Coast.