Ghana Airports Company set to begin work on new project
The Ghana Airports Company Limited (GACL) has started preparations towards the construction of its new project, christened the “Airport City II”.
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To be sited near the Accra Polo Grounds, the project will comprise offices, hotels, malls, entertainment centres, car park and other airport related facilities.
At the company’s Annual General Meeting (AGM) in Accra yesterday, the Managing Director of GACL, Mr Charles Asare, said, the project, when completed, would boost non-aeronautical revenue.
Among other works currently ongoing at the site are the construction of the road network and laying of the foundation pillars.
Mr Asare said the first phase of the project would involve the construction of roads and other infrastructural facilities.
Asked whether the company had secured funding for the project, he said GACL would undertake the project with any interested partner.
“Since the project would be in a form of a public private partnership (PPP), GACL is open to work with any interested private company,” Mr Asare added.
He said the airport city phase one project, which was now home to major architectural master pieces, was one of the most sought-after business districts in the capital. “It is, indeed, a reflection of the quantum of foreign investment into Ghana’s real estate sector,” Mr Asare said.
Other projects
Talking about some of the development projects the company was undertaking, Mr Asare said the GACL, over the past year, had undertaken many projects to improve the efficiency at the airports.
“As part of the company’s effort to improve business processes, a new data centre has been constructed to provide the necessary framework in technology infrastructure,” he said.
According to Mr Asare, the objective was to transform the country’s airports into an ICT driven airports within the sub-region, which would result in efficient and more reliable operations.
Financial statement
The Chairman of the Board of Directors of GACL, Mr Tony Lithur, said for the first time, the company had fully consolidated its financial statement and had applied the new international financial reporting standards (IFRS).
IFRS is a set of accounting standards developed by an independent, not-for-profit organisation called the International Accounting Standards Board (IASB).
Touching on the financial statement for 2015, Mr Lithur said the GACL’s profit after tax decreased from GH¢184.9 million to GHc¢176.6 million, representing a 4.3 per cent decrease in 2015 against the 2014 financial year.
“This was mainly due to increased operational cost,” he explained.