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

Tel: 020 602 4700