US Company to Develop Luxury Estates in Asante

In July 2001, a sod cutting ceremony will be performed for the first of 120-unit housing community in Ahenman Kokoben near Kumasi. The Kokoben Estates, which will be 3 miles South of Kumasi is being developed by a United States based company specialising in project management of economic development initiative in Africa.

The African Growth Economic Company (AGRECORP) was however incorporated as a Ghanaian Limited partnership in July 1999 with primary business interest being commercial and residential estate development.

According to Ms. Beverly Ani Smith, the African-American Chief Executive Officer of the company, "AGRECORP will utilize the expertise and quality products available within the Ghanaian market place to complete this project. It is this strategy that will enable AGRECORP and its partners to provide quality, competitive homes to resident-Ghanaian, nonresident-Ghanaian and intentional customers."

According to Ms. Smith who is working with some fellow Americans and some renowned Ghanaian personnel including Financial Consultants, architects and development managers, capital for the estates have been sourced through private investment from the United States and developing long-term mortgaging options with Ghanaian financial institutions for potential customers.

This housing community when completed in two years, will be first upscale luxury complex to be developed in the Asante Region. It will include 120 fully serviced sites to accommodate three to five bedroom floor plans. The floor plans will comprise one and single and two-story designs, with living space ranging 2500f to 5500f.

Already, land has been secured through arrangement with the Manhyia Palace. The Asantehene Otumfuo Osei Tutu II has given his approval to the project. According to the Project's Development and Media-Consultant- Ivor Agyeman-Duah, AGRECORP's other Non-Governmental Organisation will also contribute to the education and health needs in the country starting from Kumasi. He says, "what AGRECORP wants to do is to first complete the 120 units, continue to produce more and then extend to other parts of the country. Later it will make Ghana its West African base."