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Business News Wed, 18 Nov 2009

GIA Partner Big Airlines

Well renowned airlines have expressed the interest to partner Ghana International Airline as part of the airlines major revamping and restructure programme.

The agreement will require the interested airlines to buy shares when the government off loads parts of it 70 percent shares in the company.

This follows the impressive operations of the GIA over the last year which have been lauded by the international aviation fraternity.

The Chief Executive Office (CEO) of the airline Mrs Gifty Annan-Myers made the discloser in an interview with Newsmen in London.

She said plans are far advanced for the proposal to be finalised and the necessary legal and administrative procedures to commence adding that “we are only waiting for the end of our legal battle.”

Mrs. Annan-Myers she it was premature to name the airlines but indicated that they have followed the operations of the GIA for some time now and they are impressed of our achievements.”

“They are very much interested because they have seen that GIA is viable and can make huge profits if good structures and facilities are put in place. That is why management found government decision to give the airline time to restructure and become self sustaining was expedient and very much welcomed” The CEO affirmed.

She said the decision brings new and revived breath into the airline and not the end of the road as being speculated. “The negative publicity that characterised the announcement on the government’s decision created the impression that the airline was coming to an end but it was rather the new birth.” Mrs Annan Myers stressed.

Mrs Annan Myers noted that the decision was an excellent approach that will give the airline a new beginning. She however expressed concern about the time frame saying that was too short.

“We will survive and become a very great airline we have even started restructuring the airline, some of us have to bring on board our commercial experience and many other staff members are so committed and that is why we have improved tremendously in a very short time. She observed.

She said the decision of government was not explicit explaining that apart from the issue of withdrawal of subvention; nothing concrete was mention in the three paragraph letter signed by the Minister of Transport.

She declared, “They should tell us if they (government) will want to offload their shares, they should tell us what kind of investors they will want to come on board and they should tell us the kind of enabling environment they are creating for the airline”

She said as part of the restructure programme of the airline, an aircraft will be acquired to fly around the west Coast to serve as a feed to the London and Dusseldorf route. This according to the CEO will increase the profit margin of the company.

She explained that with the current operation there are huge profit margins in the high season of three months only but such three months profit has to compensate the rest of the year. A situation she described as not good enough for an airline like the GIA

Source: Nana Sifa Twum, London