A Memorandum of Understanding was recently signed between the Ghana Trade Fair Company (GTFCL) and Stellar Holding Pte. Limited for the implementation of the project for the conversion of the current Ghana International Trade Fair Center site into a new modern mixed-use smart, green, and sustainable commercial estate.
The agreement was signed by Sunder Kithani, the Chief Financial Officer of Stellar Holding, Dr. Agnes Adu, the Chief Executive Officer of Ghana Trade Fair Company Limited, and Dr. Daniel McKorley, the Board Chair, during the Dubai EXPO 2020.
“Our intentions were hampered by the COVID-19 outbreak, which prompted investors to lose confidence but we are pleased to be back on track, especially with such a solid group of investors,” explained Dr. McKorley adding that this was great news for Ghana, La, and the African continent in general.
Terms of the agreement
As per the agreement, Stellar Holding will establish a partnership organization for the development of a 65-acre portion of the 140-acre global Trade Fair site at a cost of approximately US$1 billion.
The first phase of the project will focus on the development of the Convention Center and Exhibition Halls for the World Economic Forum, Africa. Facilities such as luxury hotels, high-end malls, and other residential and commercial development will be included in Phase 2 of the redevelopment project.
Furthermore, the agreement is expected to allow the formation of a Joint Venture Company to speed the development and financing of world-class luxury hotels, high-end malls, and other residential and commercial developments on land spanning 65 acres, as agreed in Phase 2 of the MoU.
Reported earlier
Ghana International Trade Fair Center to be Converted into Mixed-use Commercial Estate
The 156-acre piece of land occupied by the Ghana International Trade Fair Center and other tenants is set to be converted into a new modern mixed-use smart, green, and sustainable commercial estate.
This new destination will also house a technological hub that will serve as a commercial, research, and high-end manufacturing center to support the government’s industrialization drive into the twenty-first century, as well as a Made-in-Ghana trade hub that will help small and medium-scale enterprises.
Implementation of the Ghana International Trade Fair Center redevelopment project
The implementation of the project for the conversion of the Ghana International Trade Fair Center into a new modern mixed-use hub is spearheaded by the Ghana Trade Fair Company, which was founded to aid Ghana’s post-independence trade and industrialization efforts and positioned to promote and exhibit Ghana’s products in order to attract investors.
Seen by His Excellency The President as a key tool in realizing his goal of repositioning Ghana as a trading hub for West Africa, the company created a project idea and Blueprint for this goal, and then hired a Horizontal Developer to supply the necessary infrastructure and services for the Master plan’s vertical development.
The project will be carried out in two phases. The first phase will entail the transformation of a tool of 100 acres into a mixed-use complex while the second section will involve the development of recreation and other facilities on the remaining 50 acres.
Upon completion, the facility will allow Ghanaians to compete in the twenty-first-century market economy by unleashing their creativity and innovation.
Jul 2019
Ghana to allocate US $2bn for the redevelopment of Ghana International Trade Fair Centre
The government of Ghana has budgeted US $2bn for the redevelopment of the Ghana International Trade Fair Centre.
According to Minister for Planning, Professor George Gyan- Baffour, 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 in the international sphere.
The project
The project is anticipated to take about three to five years and is expected to be carried out in three phases with phase one expected to include the development of a 12,000-seater trade convention center. Modern hotels, retail shops, among others are expected to be built on the site.
Addressing investors, the minister also stated that the Centre will 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 further added that once completed, the Trade Fair Centre will generate permanent employment opportunities for more than 10,000 people, as well as an estimated US $150m worth of business annually.
On tourism, he affirmed that the development also has huge potential to boost the sector in the country. “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,” he said.
