SADA launches investment guide for ecological zone
The acting Board Chairman of the Savannah Accelerated Development Authority (SADA), Mr Sulley Adam, has stated that the country needs an effective financial system to provide easy access to funds.
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He observed that the unavailability of funds had slowed down growth in some sectors of the economy such as agriculture and industry.
To this end, he said SADA was embarking on some initiatives that would provide funding to accelerate development in the northern savannah ecological zone.
Investment guide
Speaking at the launch of a commercial agricultural investment guide for the SADA zone in Accra yesterday, Mr Adam explained that the document was a product of intensive research and analysis which included data gathered for land sustainability in all the 63 districts of the SADA zone.
The guide also provides information on the resources available in the zone for large-scale agriculture including hydrography, soils and climate, as well as land suitability maps for more than 22 crops including rice, soya, maize, cassava, cashew, yam and millet.
It also contains detailed information on five proposed large irrigation schemes and 23 potential dam sites which when developed would generate over 500 megawatts of hydropower and could also be used for food and fish farming.
Mr Adam said the guide would be of immense benefit to investors, researchers, philanthropists and civil society organisations that would be desirous of supporting the initiative.
Support
He further observed that commercial banks were exporting capital from the zone to more prosperous regions in the country.
According to him, although commercial banks mobilised healthy savings from the zone, they only gave out 20 per cent of the monies to entities within the zone and sent the remaining 80 per cent to other parts of the country.
Mr Adam described the situation as ironic, since the people who needed the funds most ended up financing those that were already well ahead economically.
The chairman, therefore, entreated the banks to rather invest in the people by supporting the agricultural sector, since majority of them were into farming.
Strategy
He announced that SADA had now evolved new ways of realising its objectives as enshrined in the SADA Act of 2010 (Act 805). The chairman mentioned its current intervention strategy to include facilitation and coordination.
According to Mr Adam, it was the conviction of SADA that its new agenda would lead to increased performance and outcomes for accelerated development of the zone.
Collaboration
He said SADA was also now proactive in consulting its key stakeholders, the beneficiaries in the zone on all major programmes through stakeholder engagements, since the projects belonged to the people.
“Usually and most unfortunately when SADA zone is mentioned, it is associated with socio-economic problems such as widespread poverty, low levels of education and lack of access to basic health facilities and social amenities,” he said.
Commendation
The Minister of Trade and Industry, Ekwow Spio-Garbrah, who launched the document, commended the management and board of SADA for the initiative and called on all stakeholders to support the programme to ensure accelerated development in the beneficiary areas.