Accra, March 14, GNA - An agreement to establish a new financial institution in Accra to undertake commercial and investment activities is expected to be signed in January, next year.

The bank will be an affiliate of the SENSAD Community, comprising Northern and Eastern African Countries.

This was announced by Mr Alhadi Alwarfalli, Chairman and General Manager of SENSAD when he paid a courtesy call on President John Agyekum Kufuor at the Castle, Osu on Monday.

He said the Community had already made negotiations with the Bank of Ghana (BOG) and the Ministry of Finance and Economic Planning (MFEP) and much progress was made towards the establishment of the institution and to make it operational.

President Kufuor said the Government was aware of the performance and achievement of SENSAD in some African countries and was optimistic "SENSAD will come to Ghana to assist in her economic development." 14 March 05