Business News of Saturday, 7 July 2012
Vice President John Dramani Mahama would on Saturday launch projects involving the construction of two new cities to be situated in the Greater Accra and Western Regions.
The projects are being undertaken by Renaissance Group; a leading emerging markets investment firm and developer of Africa’s most exciting urban living solutions and two traditional communities in Ghana.
This was contained in a statement released in Accra on Friday.
The high level launch event to usher in these innovative and pace setting projects will be witnessed by government and business leaders, traditional authorities and community members, as well as members of the diplomatic corps, the media and other stakeholders in Ghana’s urban development.
Dela Worsornu, Vice President of Renaissance Group, said they were delighted to partner communities in Ghana on these projects, adding; "there are exciting times ahead and we look forward to the launch by the Vice President."
The Western Region city, known as King City, is situated in the projected growth path of Takoradi and the region’s burgeoning trade routes, located 10km from the Takoradi Harbour in the North Asakae area, 10km from the Secondi and Takoradi Central Business Districts and only 5km off the Accra - Ivory Coast Highway.
The development, encompassing 2,400 acres, is designed around a live-work-play concept and will accommodate residential and commercial growth associated with the region’s mining and energy sectors. King City will feature world-class shopping facilities, residential and commercial developments and over 30% of the land dedicated to green spaces.
Experienced urban management will ensure the sustainability of King City’s growth. Built in phases over 10 years, King City will eventually be home to 90,000 residents. Takoradi Commercial Harbour is Ghana’s premiere port and a gateway for natural resources export.
The Appolonia - City of Light, is conveniently situated less than 30km from downtown Accra and Kotoka International Airport, and 20km from the Tema Harbour. Appolonia, situated on 2,000 acres is approximately 12 km off the Tetteh Quarshie to Adenta Highway, offering seamless access to the capital’s growth zones and transport.
The Appolonia masterplan includes large retail and shopping centres, low, medium and high density residential areas, industrial and commercial buildings with strong urban management to ensure the sustainability of the entire development, with 30% of the land dedicated to green open spaces and conservation areas.
Built in phases over 10 years, Appolonia – City of Light, will eventually be home to 88,000 residents. Appolonia is located in the natural direction of growth of the Greater Accra Region, driven by the Tema Port – the largest in the country, and responsible for 80% of Ghana’s cargo.
The Renaissance Group is an independent group of unified finance, investment and management companies specialising in creating value in high-opportunity emerging markets and developing visionary urban solutions across Africa, including Tatu City in Kenya, Kiswishi in Democratic Republic of Congo and Roma Park in Zambia.**