Absa Bank Ghana has signed a partnership agreement with Ghana Union of Traders Association (GUTA) to provide flexible loan schemes for members of the association, with a special package for women-led businesses.
The bank will provide collateral-free lending of up to GH¢500,000 for traders, and a special loan package of up to GH¢1million for women-led businesses under GUTA.
This was announced at an MoU signing ceremony held in Accra between the bank and the association. The MoU was as a result of a partnership between Absa Bank Ghana and Mastercard Foundation called the Young Africa Works (YAW).
The Young Africa Works is a five-year strategic partnership between Absa Bank Ghana and the Mastercard Foundation (MCF) with the goal of creating dignified and fulfilling jobs for young men and women in Ghana.
Speaking at the ceremony, the Managing Director of Absa Bank Ghana, Abena Osei-Poku, indicated that the partnership with GUTA will support these businesses to bring their possibilities to life.
“The bank’s partnership with GUTA will enable members of the association to access funding, receive capacity-building and training from Absa Bank under the Young Africa Works programme. These will help individual MSMEs to identify the gaps in their business operations and proffer tailored training and solutions in addressing them,” said Abena Osei-Poku.
President of GUTA, Dr. Joseph Obeng, said the support from Absa Bank is very timely for traders, especially when businesses have taken a hit due to the COVID-19 pandemic.
He commended Absa Bank for making available the loan scheme facility through the partnership.
