Business News of Monday, 14 March 2022
Source: www.ghanaweb.live
2022-03-14Trade Fair redevelopment project great news for Ghana – Dr. Daniel McKorley
Dr. Daniel McKorley, Board Chair of the Ghana Trade Fair Company Limited
Trade Fair redevelopment project to take place in phases
Ghana signs MoU with Singapore-based developer
Stellar Holding Pte Limited to inject US$1 billion for development of 65 acres of site
Board Chair of the Ghana Trade Fair Company Limited, Dr. Daniel McKorley, has lauded plans for the redevelopment of the Trade Fair Site in Accra as great news
Read full articlefor the people of Ghana and Africa.
According to him, despite the adverse impact of the coronavirus pandemic and its impact on the redevelopment plans, the signing of an agreement with Singapore-based, developer Stellar Holding Pte. Limited, will get things back on track.
Delivering brief remarks after the signing ceremony of the agreement, the GTFCL Board Chair said Stellar Holding Pte Limited will establish a joint venture company for the development of a 65-acre out of the 140-acre large Trade Fair site.
“This is great news for Ghana, the people of La, and the African continent as a whole. The COVID-19 pandemic dealt a big blow to our plans as investors cooled off. So, we are happy to get back fully on track and with such serious group of credible investors as well,” Dr. Daniel McKorley said.
Meanwhile, an Asaaseradio.com report said Stellar Holding Pte. Limited will see to the injection of US$1 billion sourced by the firm for the redevelopment of Trade Fair site in Accra.
The signing of the agreement between Ghana and the Singapore-based developer took place on March 10, 2022, at the Dubai EXPO where Ghana participated at the event.
Chief Finance Officer of Stellar Holding, Sunder Kithani, signed the agreement of behalf of Stellar Pte. Holding Limited while, Dr Agnes Adu who is the Chief Executive Officer of Ghana Trade Fair Company Limited and Board Chair, Dr. Daniel McKorley signed on behalf of Ghana.
Present at the signing ceremony were President Nana Addo Dankwa Akufo-Addo, Minister of Trade Industry, Alan Kyerematen, Minister of Lands and Natural Resources, Samuel Abu Jinapor and Chairman of the Lands Commission, Alex Quaynor.
Management of the Ghana Trade Fair Company Limited (GTFCL) has said it will soon put out a timeline of scheduled works and activities for the re-development of the Trade Fair Site which will take place in phases.
The first phase of the project, under the agreement, will focus on developing the Convention Centre and Exhibition Halls to hold the World Economic Forum, Africa.
In addition, Phase 2 of the redevelopment project, will look at facilities including luxury hotels, high-end malls and other residential and commercial development.
Under the agreement, Stellar Holding Pte. Limited has been mandated by the Government of Ghana to redevelop the Trade Fair site into a multi-purpose and modern facility.
Back in 2019, the two parties contracted a third-party company to undertake horizontal development of the entire Trade Fair site.
The scope of works included servicing of land and construction of infrastructure including roads, drainage, relocation and extension of utilities as well as partitioning of the site into varying lots.
Additionally, the agreement will allow for the establishment of a Joint Venture Company to accelerate the development and financing of world-class luxury hotels, high-end malls and other residential and commercial developments as agreed in Phase 2 of the MoU on land spanning some 65 acreages.
