The Reroy Group, dealers in electrical cables on Wednesday commended the government for taking the initiative to redevelop the Ghana Trade Fair site to meet international standards.
In an interview with the Ghana News Agency in Accra, Mrs Kate Quartey Papafio, who is the Chief Executive Officer of Reroy Group, commenting on the redevelopment project expressed readiness to partner government for its successful implementation.
Mrs Quartey Papafiao who is also the Chairperson, Electricals and Electronics of the Association of Ghana Industries, lauded government’s plans to adopt a multi-developer and Public-Private Partnership arrangement for the project, saying the move would enhance the participation of local companies.
The project is estimated to cost $2billion, scheduled to begin next year, 2020; the first phase which would commence in the first quarter includes; works on the Convention Centre, Exhibition halls and hotels, while the second phase involves the development offices, amusement parks and a made-in-Ghana village.
Mr Ken Ofori-Atta, the Minister of Finance in the 2019 mid-year review and supplementary budget, which was presented to Parliament on July 29, affirmed government’s commitment to support the project, adding that the facility, when completed, would host international events in the country.
The Finance Minister announced that Ghana won the bid to host the secretariat of the African Continental Free Trade Area (AFCFTA).
The AfCFTA is the world’s largest Free Trade Area, covering 54 countries with a population of an estimated 1.2 billion people and a Gross Domestic Product of $3 trillion.
It is expected that by hosting the Secretariat, Ghana will become a regional hub for trade facilitation.
Reroy Group was among the companies that won the international competitive bidding in 2016 to redevelop the Ghana Trade Fair Site into a state-of-the-art trade exhibition site conducted by Pricewaterhouse Coopers and issued by the Ministry of Finance.
The project covered an area of about 156 acres, would create a well-coordinated and a well-managed international class commercial enclave, capable of attracting global trade and investment into the country.
The project would be turned into a modern facility within five years and will not only be physically attractive but also commercially viable, capable of sustaining itself and generate significant economic and commercial benefits to its shareholders through dividend payments and job creation.
The Centre, upon completion, would have an ultra-modern mixed-use commercial estate with convention and exhibition facilities such as shopping malls, offices, trade village, leisure centres, hotels, cultural parks and amusement facilities.