Aerospace: Africa Hub Initiative

1. INTRODUCTION

Autoease Group performs a project/market assessment, Implementation and feasibility study of an Africa Aviation Hub, Africa Maritime Hub, Africa Tourism Hub, Africa Industrial Hub and Africa Commercial Hub in Ghana and whole of Africa to provide AFRICA AIRPORT CITIES, AFRICA MARITIME CITIES, AFRICA TOURISM CITIES, AFRICA AGRI-EXPORT CITIES and AFRICA COMMERCIAL CITIES.

The organization has identified a potentially viable Africa Aviation Hub, Africa Maritime Hub, Africa Tourism Hub, Africa Industrial Hub and Africa Commercial Hub and requires assistance in the project/market identification and assessment, possible venture partner selection, infrastructure, operational requirements, and management of the new project. Autoease Group may have the opportunity to undertake a major Africa Aviation Hub, Africa Maritime Hub, Africa Tourism Hub, Africa Industrial Hub and Africa Commercial Hub to meet identified needs however such direction has not been rationalized.

In order to establish a business plan to take advantage of potential opportunities/meet identified needs, Autoease Group always to have:

(1) a rigorous analysis of the market for Africa Aviation Hub, Africa Maritime Hub, Africa Tourism Hub, Africa Industrial Hub and Africa Commercial Hub and related services.

(2) identification, and assistance with the selection of, joint venture partners (if applicable).

(3) a comprehensive review for each service line and opinions on market assessment and promotional activities and product pricing, plus an assessment of their operating processes and techniques.

(4) a business plan developed to recommend and activate the

changes necessary to introduce the new operations and to

achieve potential profitability.

Any investment decision regarding the future development of Africa Aviation Hub, Africa Maritime Hub, Africa Tourism Hub, Africa Industrial Hub and Africa Commercial Hub will require a value-added approach. This must be based on excellent operational intelligence. Operational plans and investment levels will be dependant on a well-defined market/project profile.

We appreciate Autoease Group's interest in regards to the development of a viable Africa Aviation Hub, Africa Maritime Hub, Africa Tourism Hub, Africa Industrial Hub and Africa Commercial Hub, its contribution towards the local community, the current investment in Autoease Group and the desire to attract financing for the possible expansion of this job people building enterprise. Our proposal outlines our comprehensive approach to the analysis of Autoease Group's current project/market opportunities and mapping out a successful business plan.

GOLD COAST AIR

1. EXECUTIVE SUMMARY

This business plan is developed by Gold Coast Air (GCA) Limited to secure appropriate certification from the Ghana Civil Aviation Authority (GCAA); including but not limited to ACL and AOC, guide the implementation its strategy, and for additional fundraising. The plan is to be an airline of international class that would eventually attain flag status in Ghana to restore the place of the Ghana flag in the international airspace, a status that the nation of Ghana has lost since the demise of the then Ghana Airways.

The proposition is very simple; GCA seeks to establish an airline that aims to create a new full service regional and intercontinental operations out of Accra, Ghana. The business model is to attract passengers within the African region into Accra to feed its international flights into the USA and Europe. The airline will serve underserved and unserved destinations and also capturing other niche market opportunities including non-schedule services. The airline will take advantage of over 60 bilateral air services agreement Ghana has with other countries to quickly operate to 23 destinations over a five-year period. GCA will thrive by offering unprecedented levels of service quality and consistency at fair prices, while implementing strong corporate discipline to manage costs.

Ghana’s economic growth characterised by the oil find has led to an increased passenger influx into the country. Beyond this, many passengers from the region especially the west coast prefer to overnight or transit in Accra than anywhere else due political stability and low crime rate. Reliable feeder to the numerous international flights into Accra is lacking, and feeble attempts by other carriers to serve the market have been widely below expectation. Many of the passengers are within the administrative class, the traders especially those who travel to the USA, Europe and the Middle and Far East, holiday travellers and native returnees who come for festive seasons, or when special family ceremonies demand same.

