Absa Bank Ghana Limited and AngloGold Ashanti Ghana Obuasi Mine have entered a partnership to support SMEs in Obuasi and its environs as part of the efforts of the latter geared towards the transformation of the local economy where it operates.

To this end, the two organisations have signed a Memorandum of Understanding (MoU) to mark the partnership.

The two will be collaborating to undertake four projects to jointly assist SMEs within the Obuasi Mine’s operational area to improve their business capability and create non-direct mining jobs in Obuasi, with the goal of diversifying and sustaining the local economy.

There are four distinct projects under the partnership: Business Acceleration and Sustainability Project, Women in e-Commerce Project, Business Supply Chain Development Project, and the Artisans to Entrepreneurs Project.

The partnership will provide MSMEs with skills training and resources to drive accelerated business growth, access to finance and markets, knowledge of the digital economy, and an upskill of technical and vocational artisan skills.

By nurturing them through targeted mentorship, funding opportunities, and access to industry experts, both organizations are committed to creating an enabling and thriving entrepreneurial environment for MSMEs in Obuasi.

Over the years, the two organisations have demonstrated a deep commitment to the transformation of businesses to improve livelihoods and this partnership is expected to channel their commitment and collective strengths to drive positive change in the local economy in the operational area of the Obuasi Mine.

"With this partnership, both Absa Bank Ghana Limited and AngloGold Ashanti Ghana Obuasi Mine will be leveraging their respective expertise to create a sustainable and inclusive future for the communities.

"We are delighted to collaborate with Absa Bank Ghana LTD to jointly implement the four projects we co-designed.

"AngloGold Ashanti Ghana Ltd views this as a strategic partnership that will allow us to create a supportive environment for entrepreneurs," said Emmanuel Baidoo, Senior Manager – Sustainability of AngloGold Ashanti Obuasi Mine.

"These initiatives we will be embarking on together look 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.

"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 will see a significant boost that creates a thriving business environment, which benefits our host communities, Absa Bank Ghana LTD and AngloGold Ashanti Ghana” Mr Baidoo added.

"We are extremely excited to partner with AngloGold Ashanti Ghana Ltd, Obuasi Mine on this journey to transform lives in Obuasi and its environs.

"With the shared goal of positively impacting the lives of 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.

"This partnership provides an avenue for us to help these SMEs realize their full potential and we are happy to collaborate,” said Mrs. Audrey Abakah, Director of SME, Agency Banking and Partnerships of Absa Bank Ghana Limited.

The official partnership launch event was witnessed by esteemed stakeholders from the traditional authorities, local government officials, key executives from both organisations, and representatives from the MSMEs sector in Obuasi.