Fidelity Bank launches Orange Inspire to empower Ghana’s creative economy

Fidelity Bank Ghana has launched the Orange Inspire – Fidelity Cultural and Creative Fund. This initiative is part of the Fidelity Young Entrepreneurs Initiative (FYEI). It aims to empower young Ghanaian creatives with innovative ideas. This marks a significant investment in a sector often overlooked by banks.

The FCCF is a key step in the bank’s mission. It seeks to foster entrepreneurship, nurture talent, and drive economic growth. Ghana’s creative arts industry has struggled to access funding for years. Issues like fragmented value chains and perceived financial risks have deterred investment.

However, the potential of this sector is clear. The United Nations reports that the global creative economy generates over $2 trillion annually. Creative goods and services make up nearly 3% of global GDP. In Africa, the creative sector could generate $20 billion by 2030, creating millions of jobs.

In Ghana, creative industries significantly contribute to youth employment and cultural identity. Recognizing these opportunities, Fidelity Bank is taking action. The FCCF will use a three-pronged strategy: direct investments, B2B infrastructure development, and incubation support.

Julian Opuni, Managing Director of Fidelity Bank Ghana, shared his excitement about this initiative. He acknowledged that the creative sector has unique risks but also great opportunities. “We believe in its potential,” he said. He invited all stakeholders to join this journey toward building a thriving industry.

The funding structure includes two tiers. Tier I offers GHS450,000 in grants for five outstanding young creatives. Winners in Artistic Expression and Creative Storytelling will receive up to GHS150,000 each. Additionally, 20 incubated businesses can access loans up to GHS200,000 at a 10% interest rate under the Fidelity Young Entrepreneurs Fund.

Tier II provides up to GHS1 million for established creative projects. Nana Yaa Afriyie Ofori-Koree emphasized the bank's commitment to unlocking potential in this sector. She noted their previous success with the GreenTech Innovation Challenge (GTIC), where they invested GHS1.4 million in grants for young entrepreneurs.

The FCCF aims to ignite a creative revolution in Ghana's youth culture and economy. It supports young creatives aged 40 and under for men and 45 and under for women across various sectors like visual arts, fashion, film, music, content creation, photography, videography, and animation.

Recipients will also receive mentorship programs and market access interventions to build sustainable enterprises. Applications for the FCCF are open until May 25th, 2025.