The opportunity we plan to capture is to take advantage of the rather unfortunate absence of quality service and underserved nature of the market. Irregularity in service is a common feature within the sub-region. There is also the desire for many passengers to connect directly through Accra to their destination without the inconvenience of having to check out and re-board under very different conditions of carriage. This problem, we will particularly resolve by offering the opportunity for passengers to connect on our flight, and to be given special concessions on baggage from Trans-Atlantic flights onto our regional flights.

Current competition is definitely not serving the market appropriately. This especially the case when you compare the service to the yield on the market. Our competitive strategy to achieve this ambitious target would be anchored on regularity, differentiated service, appropriate branding, networking, appropriate scheduling, and use of technology and yield management.

ASKY Airline is probably the most positioned carrier in the sub-region but unfortunately, it is located at a less popular destination. Other legacy operators like Air Cote d’Ivoire and Air Burkina are already on the trajectory of failure as was experienced by demised airlines of the region; Ghana Airways, Air Afrique, and Nigerian Airways. On the east coast is the Arik Air from Nigeria and most recently African World Airlines (AWA). The service regularity of Arik leaves much to be desired. AWA is quite regular but operate a limited narrow jet that is not appropriate for the regional operation. On the whole competition at the regional level is quite manageable to get reasonable market share within a short time.

Competition at the intercontinental level is quite daunting on the face of it given the experience and quality of service operatives offer. There are however niches in the market that we can exploit to rake profitable market share. Operating out of Baltimore comes with considerable cost merits and combing the flight through Gambia adds to our revenue generation advantage. Offering additional baggage allowance could be an advantage on London and European route for example. There is also room to target particular passenger class and offer tailored services for them as well as seasonality advantages.

The airline’s preliminary financial projections indicate return of maximum value to stakeholders. Over the projected horizon of five years, the airline is set to return profit after tax of USD40.23m. It is expected that equity investment of up to USD 21.50m shall be required through preparatory stages (certification) to the end of year two. We expect equity funding of USD18.00m in the first year and another USD2.0m in the second. In the second-year debt financing of USD15.00m is planned to enable the commencement of intercontinental operations. The business will pay-out dividends of USD19.05m to equity holder, being 95% recovery of investment. The airline projects to pay all its debt by the fifth year and be able to commence purchase of its own aircraft by then by paying the appropriate deposits.

The profitability spans from a loss of USD8.12m in first year and culminates into a profit of USD31.05m in the fifth year. This translates into an average gross margin of 12% and profit margin spans from (24%) to 11%. This profitability level is achievable out of a projected passenger uplift of 2.41m over the five-year outlay. We conservatively project Revenue Passenger Kilometre (RPK) of 5.96b and available seat kilometre of 10.51b, resulting in an average expected cabin load factor of 57% and breakeven cabin load factor of 48%. In all, we expect to averagely utilize payload to the 66-percentage mark by the close of the 5th year.

The above profitability performance translates into a very good liquidity situation where we are looking at a net financing receipt of USD0.94m, while maintaining a closing cash position of USD17.78m by the close of the fifth year. Average current ratio over the projected outlay is 1.28 times which is quite good for a start-up airline. A total net financing amount USD36.50m in the first two formative years will be disbursed on setup cost, lease related deposits, and cover initial working capital shortfalls. General use of these funds includes the acquisition of relevant regulatory certification, equipment and facilities, aircraft leases’ related expenditure, professional fees, and working capital to cover operational expenses during the initial market-building period of the first 24 months. Shareholder fund closes the first year at USD9.90m) and carts a path of a parabola, hits the trough in the third year and rises to peak in the fifth year at USD33.43m. The average return on capital employed is 35%, which is most attractive given the quantum of liquid resources being considered.

