AGA, Absa sign MoU to support SMEs in Obuasi
AngloGold Ashanti (AGA) Ghana Limited, Obuasi Mine, has signed a Memorandum of Understanding (MoU) with Absa Bank Ghana Limited to undertake four projects aimed at assisting businesses in Obuasi to grow.
Advertisement
The non-direct mining projects are business acceleration and sustainability projects, women in e-commerce projects, business supply chain development projects, and artisan-to-entrepreneurs projects.
Agreement
Under the agreement, AGA and Absa would provide small and medium-sized enterprises (SMEs) with the necessary resources and support to accelerate the growth of their businesses as well as create an enabling and thriving entrepreneurial environment for the Obuasi SMEs.
The Senior Sustainability Manager of AGA, Mr. Emmanuel Baidoo, said AGA viewed the projects as a strategic partnership that would make the youth especially women look beyond the mines for survival.
According to him, the initiative sought to diversify and explore new market opportunities for local businesses, support SMEs with access to finance, as well as establish strong relationships between the Obuasi Mine and local businesses.
Mr Baidoo gave the assurance that through the initiative, the Obuasi economy would see a significant boost that would benefit its host communities.
On her part, the Director for SME, Agency Banking and partnership of Absa Bank Ghana Limited, Mrs Audrey Abakah, expressed excitement at the deal that would eventually transform lives in Obuasi and its environs.
She said the SMEs contribute to the nation’s economy, representing about 60 per cent of the Gross Domestic Product (GDP) comprising approximately 90 per cent of all businesses and generating about 80 per cent of private sector employment opportunities.
Mrs Abakah announced that Absa was able to finance categories of businesses which required up to GHS500,000.00 unsecured loan.
“The success of this excellent initiative will thrive on collaboration and will depend not only on Absa and AGA meeting their committed obligations but also on the participation of 150 SMEs which will benefit from this project," she said.
A representative from SME, Obuasi, Mr Andrew Dwomoh expressed optimism that the support would create direct employment opportunities that would "lift" the youth from the poverty line.
He said it would further create sustainable alternative sources of livelihood for the active population within its localities.
According to Mr Dwomoh, providing financial accessibility was paramount to revitalising and propelling businesses in Obuasi.