The Asantehene, Otumfuo Osei Tutu II, has underscored the need for unique policy interventions to give incentives to indigenous individuals to invest more in the country to spur economic growth.
“It is time to begin a national conversation to encourage Ghanaians to have faith in the nation and be prepared to put their money where their mouths are,” he asserted.
But for that to happen, the Asantehene said the country must roll out unique policies and programmes beyond those already in existence to motivate and reward private endeavours and minimise the risk with investments towards the ultimate growth of the private sector.
Sod-cutting
Otumfuo Osei Tutu said this during the sod-cutting ceremony for the Airport City Kumasi project last Friday.
The event attracted members of the clergy, the Turkish Ambassador to Ghana, Hüseyin Güngör, officials of the Ghana Airports Company Limited, partners and a section of the public.
The project is the brainchild of Stephen Owusu, who is the founder and Chief Executive Officer (CEO) of HDG Group, which operates a range of diversified businesses in various sectors of the economy.
Project features
The mixed-use Airport City Kumasi project is located on a 50-acre land opposite the Prempeh I International Airport and features the Greenwich, a residential facility with over 80 luxury homes in a gated community, and the Kensington Heights with four distinct 15-floor luxury apartment buildings to deliver 750 rooms.
Others include Best Western Premier, a luxury hotel with world-class entertainment and service, the Cinnamon, a grade A office complex with mixed-use facilities such as a shopping mall, restaurants, a medical facility and a school; a multi-purpose event centre and parks.
HDG Homes, which was set up in 2019, has partnered Miller Holding, a prominent Turkish construction firm, to develop the luxury apartment and penthouses, with the first phase expected to be completed within two years.
“Our people have to be upfront in leading development efforts as we need our entrepreneurs to step forward and be prepared to take the risk of investing in a sustainable manner towards the development of the country,” the Asantehene said in a speech read on his behalf by Otumfuo’s Hiahene, Nana Professor Oheneba Boachie-Adjei Woahene II.
Cedi’s stability
The Asantehene used the occasion to commend President John Dramani Mahama’s government for bringing some stability to the local currency in the foreign exchange market.
Otumfuo Osei Tutu stressed that the stability of the cedi had provided a sound foundation for rational dialogue within the business community, saying “we hope that it will encourage the desired upsurge in productive investments”.
Tribute
Otumfuo Osei Tutu paid tribute to Mr Owusu for his vision, creativity and dedication to the development of the region, adding that the project was one of the examples their sons and daughters were being encouraged to emulate towards the region’s progress.
While rallying support for the successful execution of the project to attract more investments, the Asantehene said there was the need for massive regeneration of Kumasi to position it as the power house of the northern belt to create the needed jobs for the ever-increasing youth.
Smart city
Mr Owusu said the project would be a smart sustainable city that would rival most of the top developments within Africa.
He said though the project would be delivered within the stipulated period of two years, some of the developments were expected to be completed in less than two years, particularly the Greenwich, which would be ready in the next five months.
“I urge you all to support us so that the project is completed in record time”.
“Airport City Kumasi is poised to attract investments exceeding millions, further propelling Ghana into a commercial epicentre for both the nation and the West Africa region,” the project’s vision-bearer said.
Regional development
Kwabena Obeng, the CEO of KOSS Assets, one of the investment partners of the project, said the future of airports would not just be points of transit, but rather engines of regional development.
He stated the Best Western Premier hotel for the city was a $15-million investment, reflecting the long-term viability and growth of the economy, saying “over the medium to long term, we are targeting about $70 million to $100 million investment within the airport city enclave”.
He added that the facility would not only provide premium hospitality to travellers, but would create hundreds of direct and indirect jobs for the teeming unemployed youth in the region to improve their lives.
“It will contribute to the expansion of Ghana’s tourism and aviation ecosystem, and support the broader goal of making Kumasi a vibrant commercial and logistic hub in West Africa,” Mr Obeng stated.
Maiden project
The President, Miller Holding, Mert Mildon, said even though the project was their first to be executed in the country, they would soon launch new projects in Accra and Kumasi, saying “we are proud to bring to Ghana the positive impact we have created across Africa”.
He added that the company, whose investments in Africa had reached $3 billion, would leave a mark in Ghana’s built industry after the completion of the smart and sustainable city project.
Govt support
The Ashanti Regional Minister, Dr Frank Amoakohene, commended the initiative and reaffirmed the government’s support to the private sector through the tax waivers and tax holidays, among others, aimed at boosting investment.
With about 41 per cent of households in the region living in rented apartments, coupled with a lack of modern infrastructure and security, the Regional Minister said the project would contribute to closing the housing deficit in the region.
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