The Small Medium Enterprises (SMEs) sector in Obuasi in the Ashanti Region will benefit from a collaboration with AngloGold Ashanti Ghana Limited and Absa Bank Ghana Limited to foster their positive transformation.
In a Memorandum of Understanding (MoU), the institutions will collaboratively undertake four projects that have been jointly designed to assist businesses within the Obuasi Mine’s operational area to improve their business capability and create non-direct mining jobs in Obuasi with the goal to diversify and sustain the local economy.
A statement issued in Accra by Mr Emmanuel Baidoo, Senior Manager, Sustainability at AngloGold
Ashanti Obuasi Mine, said the four projects were the Business Acceleration and Sustainability Project, the Women in eCommerce Project, the Business Supply Chain Development Project, and the Artisans to Entrepreneurs Project.
It said through these projects, AngloGold Ashanti and Absa Bank would provide SMEs with the necessary resources and support to accelerate the growth of their businesses, including access to finance and markets, knowledge of the digital economy, and an upskill of technical and vocational artisan skills.
The statement said by nurturing them through targeted mentorship, funding opportunities, and access to industry experts, both organizations were committed to creating an enabling and thriving entrepreneurial environment for Obuasi SMEs.
The partnership signifies the commitment of both organizations to draw on their collective strengths to drive positive change in Obuasi’s economy.
It said both AngloGold Ashanti and Absa Bank looked to leverage their respective expertise to create a sustainable and inclusive future.
“We are very delighted to collaborate with Absa Bank Ghana to jointly implement the four projects we co-designed. AngloGold Ashanti views this as a strategic partnership that will allow us to create a supportive environment for entrepreneurs,” Mr Baidoo said.
He said these initiatives would be embarking on together, looks to diversify and explore new market opportunities for local businesses, support SMEs with access to finance, as well establish strong relationships between the Obuasi Mine and local businesses.
He said by fostering entrepreneurship, innovation, and working together towards a shared vision of long-term economic prosperity, there is no doubt that Obuasi’s local economy would see a significant boost that creates a thriving business environment, which benefits the host communities, AngloGold Ashanti Ghana, and Absa Bank Ghana.
Mrs. Audrey Abakah, Director SME, Agency Banking and Partnerships of Absa Bank Ghana Limited, said they were extremely excited to partner with AngloGold Ashanti Obuasi Mine on this journey to transform lives in Obuasi and its environs.
She said with the shared goal of positively impacting the lives of our clients and stakeholder communities, “we are happy to build synergies to deliver the needed impetus to help bring economic transformation to these communities.”
“We have been at the forefront of supporting SMEs to scale up to meet the challenges of the times and transform them into the businesses of the future,” she added.
She said this partnership would provide an avenue for us to help these SMEs realize their full potential and we are happy to collaborate with AngloGold Ashanti.
“We come on board this partnership with the Mastercard Foundation, who have been supporting us in building a new business culture among the SME sector in Ghana,” she added.