Ghana: Absa Young Africa Works Project benefits 5,700 SMEs nationwide

A total of 5,700 SMEs nationwide has benefited from Absa Bank’s Young Africa Works Project.

This initiative, in partnership with the Mastercard Foundation, has channeled over GH¢1.1 billion into supporting these SMEs, including smallholder farmers.

During a recent visit to project sites in the Accra area, beneficiaries shared how the project has positively influenced their businesses and called on the government to increase investment in the agricultural sector, which has the capacity to create jobs for many unemployed youth across the country.

They believe that with proper investment, the sector could become an attractive alternative to white-collar jobs for young graduates.

Since its launch in 2020, the programme has created employment opportunities for 2,400 young people in the agricultural sector.

Audrey Abakah, Head of SME, Agency Banking and Partnership, highlighted that the Absa Young Africa Works Project (AYAW) has been key in generating jobs and providing entrepreneurial support, especially in underserved sectors and communities.

“We initiated this project in 2020 to help businesses, particularly SMEs, rebuild and expand after the financial setbacks caused by the COVID-19 pandemic,” she explained.

Audrey Abakah also expressed her satisfaction with how businesses have effectively utilized their funding to grow and create jobs for young people.

Catherine Krobo Edusei, Managing Director of Eden Tree Limited, a producer and distributor of fresh fruits, vegetables, and herbs, shared that the support from Absa Bank came at a crucial time when her company faced financial challenges.

“With the support from Absa, we can now pay our suppliers promptly and avoid delays in staff salaries. We’ve also expanded our workforce due to our increased production capacity,” she noted.

Eden Tree Limited received GH¢1.1 million, allowing the company to produce two tonnes of vegetables daily.

At G Billy Farms in Nsawam, the company has expanded its workforce from 17 to 70 permanent employees, along with about 100 casual workers, and aims to expand its 80-acre farmland to 100 acres by year-end.

Eric Danquah, General Manager of G Billy Farms Limited, the largest supplier of fresh pineapples to Blue Skies Company Ltd, credited the Absa AYAW partnership for helping them upscale production and offer better wages to their employees.

“Thanks to our success, other smallholder farmers are learning from us, and university graduates are joining our team. We are growing, and we appreciate the support from Absa and the Mastercard Foundation,” he said.

He also encouraged Absa Bank to extend the 10 percent loan facility to other entrepreneurs, enabling them to scale up and create more jobs.

Praise Exports Services Limited, an agro-processing export company in Pokuase, increased its exports from 200 to 300 metric tonnes with Absa Bank’s support and expanded its staff capacity.

CEO Godwin Edem Adordie shared that with the financial backing from Absa Bank, they were able to invest in new machinery and quality control systems, ensuring their products meet international export standards.