Absa Bank’s Executive Director for Retail and Business Banking, Kobla Nyaletey, has urged Ghanaian companies to support young businesses, even if their quality initially falls short of top standards.
Speaking at the E-Jobs4All Development Summit, held from 22 to 27 October at the Accra International Conference Centre, Kobla advocated for the consistent support of local entrepreneurs, arguing that, with time, this support would enable young businesses to build sustainable quality standards and compete at a global level.
“This may require paying a bit more for local products, but the benefit to the country’s economy will be significant,” he said. The summit, themed “Igniting Futures: Entrepreneurship, Innovation, and Peace for Sustainable Development,” provided a platform for business and finance leaders, policymakers, and emerging entrepreneurs to connect.
Mr Nyaletey also stressed that young businesses need structure, but it must be the kind that supports growth without limiting creativity. He explained that while investors typically look for organised, dependable business models, overly rigid frameworks can constrain fresh ideas. Instead, he urged mentors, coaches, and investors to provide guidance that allows young entrepreneurs to grow in ways that are both sustainable and adaptable.
Touching on financing, Kobla noted that young entrepreneurs need tailored financial support at various stages of their business development, from grants and patient capital to interest-free loans and loans with affordable interest rates. He highlighted Absa’s own commitment to these needs, mentioning the bank’s collateral-free SME loan offered at a rate of 10% per annum. Through this subsidised loan programme, Absa Bank has reached nearly 7,000 MSMEs, helping create over 49,000 jobs.
The six-day E-Jobs4All Development Summit featured an array of sessions, including development dialogues, training, and pitch competitions, all aimed at promoting youth-led economic growth in Ghana.
