in Business & Finance / Airports

UKEF to support Tamale Airport development

Posted 28 February 2019 · Add Comment

The UK's International Trade Secretary Dr Liam Fox has announced that UK Export Finance (UKEF) will provide £130 million to support three projects in Ghana, including the development of Tamale Airport.

Right: Tamale Airport.
Courtesy UKEF


Support will be provided to projects that have a direct impact on the country’s infrastructure and economic development, while delivering opportunities for British companies.

The announcement was made at the latest meeting of the UK Ghana Business Council, a strategic partnership  encouraging trade between the two countries.

A guarantee for a £43.8 million loan will be provided by UKEF to the Ministry of Finance to support the contract with QG Construction UK for the modernisation of Tamale Airport in the northern region of Ghana.

The project will include the construction of a modern new international terminal building, access roads and ancillary facilities exclusive for civil aviation in the existing airport space.

The expansion is designed to promote economic growth, to increase tourism and to boost socio-economic development by improving connections to the north of Ghana. It will also benefit Hajj pilgrims with the new Multipurpose Facility serving as a terminal building during the Hajj Season.

In addition, £70.3 million of the support will go towards a contract for Contracta Construction UK to develop and modernise Kumasi Central Market, a major trading centre in the Ashanti region. UKEF will provide a direct loan and bank guarantee to Ghana’s Ministry of Finance to fund the contract, which will include improvements to electrical networks, water supplies, generators, fire detection systems and public transport. Bekwai hospital will also be provided with a guarantee for a £17.6 million loan from UKEF to support a contract between Ellipse UK and the Eurofinsa group. The companies will manage the hospital’s completion including supply and installation of medical equipment.

International Trade Secretary Dr Liam Fox MP said: "Ghana is an increasingly dynamic economy and I am delighted that UKEF is supporting the development of the vital infrastructure that will underpin this growth. These projects will have a dramatic impact on trade, healthcare and transport in the country and demonstrate how British expertise across a number of sectors is improving vital infrastructure all over the world.

"This is just one example of the work we are doing as part of the Government’s Export Strategy, an ambitious plan to grow exports to 35% of UK GDP. We’re supporting UK businesses with financial support provided by our award-winning export credit agency UK Export Finance, and teams around the world are on hand to provide market-specific support where needed. I encourage any business looking for similar financing support to get in touch with our team through the great.gov.uk website."

Cristiano Becker Hees, Managing Director, QGMI UK said: "Tamale airport’s expansion is a priority for the Ghanaian Government, demonstrating the importance of improved transportation links to the continuing growth of the country’s economy and, particularly, the northern region of the country.

"We look forward to working on this transformational project and welcome the UK Government’s continued support of British exports overseas."

 

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