The Executive Director for Retail and Business Banking at Absa Bank Ghana, Mr Kobla Nyaletey, has urged Ghanaian companies to increase their support for young businesses, even if those ventures initially lack polished standards.

Speaking at the E-Jobs4All Development Summit held October 22-27 at Accra’s International Conference Centre, Mr Nyaletey highlighted the importance of long-term investment in local entrepreneurs to foster sustainable quality and global competitiveness.

“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 leaders, policymakers, and emerging entrepreneurs to connect and collaborate.

Mr Nyaletey noted that young businesses need structured guidance that fosters growth without stifling creativity, encouraging mentors and investors to offer flexible support rather than imposing rigid frameworks.

Overly structured requirements, he argued, could constrain the innovation that drives new ideas and market growth.

In discussing financial support, Nyaletey underscored the need for a variety of funding options—from grants and patient capital to affordable loans tailored to each stage of business development.

He pointed to Absa’s collateral-free SME loan program, offered at a 10% annual interest rate, which has helped nearly 7,000 micro, small, and medium-sized enterprises (MSMEs) and generated over 49,000 jobs.

The six-day E-Jobs4All summit also included development dialogues, training, and pitch competitions, all designed to support youth-led economic growth in Ghana.