The International Finance Corporation (IFC) has announced it is investing $4.4 million in A&C Development, a Ghanaian real estate company building a three-storey commercial center that will meet a growing demand for office and retail space in Accra.
According to the IFC, A&C’s new commercial center will represent an expansion of the existing commercial and retail complex, known as A&C Square located at rapidly growing suburban area of East Legon in Accra.
“The investment in A&C Development Company Ltd will provide an urban foothold for small and medium enterprises that have trouble gaining access to commercial venues,” the IFC said in a statement June 29, 2012 adding “A&C Square already has a waiting list of over 45 potential tenants for office space
It indicated that the new building will also provide additional retail space in Accra to complement the already existing retail establishment.
Andrew Asamoah, CEO of A&C Development Company, said, “The need to expand is a result of the growing need for office and retail facilities to meet the continuous expansion of the East Legon community.”
The IFC Country Manager for Ghana, Mary-Jean Moyo said “The A&C building will provide a one-stop shopping center for consumers in Accra, and also serve as a platform for retail space for small and medium businesses, catalyzing local employment.”
IFC said it will work closely with A&C Development Company to ensure international environmental, health and safety standards at the site.
By Ekow Quandzie