Proposed SADA bank out of range for World Bank, AfDB financing programmes

World BankThe Savannah Accelerated Development Authority (SADA) has announced that it has received clearance from the Ministry of Finance to establish a bank, and it’s CEO, Mr. Charles Abugre has named the World Bank, African Development Bank (AfDB), ECOWAS Bank for Investment and Development, the International Fund for Agriculture and Development among others as funding partners, but can reveal that two of the multilateral institutions mentioned would not be involved in the project.

Media reports citing Mr. Abugre indicated that he said the bank will constitute 20 per cent government, and 80 per cent private equity with funding partners expected to come from the World Bank, African Development Bank, ECOWAS Bank for Investment and Development, the International Fund for Agriculture and Development among others.

The bank would be called Savannah Investment and Development Bank, Mr. Abugre was cited as saying.

But sources at both the World Bank and the AfDB have told that the planned bank does not fall within the scope of the projects that they finance.

The source at the World Bank told, that the Bank would not be involved in any such project, because the Bank has been urging the Ghana government to pull out of such ventures.

“Besides, if you know what the Bank’s operations are, this isn’t something that the Bank will be involved in,” the source said.

Our sources at the AfDB also indicated to that while the Bank hasn’t been formally approached, a bank by SADA doesn’t fall into any of the categories of projects that the AfDB finances.

“This isn’t even private sector, it is also not public sector, so it is not one of the projects that falls within what we do,” the source said, adding that, no proposal has been submitted to the Bank, but if it is submitted, it has to go through the process, “but this certainly doesn’t fall within our financing programmes.”

By Emmanuel K. Dogbevi

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