Industrial Development Corporation invests $121M in Ghana, Uganda hotels

Interesting news from Africa's hotel scene today, where the Industrial Development Corporation has reportedly invested about 1.5 billion South African rand (about $121 million USD) in Ghanian and Ugandan hotels.

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 $1 billion in the rest of Africa.

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

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The IDC has about 60 projects in about 20 countries in industries such as energy, infrastructure, agro-processing and services. 

 

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Construction of the hotel on the site of the historic Equity Chambers building has commenced and the project is expected to open by Q2 2020.