THE BOARD of the Ghana Trade Fair Company (GTFC) has submitted proposals to the Ministry of Trade and Industry for redevelopment of the Trade Fair site in Accra under a public-private partnership (PPP) arrangement.
The first phase of the redevelopment exercise is expected to cost an estimated US$1.1billion.
“[We plan on] redeveloping the whole Trade Fair site. We asked an Irish company to [undertake the feasibility] study for us and recommend what can be done. They completed the study as far back as 2010, but unfortunately no decision was taken,” Captain (Rtd) Kwadwo Butah, Board Chairman of GTFC, told the B&FT in an interview.
He said under the proposed new development, the GTFC will “do some high-rise housing around the lake, do offices, meeting halls, [reconstruct] our exhibition centres, do a shopping mall, and generally to put up structures that are economically profitable and will support the trade exhibition facility.”
He disclosed that the Board is currently negotiating with owners of the Trade Fair site to see how best to pay for the site, which currently has an estimated land value of US$23million. The GTFC is expected to play a central role in the hosting of the ECOWAS Trade Fair in October 2013.
The Trade Fair Company, in meeting one of its statutory obligations of organising yearly international trade exhibitions to facilitate local and international trade, is currently hosting the 17th edition of the Ghana International Trade Fair.
The Fair, which started on February 28 and ends on March 11, has over 420 local and international exhibitors participating.
GTFC, formerly the Ghana Trade Fair Authority (GTFA), is an autonomous self-financing state-owned enterprise established by PNDC Law 215 in 1989. GTFC is administratively accountable to the Ministry of Trade and Industry.
Fairs and exhibitions organised by GTFC are noted for their high standards. The company has previously hosted the Pan-African Trade Fair and Investment Conference in response to a recommendation of the Africa Commission for the region to raise a targeted US$3billion to support African SMEs.