AngloGold Ashanti, Absa Bank and MasterCard Foundation unveil new initiative


AngloGold Ashanti (Ghana) Limited-Obuasi Mine (AngloGold Ashanti) has signed a memorandum of understanding (MoU) with Absa Bank Ghana Limited, marking a significant step in the pursuit of four key projects aimed at fostering business growth in Obuasi.

The four projects underlying the MoU include: a Business Acceleration and Sustainability Project, Women in e-commerce project, Business Supply Chain Development Project and Artisans to Entrepreneurs project.

The groundbreaking initiative, a collaboration between AngloGold Ashanti, Absa Bank and MasterCard Foundation, focuses on growth and sustainability of small and medium-sized enterprises (SMEs) in Obuasi. An essential component of this initiative is the official opening of the industry/business exposure tour within the Business Acceleration and Sustainability Project (BAST) at Accra City Hotel on Monday 4th December 2023.

The BAST project, formulated in consultation with Obuasi Municipal and Obuasi East District Assemblies, aligns with AngloGold Ashanti Obuasi Mine’s 10-Year Socio-Economic Development Plan (SEDP) (2022-2031). The primary goal of BAST is to enhance sustainability for businesses in Obuasi by providing entrepreneurial skills that increase access to finance and markets, ultimately fostering job creation.

The two-day inaugural business exposure tour welcomed the first cohort of 25 from the selected 50 businesses. The event commenced with a welcome dinner, offering SME owners a platform to network on. Notable business experts Mr. Godwin Adordie, CEO-Praise Export, and Emmanuel Sarfo Frimpong, CEO-Frimps Poly Ltd., shared their invaluable experiences by providing guidance and advice through an interactive Q&A session.

In his address, Emmanuel Baidoo, Senior Manager-Community Relations, Africa, highlighted that: “This partnership reflects our collective aspiration of embarking on a transformative journey that will have far-reaching, positive impacts on the business landscape in Obuasi”. He urged the SME leaders present to maximise benefits of the exposure tour and seize opportunities it presents.

A noteworthy aspect of the tour included visits to renowned industries such as Niche Cocoa and Tropical Cable in Tema. These visits provided participants with an immersive experience, offering insights into business processes and potential opportunities within these thriving sectors.

The commitment of AngloGold Ashanti, Absa Bank and the MasterCard Foundation to development of the SME sector in Obuasi is evident through this ambitious partnership. Recognised as “the most amazing and awesome initiative” by organisers of the Sustainability and Social Investment Awards, this collaboration underscores the partners’ dedication to empowering local businesses and fostering long-term economic growth.

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