Accra, Ghana, June 24, 2012: IFC, a member of the
World Bank Group, is providing a loan
of $5.45 million to Alliance Estates Limited, to build the first Protea
Hotel in Takoradi, Ghana; marking IFC’s 101st hotel investment.
The 132 room, three-star hotel will help meet demand for business infrastructure
as more investors are venturing into the oil producing region of Takoradi.
The Protea hotel will also catalyze local employment by hiring and
training 130 new staff, of whom about half are expected to be women. Alliance
Estates Limited is owned by the Mohinani Group and Capital Alliance Property
Investment Company (CAPIC).
Ghana’s economy has been expanding at a high level, with growth touching
13.6 percent in 2011. In Takoradi, international hotels are limited, despite
increased business traffic from investors interested in developing the
oil and gas industry. The Protea hotel will be amongst the first
to provide international-standard rooms, rates and conference
also marks IFC’s 101st hotel investment.
Ashok Mohinani, Executive Director, Mohinani Group, said, “Partnering
with IFC and CAPIC will strengthen the Mohinani Group’s drive towards
being adding value to the Ghanaian economy through investments in the hospitality
industry. We look forward to a successful partnership.”
Obi Nwogugu, Fund Manager of CAPIC, said, “This investment continues our
relationship with IFC, towards developing the hospitality industry in West
African countries experiencing growth and attracting more business travelers.
CAPIC looks forward to a successful partnership with IFC to help meet the
needs of Ghana’s economy.”
Yolande Duhem, IFC Director for West and Central Africa said, “As investors
grow interested in Sekondi-Takoradi, the Protea Hotel will meet demand
for business facilities and accommodation. In Africa, IFC’s hotel
investments are creating an average of 1.5 to 3 jobs for each hotel room
and have boosted local economies. Hotels generate tax revenue, provide
linkages to local suppliers, and contribute to sustainable growth in a
IFC will work closely with Alliance Estates Limited to ensure international
environmental, health and safety standards at the site. The hotel is planning
to use local suppliers for food, building materials, and related services.
During the construction period, the project will provide jobs for
250 local laborers.
Due to their multiplier effect on local economies, IFC has invested
more than $2.5 billion in hotels since 1956. The Protea investment in Ghana
marks IFC’s twentieth hotel project in sub-Saharan Africa. As Ghana’s
economy expands, IFC is seeking to support infrastructure, tourism, agribusiness
and small and medium businesses. In fiscal
year 2012, IFC expects to invest $250 to 300 million in Ghana.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, providing
advisory services to businesses and governments, and mobilizing capital
in the international financial markets. In fiscal year 2011, amid economic
uncertainty across the globe, we helped our clients create jobs, strengthen
environmental performance, and contribute to their local communities—all
while driving our investments to an all-time high of nearly $19 billion.
For more information, visit