AngloGold Ashanti Obuasi Mine, has signed a Memorandum of Understanding (MOU) with Absa Bank to promote the growth and development of small and medium scale enterprises (SMEs) in the Adansi enclave.
The objective is to provide the needed support to transform and impact positively on SMEs operations in the Obuasi area.
The MoU seek to address four thematic areas, which have been jointly designed by the partners to assist businesses within the Mines’ operational areas to improve business capabilities and to create non-direct mining jobs to diversify and sustain the local economy in the area.
The four areas are business acceleration and sustainability, women in e-commerce, business supply chain development and the artisans’ entrepreneurship.
It forms part of the AngloGold 10-year Social Economic Development Plan (SEDP) which seeks to contribute to socio-economically self-sustaining communities and improving development in Obuasi.
Mr Emmanuel Baidoo, Senior Manager, Sustainability, speaking at the ceremony, said through the partnership, AngloGold and Absa Bank would provide Small and Medium Sized Enterprises (SME’s) with the necessary resources and support to accelerate the growth of their businesses.
These resources will include access to finance and markets, knowledge of the digital economy, and upscale of technical and vocational skills of artisans.
Mr Baidoo emphasized that, 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.
“We are very delighted to collaborate with Absa Bank to jointly implement the four projects we co-designed.
AngloGold views this as a strategic partnership that will allow us to create a supportive environment for entrepreneurs,” he stated.
Mr Baidoo said the initiative sought to diversify and explore new market opportunities for local business, support SMEs with access to finance, as well as to establish strong relationship between the Obuasi Mine and local businesses.
On her part, Mrs Audrey Abakah, Director SME, Agency Banking and Partnership at Absa Bank Ghana Limited, indicated that, with a shared goal of positively impacting the lives of clients and stakeholder communities, it would help build synergies to deliver on the needed impetus to help bring economic transformation to the communities in the area.
She noted that, SMEs served as the driving force behind Ghana’s economic growth and prosperity, adding that, the SMEs contribution to the national economy represented about 60% of GDP.
She said SMEs comprised approximately 90% of all businesses and generated about 80% of the private sector employment opportunities in the country.
Mrs Abakah noted that, Absa viewed its partnership with AngloGold as an opportunity to extend its reach and impact, fostering economic resilience, business sustainability and job creation in Obuasi.
GNA