Corporate Social Responsibility (CSR) today is about more than fulfilling obligations; it must aim to create shared value and make a tangible difference in communities. Absa Bank Ghana demonstrates this commitment through its strategic pillar: “Force for Good” dedicated to creating lasting societal change. Key areas, such as youth development, support for small businesses, and environmental protection, have been tangibly and positively impacted because of Absa Bank’s commitment to this pillar.
As Nana Essilfuah Tamakloe, Director of Marketing and Corporate Affairs at Absa Bank Ghana LTD, explains, “We are not just here to do business. We are committed to ensuring that the communities we serve grow together with us and enjoy lasting benefits.”
Empowering Youth through the ReadytoWork Programme
Absa’s ReadytoWork programme has made significant strides in youth empowerment. By September 2024, the programme had reached over 743,000 young individuals through bi-monthly webinars that provide practical skills needed for the job market. These sessions drew over 737,000 views on platforms like YouTube and Facebook. Additionally, nearly 6,000 tertiary students benefited directly from ReadyToWork modules, helping them navigate the transition from education to employment.
Supporting SMEs
Absa has played a key role in supporting micro, small and medium-sized enterprises (MSMEs). Through a partnership with the Mastercard Foundation, offering collateral-free loans at 10% per annum, the bank has positively impacted 6,963 MSMEs, including smallholder farmers. With the support of the Mastercard Foundation’s Young African Works Project, Absa has provided $84 million in collateral-free loans to 7,034 SMEs, helping them grow their businesses. This has also led to the creation of 49,000 jobs for young people between the ages of 18 and 35, offering tangible solutions to the country’s unemployment challenges.
Financial Literacy and Vocational Skills Training
The “Absa Money Matters” programme, launched in May 2024, is one of the key initiatives promoting financial literacy. The programme has already reached over 92,000 students in 102 schools across four regions, equipping the next generation with essential financial skills. This effort highlights the bank’s focus on providing young people with the knowledge needed to make informed decisions about money, setting them up for success in their personal and professional lives.
Absa Bank has also partnered with the Campaign for Female Education (CAMFED) to offer vocational training to women from disadvantaged backgrounds. Through this partnership, 100 young women from three regions in Ghana have received vocational skills training, providing them with opportunities to break the cycle of poverty.
Environmental and Sustainability Efforts
In addition to social initiatives, Absa is committed to environmental sustainability. Absa Bank, in partnership with Ecozoil Limited, embarked on an environmental sustainability initiative, planting 200 coconut trees in Bortianor. In addition, the bank has educated over 2,000 basic school students on the importance of caring for the environment, reinforcing the bank’s broader aim of promoting sustainable practices from a young age.
The bank is also making strides in reducing its carbon footprint by installing 53 solar-powered ATMs that generate 318 kW of energy and achieving a 25% reduction in energy consumption along with a 15% reduction in water use.
Absa’s support for renewable energy is evident in its $24 million green loan to Meinergy, a project that will see the construction of a 100 MW solar plant for the Bui Power Authority. This investment highlights Absa’s commitment to driving the transition to clean energy.
Aside from these Force for Good initiatives, Absa is working to provide potable water to underserved communities. The bank is currently in the process of delivering 11 boreholes to areas where clean water is scarce.
Absa Bank has shown through its “Force for Good” programme that responsible banking goes far beyond financial services. From empowering young people, supporting small businesses, to driving environmental sustainability and providing essential services to vulnerable communities, Absa Bank is making a real difference. These initiatives, built on strong partnerships and a clear sense of responsibility, demonstrate the bank’s long-term vision for being a ‘Force for Good’.
By Nana Essilfuah Tamakloe, Marketing and Corporate Affairs Director, Absa Bank Ghana LTD
