In a landmark move set to transform the landscape of small and medium-sized businesses (SMEs) in Ghana, Absa Bank Ghana and the Mastercard Foundation have partnered to offer an unprecedented support programme that will elevate SMEs and propel their growth to new heights.
This initiative marks a turning point for women-owned businesses, young entrepreneurs, agribusinesses, and fintechs in Ghana, as they will now have access to borrow money from Absa Bank at a remarkably low rate of 10%, without collateral. The timing could not be better, as the average commercial borrowing rates in Ghana have soared above 25%, making it harder for businesses to thrive and achieve their full potential.
Absa Bank Ghana has always been committed to the growth and success of small and medium-sized businesses, recognizing their power to transform the economy of the country. This support programme is an exciting development that reflects the bank's unwavering commitment to empowering and partnering with SMEs as they navigate the challenges of today's marketplace.
Managing Director of Absa Bank Ghana, Abena Osei-Poku, has described the programme as a groundbreaking moment in the bank's journey to transform the landscape of Ghanaian businesses "We are not just a bank – we are a partner in Ghana’s real sector growth. We are committed to making an impact within our communities, to supporting the dreams and aspirations of SMEs as they contribute to the total transformation of the Ghanaian economy."
The programme is one of the most compelling stories of hope and possibility in a world that is grappling with uncertainty and volatility. The Mastercard Foundation is offering capacity support and guidance for the programme while Absa Bank will take care of the lending aspect of the initiative.
This development is a beacon of hope for small and medium businesses in Ghana, as it presents a unique opportunity to access capital at an incredibly low rate, empowering them to create jobs, drive economic growth and unlock their full potential. It is an investment in Ghana's future, and Absa Bank Ghana is leading the charge to transform the economy by supporting and partnering with these businesses, one story at a time.
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