Renowned Ghanaian entrepreneur and founder of the New Force Movement, Nana Kwame Bediako, widely known as Cheddar or Freedom Jacob Caesar, reveals facing loan rejections from certain financial institutions in the country.
Expressing frustration, Nana Kwame Bediako, also known as Cheddar or Freedom Jacob Caesar, voices his disappointment as numerous Ghanaian banks decline his loan requests aimed at supporting his various projects and businesses.
Nana Kwame Bediako holds a diverse conglomerate of businesses under his name.
In an interview on Citi TV, Cheddar indicated that only one bank expressed its willingness to give him a loan, but the bank later collapsed.
The founder of the New Force Movement emphasized that only the World Bank supported and financed part of his projects because he had a partner.
“We have had one bank that has lent us money before, IFC from the World Bank. They lent us money for a part of our building [properties]. When you come to Ghana, we have a lot of banks, from student loans to business advancement, whatever you ask of these banks, they don’t have the money for you. I’m sure we all know this. We don’t have banks supporting us, even if you want to high-purchase a car where you have a job. I have not borrowed money from Ghanaian banks before. I tried, but they won’t give me.”
“There was one Ghanaian bank that took me through a process and took my building documents at that time. I passed all the requirements, and when they got to give me the money, they didn’t, and it took me about two years to hear it has been dissolved,” he told Bernard Avle.
He raised concerns about the reluctance of financial institutions to offer loans to business owners in the country, posing a huge risk to the economy of the country.
Cheddar bemoaned the lack of trust in international financial institutions to loan Africans money.
“My partner had to come in and support. It’s difficult for Africans to benefit from such financial institutions; I don’t think they believe in our capacity. And I also don’t think they believe in the governance that built the economies of our country,” he observed.
Nana Kwame Bediako promised to give hope to the youth if he wins the presidential elections.
“Currently, there’s no hope; that is why we are here.”