Nana Kwame Bediako, commonly known as Cheddar, has revealed that he once secured a loan from the World Bank to fund the construction of his hotel on Osu Oxford Street, aptly named Number 1 Osu Oxford Street.

During an interview on Joy News on January 12, 2024, he candidly shared the financial hurdles he faced and the eventual success of repaying the loan that played a crucial role in bringing to life the fourteen-story hotel with a capacity of 104 rooms.

Cheddar clarified that he, in collaboration with a business partner, obtained the loan to finance the project situated in 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 realised that we were becoming slaves to the loan; it is a tough thing and now I am quite that free,” he said.

Meanwhile, according to a report by independentghana.com, the development of the Number 1 Oxford Street hotel received partial funding from the International Finance Corporation (IFC), a division of the World Bank Group.

Renowned for aiding private businesses in developing nations, the IFC provided investment for the project, which involved two companies, Cola Group and Wonda World Estate, both associated with Cheddar, securing the necessary financial support.