By Elizabeth PUNSU, Obuasi
AngloGold Ashanti Obuasi Mine is taking significant steps to diversify the local economy beyond mining, with a clear vision of transforming Obuasi into a hub for micro, small and medium Enterprises (MSMEs).
Since 2022, the mine has positively impacted more than 1,383 SMEs through various enterprise and skills development programmes. These initiatives were carried out under the Business Acceleration and Sustainability Programme (BAST), a partnership between AngloGold Ashanti, Absa Bank and Mastercard Foundation.
Among the initiatives rolled out under this programme are the Enterprise and Skills Development Centre, Supply Chain Development Project, Women in E-Commerce initiative, Artisan to Entrepreneurship Project and Obuasi Trade and Exhibition Show. These interventions have not only equipped entrepreneurs with vital business skills but also significantly empowered women, with 53 percent of participating businesses being women-led.
Following these trainings, 476 entrepreneurs successfully formalised their businesses with the Registrar-General’s Department. A total of 108 businesses gained access to financing, 810 reported increased revenues, 267 new jobs were created and 762 MSMEs recorded an increase in market share within their respective sectors. In addition, through a Memorandum of Understanding with Absa Bank, 21 businesses were able to secure loan facilities totalling approximately US$540,000.
Speaking at a durbar held to commemorate World SME Day and launch the Obuasi Entrepreneurship and Innovators Challenge, AngloGold Ashanti’s Community Relations Manager Edmund Oduro Agyei outlined the initiative’s purpose.
He stated that the challenge is designed to help local entrepreneurs operationalise innovative and market-ready business ideas which demonstrate strong potential for growth, income generation and job creation.
The challenge is currently being piloted and has 42 youth Innovators on board to receive training from the Kwame Nkrumah University of Science and Technology (KNUST) Obuasi campus.
He further noted that this challenge forms a key part of the mine’s 10-Year Socio-Economic Development Plan (SEDP), which aims to empower young people in Obuasi who have the vision, determination and potential to turn their ideas into thriving business ventures.
Also speaking at the event, Obuasi Municipal Director-Ghana Enterprises Agency (GEA) Thomas Opoku highlighted the relevance of World SME Day’s theme, ‘Business for MSMEs: Connecting the Entrepreneurs’.
He said that the theme resonates strongly with GEA’s core mission – which is to provide MSMEs with the tools, training, funding and networks required to succeed in an increasingly competitive global economy.
