Business News of 2014-05-11

Gov’t to compensate La over Trade Fair land

Government is to compensate the chiefs and people of La over the acquisition of the 127- acre land site of the Ghana Trade Fair Centre in Accra.

A lump sum payment will be made while part of the compensation will be put into equity for perpetual use of the La people, Mr Haruna Iddrisu, Minister of Trade and Industry announced on Friday when he inaugurated a nine-member board of the Ghana Trade Fair Company Limited.

The Minister expressed regret that due compensation had not been paid on the land all these years and said “this time the right thing will be done to ensure peaceful coexistence with the people."

Mr Iddrisu led the board to swear the official oath and the oath of secrecy to usher the members into office. The board is made up of its Chairperson, Ms Hannah Brenda Anewenah Amoateng, a former Vice Chairperson of J P Morgan in USA, Nii Kpobi Tetteh Tsuru, La Mantse, Ms Benita Sena Okity-Duah and Mrs Rosalind A. Kudoadzi.

The rest are Mrs Comfort A. Adjei, Ms Annie Letsu-Tetteh, Mrs Habiba A. Tanko, Mr Joshua H. Akamba and Mr Ebenezer Okpoti Koney. The Trade Minister charged the Board to rise up to the occasion and address the challenges currently confronting the Trade Fair centre, which is not helping in its development.

He said their first task should be the initiation of a policy that would re-establish the Centre either under a public-private partnership or a government to government partnership; and turn the Centre into an international trade convention centre, with a shopping mall, a hotel facility, a recreation centre and a real estate as well as an exhibition centre.

“This is what his Excellency President John Mahama wishes the Centre to be,” Mr Iddrisu stated. He noted that different investors from Paris, Brazil, and Dubai have expressed interest to partner Ghana to develop the Centre and urged the new Board, as a matter of urgency, assess these investors and select the best for the partnership.

He also tasked the Board to ensure that all issues concerning payment of compensation to various institutions is resolved amicably to avoid any payment of future judgment debts.

“The Board should clean-up any existing financial malfeasance at the Trade Fair Centre”, he emphasized.

He asked the Board to protect the assets of the Trade Fair Centre jealously and ensure that all its debtors pay monies owned to the Centre for renting purposes and others.