Ghana government’s $2b Trade Fair redevelopment project to begin in 2020
The estimated $2 billion investment on the Trade Fair redevelopment project to meet international standards will start next year, 2020.
The first phase of the project to commence in the first quarter include work on the convention Centre, Exhibition halls and hotels, while the second quarter involve the development of others like offices, amusement parks and a made-in-Ghana village.
The project would be turned into a modern facility within five years, and will not only be physically attractive, but also commercially viable, capable of sustaining itself and generate significant economic and commercial benefits to its shareholders through dividend payments and job creation.
Professor George Gyan-Baffour, the Minister of Planning, speaking at the investor conference in Accra said, the project was to enable government to build a first -class multi -purpose international Trade Fair Centre to enable Ghana showcase and promote her exportable products and services with a view of attracting investors.
He added that the government and the Trade Fair Company will finally have an opportunity to put to good use this prime land at the heart of the capital city and create business opportunities for investors and the people of Ghana.
The Minister said the project when completed would generate an additional tax revenue from business and developments and an estimated 10,000 jobs would be created throughout the planning, construction and post- construction management.
Prof Gyan-Baffour said government would continue to improve the macro-economic environment through policies and programmes to strengthen the economic fundamentals for businesses to thrive.
“We will continue to work on finding the right tax regime that works for the private sector as well as the stakeholders”, he added.
He said government had improved the clearing of goods at the ports, through the introduction of the paperless transaction system that facilitated easy transfer of goods through the port.
“Government revenue has increased by more than 35 per cent and is working assiduously to address the financial sector to enable strong private sector credit growth”.
He said the minimum capital requirement of the bank was increased from GH¢120 million to GH¢400 million to ensure that the banks had the capacity to lend and support the private sectors towards economic growth and progressively build a Ghana beyond aid.
Mr Ken Ofori-Atta, the Minister of Finance said the project would position the country to be the regional hub as Ghana host the Secretariat of the Continental Free Trade Area.
He said the country was pushing for the creation of the financial, aviation and petroleum hubs to serve the region and attract investors.
Mr Ofori-Atta said the country had made strides on the macro-economic indices after the IMF exit, stressing that inflation had moved from 15.4 per cent to 9 per cent.
“We will continue to institute fiscal policies that will ease the burden of doing business and make the country the preferred destination for investment”.
Dr Agnes Adu, the Chief Executive Officer, Ghana Trade Fair Company Limited said the conference was to provide a platform for investors and potential investors to interact and clarify issues of concern.
She said the project, which covered an area of about 156 acres, would create a well-coordinated and a well-managed international class commercial enclave, capable of attracting global trade and investment into the country.
Source: GNA