AngloGold Ashanti is offering a platform for 42 young aspiring entrepreneurs to transform innovative and sellable business concepts into viable enterprises.

The youth business innovators from Obuasi, Adansi and Amansie traditional areas are expected to develop their ideas into income generation and job creation ventures.

The entrepreneurship and innovative competition will sponsor the selected youth who have eye-catching proposals to set up their own businesses.

In the wake of soaring unemployment rate, AngloGold Ashanti has observed the over-dependence on mining activities as a major source of job and income in the Obuasi enclave.

Through its 10-year socio-economic development plan, the mine launched the Obuasi Entrepreneurship and Innovation Challenge to support young people to develop and operationalize their innovations to boost the local economy of Obuasi.

Community Relations Manager of AngloGold Ashanti Obuasi Mine, Edmund Oduro Agyei, says the intervention is part of efforts to diversify the economy of Obuasi, empower young people and develop the Obuasi township.

“It is important that we emphasize the importance of fostering connections among entrepreneurs and supporting micro, small, medium enterprises (MSMEs) as vital contributors to economic growth and sustainable development, so we can look beyond mining.

“This Entrepreneurship and Innovation Challenge is an integral part of our 10-Year SEDP which seeks to among other things diversify and sustain the local. Also, to empower our youth with the vision, drive, and potential to transform ideas into thriving business entities,” he said.

Anglogold Obuasi Mine used the event to commemorate World Micro Small and Medium-sized Enterprises Day under the theme: "Business for MSMEs - Connecting Entrepreneurs”.

Edmund detailed achievements under its 10-year Socio-Economic Development Plan to empower and improve livelihood in their catchment area.

“At AngloGold Ashanti, we mine to empower people and advance societies. 53% of the number trained were women-owned businesses. 476 formalized their business with the registrar-general's department after the training. 108 gained access to finance. 810 increased their revenue after the training. 267 jobs were created collectively. And 762 MSMEs increased their market share in their respective sectors,” he said.

The Obuasi Entrepreneurship and Innovation Challenge is implemented by the AngloGold Ashanti Obuasi Mine, partnering Absa Bank and the Ghana Enterprises Agency.

Obuasi Business Resource Manager of the Ghana Enterprises Agency (GEA), Thomas Opoku, says collective efforts like this allow baby business and innovative ideas to flourish.

“MSMEs in Ghana account for over 90% of businesses and contribute significantly to GDP and employment. Yet, they face numerous challenges such as limited access to finance, technology, markets, and capacity development.

“That is why GEA, in partnership with stakeholders at all levels, including our Business Resource Centers (BRCs) and the MMDAs across the country, continues to design and implement strategic interventions. We must commit to Enhancing digital and financial literacy, Promoting innovation and value addition, Encouraging formalization and compliance, and building stronger linkages between small businesses and larger markets,” he said.

Meanwhile some hopeful candidates for AngloGold’s support expressed their readiness to develop their ideas using plastic waste for a sustainable course.

“We convert plastic waste to turn bitumen, which is a viscous constituent of petroleum and can be used for road construction. The idea is there, the hands are ready, and we believe that this initiative is the right channel to expose our innovation, and accrue the support we deserve,” said David Adutwum, Founder of DA Systems.