Absa Bank Ghana has signed a partnership agreement with the Ghana Union of Traders Association (GUTA) to provide a loan scheme for members of the association.
The Bank will offer collateral-free loan facility of up to GH¢500,000 for traders and a special loan package of up to GH¢1 million for women-led businesses under GUTA.
This was announced at an MoU signing ceremony event held in Accra between the bank and the association.
The MoU was a result of a partnership between Absa Bank Ghana and the Mastercard Foundation called the Young Africa Works (YAW).
Managing Director of Absa Bank Ghana, Abena Osei-Poku said Absa acknowledges the importance of small-scale businesses, which according to her contribute 75% to Ghana’s GDP growth.
She said the loans are intended to support operators of such businesses to remain relevant and for Ghana to leapfrog its journey to a more advanced middle-class economy.
“It is firmly embedded in our ethos as a bank to ensure individuals, businesses, corporations, and other stakeholders have the ability to create wealth, meet the needs of their customers and contribute to economic transformation.”
“What our partnership with GUTA will do is to give us a chance to introduce members to the diversity of products, services, and platforms we have to support and empower them.”
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.
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.
