Kufuor Opens Accra Mall

PRESIDENT JOHN Agyekum Kufuor yesterday officially opened the biggest mall in Ghana.

The Accra Mall, a unique shopping centre that has 65 shops under one roof in the retail, service and food business, is expected to provide a new lifestyle of a one-stop shopping complex as seen in developed economies.

Completed at a total cost of $40 million, it occupies 5,000 out of the 20,000 square metres of land off the Spintex road, with enough space to accommodate over 900 cars.

Since the location of the shop is an earthquake zone, the construction design, apart from meeting the highest safety and engineering standards, also meets earthquake standards.

It is estimated to provide 5,000 people with jobs.

President Kufuor, in a speech, commended Mr. Owusu Akyaw, a Ghanaian whose brainchild is the Accra Mall in partnership with ACTIS, a leading South African Private Equity investor in emerging markets.

“Initially when he told me about this project I thought he was being too idealistic.”

Touching on how government welcomes private sector initiative as it generates employment and creates wealth, the President said factors that used to undermine the development of the private sector were being addressed.

He also encouraged the tenants of the ultra modern centre to be good corporate citizens by meeting their tax obligations and also safeguard the international image of the mall through strict observation of environmental and sanitary regulations in accordance with world standards.

Mr Akyaw, who is a retired banker, explained that since he bought the piece of land on which the shopping centre sits now in 1978 he had overcome all the initial skeptical views local private investors and financial institutions held.

With the project now completed, he expressed satisfaction that he has now proved that such strategic projects needed for the mordinisation of the country could be undertaken by the private sector.

“It was also to prove that the surest way to attract foreign investment is when the local entrepreneurs themselves identify the felt needs of the people.”

Dr. Inkonsa Moyo of ACTIS said his company had raised over $6 billion for investment in emerging economies and asked local entrepreneurs to source for such financial support, noting that “there are opportunities in Africa”.

By Emelia Ennin Abbey