In a show of solidarity with Ghana’s small business sector, Absa Bank has donated GH¢150,000 to support traders at Kantamanto Market following the devastating fire on January 2.
This initiative reaffirms the bank’s commitment to empowering small and medium-sized enterprises (SMEs) and fostering resilience in the face of adversity.
The donation, which included GH¢100,000 in cash and GH¢50,000 worth of roofing sheets, is aimed at helping the traders rebuild their stalls and restore their livelihoods. The brief presentation ceremony held at the market was attended by officials from Absa Bank and representatives of various trading associations in Kantamanto.
Speaking at the event, Kobla Nyaletey, Executive Director of Retail and Business Banking at Absa Bank Ghana, expressed deep sympathy for the traders’ losses. He highlighted the bank’s dedication to supporting those impacted by the tragedy, emphasizing that Absa is more than just a financial institution but a partner in Ghana’s economic growth.
“Today, we extend a helping hand to our friends in Kantamanto Market. Beyond this donation, we are committed to offering tailored financial solutions that will help traders rebuild and thrive.”
Kobla Nyaletey
A Three-Pronged Approach to Support
Absa Bank’s intervention goes beyond the donation. Mr. Nyaletey outlined three key initiatives aimed at fostering resilience among the traders: Financial Assistance: The GH¢150,000 donation provides immediate relief for rebuilding efforts, ensuring that affected traders can quickly resume their businesses.
Affordable Loan Packages: The bank is offering loans at a highly favorable interest rate of 10%, significantly lower than the market average. This initiative aims to provide traders with the financial muscle needed to restock and rebuild their operations.
Market Accessibility: To further facilitate seamless transactions, Absa plans to establish a physical presence within Kantamanto Market. This move will provide traders with easy access to banking services, reducing operational hurdles and promoting financial inclusion.
Audrey Abakah, Director of SME, Agency Banking, and Partnerships at Absa Bank, reiterated the bank’s dedication to supporting SMEs through innovative solutions tailored to their needs.
“As a bank that cares and seeks to empower Africa’s tomorrow, we could not sit idly by. Meeting with the executives of the Second-Hand Used Clothing Association to extend this support underscores our commitment to empowering businesses and driving growth in Ghana.”
Audrey Abakah
The introduction of specialized financial packages for wholesalers and traders further demonstrates Absa’s resolve to create meaningful partnerships that cater to the unique needs of small businesses.
Gratitude from the Trading Community
The intervention has been met with heartfelt appreciation from the affected traders and their leadership. Dr. Joseph Obeng, President of the Ghana Union of Traders Association (GUTA), lauded Absa for its swift and meaningful support.
“We thank Absa for listening to our cry and coming to help us. Absa has once again proven to be a friend of traders. The support Absa has given us today shows the integrity of the bank.”
Dr. Joseph Obeng
Dr. Obeng also assured that the funds and roofing materials would be used judiciously to rebuild the market and restore its vibrancy. “We will use the money to rebuild Kantamanto and not for anything else,” he emphasized.
Absa Bank’s swift response to the Kantamanto fire disaster reflects a broader vision of corporate social responsibility that prioritizes community welfare. By combining financial aid with long-term solutions like affordable loans and localized banking services, Absa is setting a benchmark for how corporate institutions can drive sustainable development and resilience in Ghana.
This initiative aligns with the bank’s overarching mission to empower individuals and businesses to achieve their ambitions in the right way.
The rebuilding of Kantamanto Market represents more than the restoration of stalls and goods. With Absa Bank’s intervention, traders can look forward to a future where their businesses are not just restored but strengthened.
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