OREANDA-NEWS. July 11, 2012. Renaissance Group, a leading emerging markets investment firm, and the leaders and communities of two of Ghana’s fastest-growing regions, today announced strategic partnerships that will see the construction of mixed-use urban developments for more than 160,000 people in the country.

King City, near the burgeoning port city of Takoradi in Ghana’s Western Region, and Appolonia – City of Light, located 30 km from Accra, the Ghanaian capital, will create new growth points to ease the current congestion in major cities and urban areas in Ghana – one of the world’s fastest-growing economies.

King City will be developed on nearly 2,400 acres (1,000 ha), and Appolonia – City of Light will be constructed on 2,000 acres (800 ha). Completed in phases over the next 10 years, each city will be designed for more than 80,000 residents to enjoy a holistic lifestyle, able to live, work and play in one geographic location. The land will be developed for residential properties, retail and other commercial centres, as well as schools, healthcare facilities and other social infrastructure. Groundbreaking on infrastructure is expected in 2013.

The guest of honour at the launch announcement was Vice President John Dramani Mahama of Ghana. More than 500 guests attended, including members of the business community, government officials, real estate developers, leaders of political parties, traditional authorities and the diplomatic corps. Patrons of the event were given the opportunity to enter a draw to win a plot of land at Appolonia and King City.

“Ghana’s powerful combination of a dynamic economy and business-friendly environment will allow it to create solutions to rapid urbanisation and demographic growth faster than many countries in the world,” said Stephen Jennings, CEO of Renaissance Group. “We are proud to join with our Ghanaian partners to announce King City and Appolonia – City of Light in Ghana, and to create world-class infrastructure and visionary urban solutions to Africa’s economic growth.”

The project partners for King City are the Chief and people of Takoradi Traditional Area in the Western Region. For the Appolonia development, Renaissance has partnered with the Paramount Chief, heads of all the six royal families and the people of Kpone-Appolonia. The projects are being developed independently of each other.

The chiefs, Osahene Katakyi Busumakura III, Chief of Takoradi and Nii Tei Adumuah II, Chief of Appolonia, heralded the developments as innovative approaches to development in their regions. “Takoradi is transforming itself into a model of excellence in viable and sustainable development by leveraging on the enhanced human capital base of its people and local and international capital,” said Osahene Katakyi Busumakura III. “The potential for land development in Takoradi, with its important proximity to natural resources and port facilities, is something which we must capitalise on in the name of our region’s future.”

Nii Tei Adumuah II commented, “Our ancestors left us land, a precious asset. We are pleased that through this project we are able to develop this asset in collaboration with an experienced investor, creating value for our people now and into the distant future.”

The projects, when completed, are expected to boost local enterprises in the beneficiary communities, create tens of thousands of employment opportunities and increase foreign and local investment in Ghana’s economy.

Renaissance Group, through its African land business, Rendeavor Ltd., will complete the development concept, master-planning, subdivision of the land, development of infrastructure, and provide an urban management framework prior to selling the land to developers and end users. Renaissance Group’s initial investment in the project exceeds USD 100mn.