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SADA Finance Ministry backs SADA bank creation

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.

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Charles Abugre

The Ministry of Finance has given the Savanna Accelerated Development Authority the green light to establish a bank.

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.

We are looking at different ways to do this. One way that we have been flagging is the idea of creating financial institution, Abugre told Journalists in Accra. W"e call it the Savannah Investment and Development Bank. Fortunately after discussions with the Ministry of Finance, they have given us a no-objection to pursue the idea, meaning all the idea is sensible.

Abugre further revealed that a number of investors have expressed interest in the idea.

He said: “A number of development partners are very interested in the idea. And one of the ways in which it is crystallizing is to create a whole sale bank."

Abugre explained that the bank will raised capital from the international capital market on a long term and lend it to existing commercial institutions as well as savings and loans institutions on a short to medium term basis.

He added that the bank will provide short term financing to farmers on short term basis to enable them buy tractors, and other farming equipments.

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