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Fmr Northern regional minister launches blistering attack on SADA bank
The Savanna Accelerated Development Authority (SADA) secured the backing of the Finance Ministry to establish a bank to support smallholder farmers.
The yet to be established financial institution will be called the Savannah Investment and Development Bank, the Chief Executive Officer of SADA, Charles Abugre said.
However, according to Imoro Andani, looking at the background of SADA, it is wrong for them to venture into banking.
Imoro Andani said SADA has not be able to manage and execute successful projects it has pursued on it own, arguing that it will be a conduit for money to be siphoned.
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"Looking at their background that isn't right because if they have not been able to manage issues like simple projects, how would they be able to manage a bank," he said.
"That will be another conduit for money to be siphoned because banking is a professional area. We have enough bank so even if government were considering SADA, government could partner or SADA could partner with existing successful banks that are within the country," he added.
In an interview with Citi FM, Imoro Andani wondered how SADA is going to be acountable. "How are they going to account for our money? They will simply give out loans... and come back to tell the good people of Ghana that they have defaulted on the loan.
Imoro Andani said the mandate of SADA is not create a bank,"the mandate of SADA is to fill in the development gabs and the gabs are there," calling on it to maintain it focus.
"So let us maintain the focus and i that establishing a bank under SADA is wrong by all standard. That should not be tolerated."
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