Business News Thu, 28 Jun 2012

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IFC supports Alliance Estates to build Protea Hotel at Takoradi

International Finance Corporation (IFC), a member of the World Bank Group, is providing a $5.45 million loan to Alliance Estates Limited, to build the first Protea hotel at Takoradi.

The 132-room three-star hotel if completed will help meet demand for business infrastructure as more investors are venturing into the oil producing area of Takoradi, IFC said in a statement copied Ghana News Agency in Accra on Thursday.

It would catalyse local employment as 130 new staff (65 being women) would be hired and trained.

Alliance Estates Limited is owned by the Mohinani Group and Capital Alliance Property Investment Company (CAPIC).

Ghana’s economy has been expanding at a high level, with growth touching 13.6 per cent in 2011.

At Takoradi, international hotels are limited despite increased business traffic from investors interested in developing the oil and gas industry.

The Protea hotel would be among the first to provide international-standard rooms.

Mr. Ashok Mohinani, Executive Director, Mohinani Group, said, “Partnering with IFC and CAPIC will strengthen the Mohinani Group’s drive to add value to the Ghanaian economy through investments in the hospitality industry. We look forward to a successful partnership”.

Mr. Obi Nwogugu, Fund Manager of CAPIC said, “This investment continues our relationship with IFC towards developing the hospitality industry in West African countries experiencing growth and attracting more business travelers. CAPIC looks forward to a successful partnership with IFC to help meet the needs of Ghana’s economy”.

Mr. Yolande Duhem, IFC Director for West and Central Africa said, “As investors grow interest in Sekondi-Takoradi, Protea hotel will meet demand for business facilities and accommodation. In Africa, IFC’s hotel investments are creating an average of 1.5 to three jobs for each hotel room and have boosted local economies. Hotels generate tax revenue, provide linkages to local suppliers, and contribute to sustainable growth in a country.

“IFC will work closely with Alliance Estates Limited to ensure international environmental, health and safety standards at the site. The hotel is planning to use local suppliers for food, building materials and related services.”

The project would employ 250 workers during the construction stage.

Due to their multiplier effect on local economies, IFC has invested more than $2.5 billion in hotels since 1956.

The Protea investment in Ghana marks IFC’s 20th hotel project in sub-Saharan Africa.

As Ghana’s economy expands, IFC is seeking to support infrastructure, tourism, agri-business and small and medium businesses.

In fiscal year 2012, IFC expects to invest $250 to $300 million in Ghana.**

Source: GNA

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