Business News of Monday, 9 October 2017
President Nana Addo Dankwa Akufo-Addo has held several meetings with some global business leaders in a bid to woo foreign investors to the country.
As part of actvities marking his maiden presentation at the United Nations General Assembly in New York recently President Akufo-Addo pitched Ghana as West Africa’s premier destination for foreign investment
The President was also the headline speaker at the Bloomberg Global Business Forum, which saw global business captains such as Jack Ma, Executive Chairman, Alibaba Group, Stephen Schwarzman, Chairman, CEO and Co-Founder, Blackstone; and Tim Cook, CEO, Apple in attendance.
At a closed-door investor session hosted by the Business Council for International Understanding, the Minister of Finance, Mr Ken Ofori-Atta, met with Appolonia City’s developer Rendeavour, Africa’s largest urban land developer, and other private sector representatives, including FedEx Corp, Kosmos Energy and MasterCard International. The theme, according to some of the participants, was the transformational change that has invigorated Ghana since the start of the year.
Mr Ofori-Atta promised a focus on transparency by the government, with the objective of upholding the position of Ghana as the pillar of stability within the region.
Introducing the Finance Minister to speak at the forum, Mr Frank Mosier, Chairman of Rendeavour, congratulated Ghana on its commitment to strengthen the country and the region.
“Ghana is a country renowned for its stability and growing economic prospects for investors, whether the investors are entering into Africa for the first time or expanding within Africa,” he said.
King city project
Rendeavour’s two Ghanaian developments, Appolonia City in Accra and King City in Takoradi, will see aggregate infrastructure investment over the course of the developments of over $1 billion and the creation of many tens of thousands of new jobs.
“Clearly, there has been a significant change in emphasis by the Republic of Ghana since January this year. We are happy to count on the support of President Akufo-Addo and his very capable Cabinet on our investment journey,” Mr Mosier said.
Ghana is one of the first West African countries to recover from the commodities down cycle. Strong growth in the hydrocarbon, mining, infrastructure and retail sectors significantly strengthened Ghana’s real GDP growth to 6.6 percent in the first quarter of 2017.
The Chief Executive Officer (CEO) of the Ghana Investment Promotion Centre, Mr Yofi Grant, continued the theme of transparency, highlighting the wealth of opportunity that was available in Ghana.
Extending the hand of friendship to Ghanaian and international investors, he reaffirmed the fact that Ghana was seen as a bastion of reliability in the region.
British consortium invests in Appolonia
In a related development, a consortium, led by prominent British investor, Mr Simon Edwards, has purchased 30 homes at The Oxford, with an intention to accelerate their availability to the Ghanaian market.
The homes are intended as an investment asset for resale or rent to the general public.
The Oxford will be developed to a total of 420 homes across a total area of 20 hectares (49 acres) on completion, with over 50 homes already under construction.
“We are very impressed with the Appolonia City site and the quality and construction of The Oxford. We believe The Oxford provides value for money and an attractive solution for the marketplace,” Mr Edwards said.
Appolonia City offers buyers of The Oxford homes flexible payment terms, with a 40 percent payment on signing and the balance over 18 months. The Appolonia city also has a partnership arrangement with Ghana Home Loans to provide mortgage facilities to buyers with a 20 percent down payment and 80 percent paid over 15-20 years.
“The investment in the Oxford by Mr Edwards and his consortium underscores the strong product offering and value for money at Appolonia City,” Mr Bright Owusu-Amofah, CEO of Appolonia City said
Appolonia City is a 2,325-acre (941-hectare) mixed-use and mixed-income urban development just 20km from Accra. The project includes a variety of social infrastructure underpinned by world-class construction and estate management services.