The development of A&C Mall took a decade to complete after its founder, Dr Andrew Kwaku Asamoah, faced significant financing challenges in the early stages of the project.

Speaking on the Kafui Dey YouTube Channel, Dr Asamoah revealed that local banks were unable to provide the long-term financial support needed to bring his vision to life, forcing him to rely on personal resources to sustain construction.

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“The banks were not used to long-term 20‑year or 25‑year financing. Interest rates were very high. I had to sell my properties abroad to be able to start on my own. Financing was very difficult, so I decided to start in phases,” he explained.

Dr Asamoah disclosed that he sold properties overseas to raise funds after conventional financing options proved unsuccessful.

He adopted a phased development strategy, allowing the project to move forward gradually as resources became available.

This approach sustained the mall until it attracted support from international financiers, including the International Finance Corporation (IFC), which provided funding for expansion.

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He noted that Ghana’s banking sector at the time was not structured to provide long-term funding for large-scale real estate projects, making it difficult for developers to execute ambitious projects without external support.

The phased approach, Dr Asamoah said, was critical in keeping the project alive until international financing was secured, ultimately enabling the completion of one of Accra’s most prominent shopping destinations.

DR/SA