The Savannah Accelerated Development Authority (SADA) has discounted media reports that the authority has receive clearance from the state towards the establishment of a Bank to boost the SADA zone.
The authority said although it has plans to roll out a financial scheme issue medium- and long-term loans to farmers, as well as small- and medium-scale enterprises (SMEs) in the three regions up-north, the move has not matured yet.
A statement signed Wednesday June 22 by Mr Paul Twum Barimah, Coordinator, Development Communications at the authority said:“The request that SADA made to government, and received, was NOT ‘clearance to establish a bank’ but a ‘no objection’ to field a prefeasibility study. The idea has, therefore, not progressed to a status of ‘clearance to establish a bank’. SADA has, therefore, made no application to any institution to finance a bank.”
Below is the statement:
Re: SADA TO ESTABLISH A BANK
The Savannah Accelerated Development Authority (SADA) has noted recent media reports attributed to the CEO of SADA to the effect that SADA has received “clearance from government to establish a bank”.
For the avoidance of doubt, SADA has been scoping the possibility of a financing vehicle, which we propose as a Savannah Investment and Development Bank to support medium-long term financing in order to unlock the development potentials of the Savannah zone. We held a workshop on 4th October 2015 at Alisa Hotel in Accra with industry players to bounce this idea, which was warmly received.
The request that SADA made to government, and received, was NOT “clearance to establish a bank” but a “no objection” to field a prefeasibility study. The idea has, therefore, not progressed to a status of “clearance to establish a bank”. SADA has therefore made no application to any institution to finance a bank.
Signed Paul Twum Barimah Coordinator, Development Communications, SADA
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