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A wave of agricultural transformation and impact is sweeping through Ghana’s Upper West Region, driven by the Absa Young Africa Works project. This initiative, a collaboration between Absa Bank Ghana and the Mastercard Foundation, aims to empower local farmers and entrepreneurs, driving economic growth and creating sustainable livelihoods.

During a media visit to the project sites earlier this week, William Brandford Nettey, Head of Agribusiness at Absa Bank, explained the project’s origins and objectives.

“The Absa Young Africa Works Project was launched three years ago to support agribusinesses, especially those led by women and young entrepreneurs, including FinTechs. We partnered with the Mastercard Foundation to address the challenges of high interest rates and lack of collateral, which were major barriers to accessing financing,” said William.

He highlighted the project’s success in reducing interest rates and its impact on businesses.

“Initially, the uptake of loans was very low due to high interest rates of 40% to 45%. We realized this was not sustainable and worked with the Mastercard Foundation to reduce the interest rate to 10%. This adjustment has been a game-changer, significantly increasing loan uptake and energizing various sectors,” he noted.

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