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Nana Attah Obeng, Mankrado of the town, told the Ghana News Agency projects for the first phase include the construction of an Information and Communication Technology (ICT) centre and an orphanage.
The Mankrado, who had already offered some free land to the Ayensuano District Assembly for the construction of staff bungalows, is also putting up a building to be used for a rural bank.
He said the initiative was his personal contribution towards the development of the area.
Nana Attah Obeng said the projects would be carried out with communal labour and voluntary contributions by the people.
He appealed to investors and developers to establish small-scale businesses in the area to create jobs for the youth and that prospective entrepreneurs should approach him for proper acquisition of lands.
He commended Nana Adu Kofi Foundation, a non-governmental organisation, for building an orphanage to take care of about 35 orphans from Coaltar, Ntowkrom, Kraboa, Oko Nkwanta and Laa Mangoase.
Nana Attah Obeng appealed to philanthropists, benevolent societies and organisations to support Nana Adu Kofi, Twafohene of Coaltar.