Ghana Airport to AfDB receive $120 million corporate loan

Ghana Airports Company Limited’s (GACL) capital investment program will receive a $120 million (USD) loan from African Development Bank (AfDB) for improvements at Kotoka International Airport (KIA) in Accra.

In addition to the funding provided by AfDB, investments from other financial institutions and banks have brought the total loan for the project to $400 million (USD).

The funding will be used for the construction of a new terminal at KIA and also for the renovation of airports managed by GACL. The renovation of KIA alone is expected to result in the creation of 900 temporary jobs and 760 permanent positions.

Through the new construction GACL aims to support the modernization of the country's infrastructure, one of the items of Ghana Shared Growth and Development Agenda. It will also improve the capacity of the airport, allow it to handle more guests and increase safety standards. The investments are expected to strengthen the tourism and oil and gas sector that support Ghana's economy.

The AfDB’s financing is part of a strategic 10-year plan meant to improve the integration of regional markets. The airport improvements are projected to further the interconnection of regional economies, reduce the cost of the transactions and boost Ghana's economy.