The old Accra Race Course site is to be redeveloped into a multi-purpose complex to include a five-star hotel, shopping mall, office and apartment suites.
This follows parliamentary approval on Friday, of a support agreement between the government, Cascade Development Company Ltd. and Gold Coast Resort, International Ltd.
The redevelopment of the 14.16 acre site into a mixed user complex is to augment the present stock of hotel accommodation in the country and also to turn the Accra International Conference Centre area into a complete convention centre of excellence.
The motion for the approval of the support agreement was moved by Nii Adu Daku Mante, Chairman of the Finance Committee and seconded by J.B. Danquah Adu, Chairman of the Committee on Trade, Industry and Tourism.
Presenting a report on the agreement, Nii Mante said Cascade Development Company had obtained a sublease covering the Accra Race Course from the Ghana Tourist Board to redevelop the site, adding, that cascade had relocated the Race Course to Ashaley Botwe, off the motorway at its own expense.
He said the committee was informed that the intended project was part of the original plan of the Accra International Conference Centre but due to government's inability to find a partner who would be willing to bear the cost of relocating the race course, the project could not be fulfilled until now.
The committee noted that the government had agreed that the conference centre, which is adjacent to the site, would either be leased to Cascade Development Company or one of its affiliates on terms to be agreed between the parties.
The House also approved a $12 million agreement between the government and the Saudi Fund for the second phase of the rehabilitation and expansion of the Bolgatanga Regional Hospital.
The second phase entails construction of public health and dental services block, construction of a blood bank unit, construction of an accident and emergency centre, construction of mortuary building, among their works.
A report of the committee on Finance on the project said in 1999, the government secured a $4,100,000 loan facility from the Arab Bank for Economic Development in Africa (BADEA) for the first phase of the project.
In 2003, an additional loan of $1,200,000 was extended by BADEA to Ghana to address funding shortfall on the project, the report said.
The first phase, which commenced in 2004 included construction of a new Out-Patient Department, two blocks fore Senior Staff quarters, security Fencing; and rehabilitation of electric and water supply and sewerage networks.
It said the project is aimed at supporting government's policy of rehabilitating and expanding health facilities in deprived regions to facilitate the effective implementation of the National Health Insurance Scheme.