Public Agenda NewsPaperPublic Agenda NewsPaper
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Font ResizerAa
Public Agenda NewsPaperPublic Agenda NewsPaper
Font ResizerAa
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Search
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Follow US
Breaking NewsBusinesstop stories

Airport Company is debt ridden – Aviation Minister

Latifa Carlos
Last updated: July 10, 2020 9:31 am
Latifa Carlos
Share
5 Min Read
Aviation Minister,Mr Joseph Kofi Adda
Aviation Minister,Mr Joseph Kofi Adda
SHARE

The Ghana Airports Company Limited (GACL) is so burdened with debt accrued from the establishment of Terminal 3 such that it requires a “strategic partner” in making Ghana the aviation hub of the sub-region, Minister of Aviation, Joseph Kofi Adda has said.

Reacting to allegations of the sale and privatization of the country’s airports to TAV-Summa Consortium, a Turkish conglomerate with diversified interests, Mr. Adda stressed that government has not engaged any company on the grounds of a sale or privatization of Ghana’s airports.

The engagements with TAV-Summa Consortium, which currently operates Senegal’s new Blaise Diagne International Airport (AIBD), according to Mr. Adda, is meant to improve the fortunes of the GACL, create more jobs, expand the aviation sector and make President Akufo-Addo’s dream of Ghana as the sub region’s aviation hub a reality.

More Read

Shadows of Empire: The CIA, Kwame Nkrumah, and the Struggle for Ghanaian Sovereignty
Empowering Rural Women through environmental justice: GAGGA grantees convene in Accra
Birim North District Unveils Medium -Term Development Plan and More…
Chief Justice Getrude Torkornoo removed
ABANTU Engages Unsuccessful Women Parliamentary Candidates to Strengthen Political Participation in Ghana

“President Nana Akufo-Addo’s approval to the Ministry of Aviation to engage TAV-Summa Consortium from Turkey as a strategic partner for the management of the GACL is one that is being fashioned in a manner that would see substantial investment into Ghana’s aviation sector and ensure a very viable and liquid GACL which would further enhance the international standard of the sector,” he said at the press briefing yesterday.

He revelled that, the total debt of the GACL was about US$400 million as a result of loans acquired to build Terminal 3 and has been paid down to about US$300 million.

“The fact of the matter is the Ghana Airport Company is chocked with this Terminal 3 debt which it has been paying for a long time. Because of that, they are not able to get any extra revenue to undertake other investments.

The President has also made it very clear that we should find a way and make Ghana an aviation hub of the sub-region. We cannot do this unless we expand the infrastructure. With this debt on the back of the Ghana Airport Company, you have to find resources from elsewhere,” Mr. Adda said.

He further outlined the concept note that has been shared with TAV-Summa Consortium to guide them in shaping an offer for government consideration. The concept note begun by looking at the initiation process which concentrates on the scope of work that needs to be done to make Ghana an aviation hub.

The notes, Mr. Adda added go further to talk about the financial, the value for money, component of their proposal and also looks at the strength of the company, accessing their ability to recapitalize the GACL, reshape its current debt status and give the GACL more financial freedom.

“The Key Performance Indicators (KPI) that government would want to commit TAV-Summa Consortium to include, strategic ways to structure communication flow and ensure that all players are aligned to the course,” he said.

“It has been 30 years since Ghana refurbished its runway and it would cost some US$39 million to embark on such an initiative and the Ghana Airport Company does not have that money to do that. With this debt, we cannot even do that. If this company comes, is it something we can push them to do? We are not sure, so we need to negotiate. These are part of the reasons why we need a partnership,” Mr. Kofi Adda said.

He added: “Let me emphasize that airport company management would not be touched, the new ventures that we are going to set up are separate companies; that is if we agree, those are the ones that would now look to manage affairs, perhaps get our own personnel from Airport Company to be part of that. These are things that the union even do not want to listen to and engage us to understand.”

The minister said, the agreement is at its teething stage and nothing concrete has been arrived at and therefore the union of the GACL should be rest assured that their interest and the interest of the country would be paramount.

Source: B&FT Online

Share This Article
Facebook Whatsapp Whatsapp Email Copy Link Print

Latest News

Pakistan unveils 7-point plan for Gaza peace at OIC summit
August 26, 2025
Bagre Dam Spillage claims life of farmer
August 26, 2025
Ghana and Nigeria explore electricity for gas barter agreement
August 26, 2025
Ghana drops to 61st in 2025 Global Peace Index
August 26, 2025
Charles Abugre Chairs MiDA Board
August 22, 2025
Ghana cedi is world’s best-performing currency – Mahama tells investors in Japan
August 20, 2025
PAC Faults Communications Ministry Over Missing $6m
August 20, 2025

You Might Also Like

Breaking NewsPan Africa Politicstop stories

Burkina Faso’s junta expels top UN official over child rights report

August 19, 2025
Breaking NewsGeneral Newstop stories

OSP report: 17 of the most explosive cases now under full investigation

August 19, 2025
Breaking NewsGeneral Newstop stories

Ghana launches nationwide GPS network to modernize land administration, end land disputes

August 19, 2025

Big pay day for Bondholders as gov’t disburses GH¢9.7bn

August 19, 2025

About Us

Public Agenda is fou­nded and owned by Pu­blic Agenda Communic­ations.

Public Agenda was founded as a public interest Me­dia entity. Its Visi­on is to contribute to building a well-i­nformed society where accurate informati­on dissemination is the cornerstone of a democratic, just and equitable society.

Its mission is to inform, guide and bui­ld responsible citiz­enship and accountab­le decision making and strive for excell­ence in the media in­dustry. Public Agenda Communications is managed by a Board of Directors.

Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?