Saturday, 27 July 2019

US$2bn budgeted for Trade Fair Redevelopment


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Adnan Adams Mohammed

To fulfill the Ghana International Trade Fair Centre redevelopment agenda, an estimated amount of US$2.0 billion has been budgeted by government under the Ministry for Planning.

The government expects that, the investment for the redevelopment of the Centre into a modern trade exhibition site will generate additional tax revenue from new businesses and investors – locally and on the international sphere.

The project is anticipated to take about three to five years and expected to be carried out in three phases with one phase projected to lead to the development of a 12,000-seater trade convention centre. Also would be modern hotels, retail shops, among others are expected to be built on the site.

“For the government and the people of this country especially this community, this estimated US$2b investment that will generate additional tax revenue from the new businesses and new development,” Minister for Planning, Professor George Gyan- Baffour disclosed at the Ghana Trade Fair Centre Redevelopment Investor Conference held in Accra last week.

The Finance Minister, Ken Ofori-Atta has said, the facelift will fulfill Ghana’s plan of becoming the hub of financial services in Africa.

Prof Gyan- Baffour further stated that, the Centre will also provide an estimated 10,000 jobs including 3,000 direct jobs and 7,000 indirect ones throughout the value chain.

“That is from project planning to construction and post construction management,” he explained.

Prof. Gyan-Baffour added that the “hub of highly intensive business activities”, once completed, will generate a permanent employment of more than 10,000 people any given moment as well as an estimated US$150m worth of business annually.

On tourism, he indicated that the development also has a huge potential to boost the sector in the country.

Thus, “The Ghana Trade Company has made sure that the design, concepts would drive tourism through the various theme parks and hotels as well as the retail outlets that will serve the entire sub region.”

Recreational facilities, he further indicated, will provide health benefits and reduce crime. 

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