royal_ron2012
January 25th, 2011, 06:06 PM
THE Sekondi-Takoradi Metropolitan Assembly (STMA) has officially launched the 500 million dollar Jubilee City Project which is expected to begin next year, and give a new face to the metropolis.
The project, which covers a five-year period, will include a multi-million dollar shopping Mall, a car park, a free zone, an industrial estate, market, the expansion of the lagoon at Takoradi and a 400-bed teaching hospital.
The Jubilee City project will be executed by the STMA and the Jubilee City Corporation (JCC) in conjunction with the Kwame Nkrumah University of Science and Technology (KNUST) which is expected to re-engineer structures in the city, make them attractive to investors and as well as position the people to tape the full benefit that will come from the oil and gas industrial activities.
The Metropolitan Chief Executive (MCE) for STMA, Mr. Kobina Pra-Annan stated that, the 1992 constitution mandated the assemblies to oversee the overall development of the respective districts including the planning and implementation of projects.
He said that, to enable the assemblies to meet this constitutional requirement, the District Assemblies Common Fund (DACF) allocated five per cent to the assemblies.
“Even though there is revenue from the Internally generated Fund (IGF) the ability of the assemblies to generate additional funds is seriously challenging,” Mr. Pra-Annan said.
He told the gathering that, in meeting the challenges of providing development and social services in the communities, the five per cent from the DACF had been increased to 7.5 per cent.
The assemblies, he said, has also been authorized to enter into partnership with private organizations for the purpose of raising funding to accomplish their projects.
The MCE added, “The partners of the assemblies and the private sector under the Public-Private Partnership (PPP) is a very good one and the purpose is to improve infrastructure development”.
According to Mr. Pra-Annan, the relationship between STMA and JCC and other groups was a laudable one and hoped that, the development efforts would uplift the status of Sekondi and Takoradi.
Mr. Harry Twumasi, from JCC explained that, the Jubilee project which was the brainchild of STMA, was to enable the assembly to join price water House and others to package the project and attract funding.
“We are beginning a real journey to realize our dreams by executing and implementing the project”, he told the gathering.
According to Mr. Twumasi, the desire of the project was to explore business prospects, raise funds and bring investors to the twin-city adding that there were vital components for local partners.
The Jubilee project, he said, would also provide hotels, offices, financial institution and affordable houses for workers.
The Regional Economic Planning Officer, Mr. John Atta Panyin, who spoke on behalf of the Western Regional Minister said “The STMA – JUBILEE project venture will be a hub for various investors and individuals.
The need for viable investments is crucial to create an environment that will harmonise all the potentials in the city and create wealth”.
The project, which covers a five-year period, will include a multi-million dollar shopping Mall, a car park, a free zone, an industrial estate, market, the expansion of the lagoon at Takoradi and a 400-bed teaching hospital.
The Jubilee City project will be executed by the STMA and the Jubilee City Corporation (JCC) in conjunction with the Kwame Nkrumah University of Science and Technology (KNUST) which is expected to re-engineer structures in the city, make them attractive to investors and as well as position the people to tape the full benefit that will come from the oil and gas industrial activities.
The Metropolitan Chief Executive (MCE) for STMA, Mr. Kobina Pra-Annan stated that, the 1992 constitution mandated the assemblies to oversee the overall development of the respective districts including the planning and implementation of projects.
He said that, to enable the assemblies to meet this constitutional requirement, the District Assemblies Common Fund (DACF) allocated five per cent to the assemblies.
“Even though there is revenue from the Internally generated Fund (IGF) the ability of the assemblies to generate additional funds is seriously challenging,” Mr. Pra-Annan said.
He told the gathering that, in meeting the challenges of providing development and social services in the communities, the five per cent from the DACF had been increased to 7.5 per cent.
The assemblies, he said, has also been authorized to enter into partnership with private organizations for the purpose of raising funding to accomplish their projects.
The MCE added, “The partners of the assemblies and the private sector under the Public-Private Partnership (PPP) is a very good one and the purpose is to improve infrastructure development”.
According to Mr. Pra-Annan, the relationship between STMA and JCC and other groups was a laudable one and hoped that, the development efforts would uplift the status of Sekondi and Takoradi.
Mr. Harry Twumasi, from JCC explained that, the Jubilee project which was the brainchild of STMA, was to enable the assembly to join price water House and others to package the project and attract funding.
“We are beginning a real journey to realize our dreams by executing and implementing the project”, he told the gathering.
According to Mr. Twumasi, the desire of the project was to explore business prospects, raise funds and bring investors to the twin-city adding that there were vital components for local partners.
The Jubilee project, he said, would also provide hotels, offices, financial institution and affordable houses for workers.
The Regional Economic Planning Officer, Mr. John Atta Panyin, who spoke on behalf of the Western Regional Minister said “The STMA – JUBILEE project venture will be a hub for various investors and individuals.
The need for viable investments is crucial to create an environment that will harmonise all the potentials in the city and create wealth”.