The Ghana-Libya Arab Holding Company (GLAHCO) and the China State Hualong Construction (Gh) limited, yesterday signed a 14.7 million-dollar agreement to rehabilitate the City Hotel in Kumasi in the Ashanti Region into a four-star hotel.
Work is expected to begin today and end in October 2007. The hotel would be refurbished and provided with 112 rooms, apartments and executive suits.
Mr Kwadwo Baah Wiredu, the Minister for Finance and Economic Planning, signed for Ghana and Mr Su Yue-Hua, President Ghana Chinese Chamber of Commerce, signed for the Chinese company.
Mr Baah Wiredu said Libya was providing 60 per cent of the amount while Ghana would provide 40 per cent. He said the project was the final of several projects GLAHCO is undertaking in the country.
The other projects are the Golden Tulip Hotel that is to be expanded, Airport City project, some estates at Adjirigano at East Legon, Aluworks warehouse at Tema and the development of an 8,000-acre farm at Kodji near Sogakope in the Volta Region. He said 500 acres out of the 8000 acres had been developed with 475 used for the cultivation of mango and 25 acres for lime.
Mr Ernest Asamoah, Executive Director of GLAHCO, said it has taken a long time to reach the agreement because of the quality of work expected.
Mr Su Yue-Hua said the firm had carried out a lot of projects for the education sector and the presidential office and was confident that it would be able to carry out this assignment well and on time. He gave the assurance that from next week the team of workers would move to Kumasi to start the project.