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28.11.2008 Business & Finance

New Industrial Village For Ghana

By Daily Guide

The Ghana Industrial and Commercial Estates Limited (GICEL) has commenced preliminary work on the development of a second industrial enclave for the country.

The new industrial enclave to be located on the Kumasi-Sunyani highway, near Darko Farms, is expected to provide an enabling environment for production, packaging and marketing of locally manufactured goods.

It would also bring together a sizeable number of artisans, reduce the number of wayside workshops and provide one site shopping centre for consumers in the Ashanti and Brong Ahafo regions.

GICEL, a private limited liability company is owned by Social Security and National Insurance Trust (SSNIT). Its first industrial enclave, which was commissioned by the Vice President, Alhaji Aliu Mahama in 2001, is located at Weija, off the Mallam-Kasoa road.

The acting Board Chairman of GICEL, Dr Jesse Osamensa-Amuah, told the company's shareholders at the 3rd annual general meeting in Accra yesterday that the main objective of GICEL was to help turn the economy of Ghana to a more productive one.

Dr Osamensa-Amuah stated that the rental income of GICEL grew by over 89 percent from GH¢110,465 in 2003 to GH¢209,440 in 2007.  

“The income surplus of the company also increased by over 100 percent from GH¢389,099.3 in 2003 to GH¢796,564 in 2007,” the acting Board Chairman further noted.

He said the significant improvement in GICEL's finances enabled it to pay GH¢400,000 to SSNIT towards the servicing of the GH¢504,000 loan granted to the company.

GICEL yesterday presented a cheque for GH¢200,000 to SSNIT as another payment and pledged to make the final payment of any residual balances by the end of 2009.

Meanwhile, the company has stated that it is tackling the issue of land encroachment seriously.

By Felix Dela Klutse