US$100 million invested in Ghana city developments
Tuesday, 10 July 2012 11:08
Ghana is set to undergo a US$100 million project to construct two new cities over the next decade, according to an announcement from market investment firm Renaissance Group
King City will cover an area of more than nine km sq, and is planned to be within 10km of the business centre Sekondi-Takoradi and five km of the Accra to Côte d’Ivoire highway.
Likewise, Appolonia – City of Light, which is to be developed on eight km sq of land, will be situated 30km from the Ghanaian capital of Accra.
Renaissance, the company behind numerous urban developments in Africa, including Tatu City in Kenya and Zambia’s Roma Park, chose Ghana’s Western Region and Greater Accra Region due to their fast-developing economies.
Renaissance chief executive office Stephen Jennings said, “Ghana’s powerful combination of a dynamic economy and business-friendly environment will allow it to create solutions to rapid urbanisation and demographic growth faster than many countries in the world.”
Upon completion, the cities are expected to further boost their region’s economies, due to the tens of thousands of employment opportunities and the increased foreign and local investment that they will provide.
Furthermore, King City and Appolonia – City of Light have been designed accommodate more than 160,000 residents collectively.
Regarding King City, Chief of Takoradi, Osahene Katakyi Busumakura III, noted, “The potential for land development in Takoradi, with its important proximity to natural resources and port facilities, is something which we must capitalise on in the name of our region’s future.”
Groundbreaking on infrastructure has been scheduled to start in 2013.