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07.09.2004 Business & Finance

Govt to announce Ghanair's replacement

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Barring any unforeseen events, Government and the Ghana International Airlines (GIA) consortium may today announce a new airline to replace Ghana Airways.

The new airline to replace Ghana Airways will start commercial operations in the first quarter of next year and is expected to be used as a platform to raise new equity, debt and equipment financing of some $55 million.

Meanwhile, Messrs. Price Water House Coopers has been chosen to advise Government on the ring fencing of the debt of Ghana Airways, which has been absorbed by Government.

The new airline is to be headed by J. Ralph Atkin, founder of Sky West Airlines.

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