Skip to main content

IDC invests R1.5 billion in Ghana and Uganda



The Industrial Development Corporation (IDC) has invested about R1.5bn in hotels in Ghana and Uganda.

The IDC said the construction of the hotels was part of its drive to create opportunities for local companies to export their goods and services into the rest of Africa. The corporation already has exposure of close to a $1bn in the rest of Africa.

"Those hotels are almost done," IDC CEO Geoffrey Qhena said. "The hotel in Ghana will be operated under Marriott and the one in Kampala under Hilton.

"Some of the goods and services that were used in these hotels come from SA and these are things such as furniture fittings and equipment."

Mr Qhena was a panellist at the Africa CEO Forum in Geneva. He and Mo Ibrahim, the founder of the Mo Ibrahim Foundation, were vocal at the forum about the importance of integrating African economies.

The IDC has about 60 projects in about 20 countries in diverse industries such as energy, infrastructure, agro-processing and services. Last year the company sold its 20% stake in Habesha Cement in Ethiopia to SA’s PPC.

The IDC had invested R74m alongside PPC in 2012, Mr Qhena told Business Day.

Following the sale of the IDC stake in Habesha Cement to PPC, Mr Qhena said his company did not have plans to exit other investments in the rest of Africa. Instead, in the short term the company planned to invest about R9m in some smaller projects on the continent.

"There are big projects that need to happen," Mr Qhena said. "We are keen on that."

One of the big projects was the Inga Hydro Energy project in the Democratic Republic of Congo. It presented an opportunity for a number of African countries to work together in generating power.

Mr Qhena said in an interview that without regional integration it was not easy for South African companies to move their goods and services in the rest of Africa. "What we want to do is put life into regional integration.... We have seen that South African companies have been exporting some goods to the rest of Africa."

He cautioned that if regional integration did not happen, Africa ran the risk of having to rely on European markets.

Mr Ibrahim called for the removal of customs red tape at the border posts of African states.
Credit:  bdlive.co.za

Comments

Popular posts from this blog

Deputy AG sues Facebooker over 'malicious' Ameri deal

The Deputy Attorney-General and Member of Parliament for Bolgatanga East, Mr Dominic Ayine has filed a defamation suit at an Accra High Court against a Facebook commentator, Evron Hughes.
In Mr Ayine’s statement of claim, sighted by Graphic Online, he accused Mr Hughes of defaming him in a post he authored and published on Facebook on December 21, 2015, titled “RE: AMERI TRANSACTION”.
According to the Deputy A-G, the “false and malicious” post has provoked “public disaffection” against him and exposed him to public ridicule and contempt.
Describing Mr Hughes as a “self-styled social media blogger and a social commentator”, Mr Ayine said the Facebook post had brought his hard-won reputation “as a respected politician, teacher and lawyer” into “hatred, ridicule, odium, discredit, contempt, opprobrium and reproach”.
The Deputy A-G said the “defamatory words” were authored with the sole intent to reduce him in the estimation of all right thinking Ghanaians, adding that he had received numerou…

Meet Ghanaian female shoemaker

The Saint Ozwald shoe brand

By: Fred Yaw SARPONG
The Daily Express

From her humble beginning in Sunyani in the Brong Ahafo region, a senior high female graduate from the Twene Amanfo Senior high in the Brong Ahafo Sunyani and a Ghanaian now boasts of being one of the most popular Made-in-Ghana shoe brands and has the most number of celebrity endorsements.
Sandra Ozwald, CEO of Saint Ozwald

After Sandrah Ozwald completed school in 2013, her parent couldn't have enough money to help her continue school so she planned to do something for herself by selling ice cream, groundnut cakes or food. Back at the senior high, Sandra used to make groundnut cakes, condensed toffees and ice cream to support herself since her mother couldn't provide all for her.

With 12 siblings and the only girl child (2nd born) among them, and whiles planning which of these to sell, Sandra attended a friend’s wedding and the grooms shoe looked so attractive to her.

According to her, the groom’s shoes were Ma…