Nana Kwame Bediako, popularly known as Cheddar, has disclosed that he once took a loan from the World Bank to finance the construction of his Number 1 Osu Oxford Street hotel.
Speaking in an interview on Joy News on January 12, 2024, he opened up about the financial challenges and the ultimate triumph of paying off the loan that had initially been instrumental in realizing the fourteen-storey building boasting 104 rooms capacity hotel.
Cheddar explained that he, along with a business partner, secured the loan to fund the project located at Osu, a suburb of Accra.
“I think that Ghana wants to know 'how are you funding all of this when you build, they say how are you building all of this?'
“People are not even asking; do you owe some banks? If so, how do you sleep?
“I used to owe the World Bank; they were the first people I decided to borrow from when we were building the number 1 Oxford hotel.
“My partner and I we just wanted that badge, you know myself and my partner and we have managed to pay it off because we realized that we were becoming slaves to the loan, it is a tough thing and now I am quite that free,” he said.
Meanwhile, a report filed by theindependedentghana.com has detailed that the construction of the Number 1 Oxford Street hotel was partly financed by the International Finance Corporation (IFC), a wing of the World Bank Group.
The IFC is known for supporting private enterprises operating in developing countries, and two companies, Cola Group, and Wonda World Estate, which is linked to Cheddar, are said to have secured the investment for the project.
AM/SARA
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