The co-founders of Gold Coast Air are Israel Thompson and Lord Asante Boadu. These are both successful men in their respective capacities, given the strides they have made in their careers and callings. Again, they have attracted other very astute investors to join in this endeavour. The primary investors of Gold Coast Air are Mustafa Toprak and Hilmi Emin. Mustafa Topra1k and Hilmi Emi2n of KAYI Holding have executed and financially supported many innovative solutions for complex and international projects since 1991. In addition, they have been able to assemble some of the industry’s respectable experts in Ghana to assist them in the setup process, and these consultants have rich industry experience that will ensure that the mistakes of previous Ghanaian airlines are not repeated. Virtual Point Associates, is an independent category B1 accounting and management consulting firm based in Accra Ghana. The firm has also been advising airlines operating into Ghana, and has been involved in airline management consulting for setups. In this engagement, both Obed Owusu-Kissi and Mark Ofori-Amanfo will lead the engagement team on various aspects of the setup process. They both have over 30 years combined industry experience from Ghana Airways limited and North American airlines. The legal and board secretary roles shall be handled by Kairos Legal. Kairos Legal is an aviation law practice and consultancy formed primarily to provide legal advice and consultancy to needed organisations, and individuals in the aviation sector both in and outside

1 https://www.linkedin.com/in/mustafa-toprak-19651540/?originalSubdomain=tr

2 https://www.lespagesmaghreb.com/alger/entreprise-de-travaux-de-batiments-tous-corps-datat/kayi-construction-alg

Ghana. They are well versed in aviation matters and a partner of this firm Berthel Donkor (Esq) has been in the aviation for the past 30 years. Very key to the setup process will be our operations consultant, Alexe-Sorin BUSE, who shall be responsible for all safety and quality aspects of the setup process. He hails from Romania and has over 30 years of experience in quality and air worthiness and safety audits. His experience spans various equipment and airlines; Jetran Air, Ten Airways, Fly Compass Services and SABA Airlines. Autoease Group (Pty) Ltd. (AGPL) is coming in as shareholder and investors will be holding 65% and will be bring in aircrafts and also management of airlines.

Ghana has a history of failed airlines and this has to a large extent created considerable apathy. The good thing is that the failed airlines have left substantial lessons to be used as a spring board to success. This legacy is yet to be appropriately harnessed. How will GCA ensure a different outcome? We will take a sound concept, manage it with first-rate people, and will do so as a private entity. This plan covers the initial strategy of the airline, which has two phases of setting up a regional operation to attract passengers to feed our second phase of the plan; intercontinental operation into the USA (Baltimore), Asia (China, India, Singapore, Japan and Malaysia) and Europe (London, Dusseldorf and Rome).

We plan to commence regional operations using two B737-700 or similar equipment. In the second year of operation a third regional jet will be added to allow expansion to other destinations of the African region. The intercontinental operations will be operated by two B767-300ER or similar aircraft. The intercontinental operation will commence with a wet lease operation until the situation of the airport improves to enable cat. 1 operation. In effect, a total of five aircrafts will be deployed for this planned period. Based on performance and availability, we may increase these accordingly beyond leasing to purchase.

It is clear that, Ghana needs a reliable flag status carrier that will operate out of Accra as a hub to restore its position on the aviation map. The West African sub-region itself needs same to free its passengers of all that they have been through over a decade or so. GCA’s conception is very timely, and arrangements that have been made to ensure regularity and sustainable operations are very encouraging. Beyond serving passengers in a unique way, the concept is to change the aviation landscape of Ghana by providing a first-rate service comparable to any top international carrier. This will definitely stabilise airline operations in the sub-region. The business proposition has been found to be very profitable and returns are good to attract the necessary investment. We have chosen the most appropriate equipment that best suits the intended operation. Luckily, the team of entrepreneurs and industry experienced people have come to gather to prosecute the agenda, and we have no doubt that this will be a reality upon securing the appropriate licences from the GCAA.

2. INDUSTRY AND TARGET MARKET

2.1. Global Aviation Market

According to the Economic Times, the global aviation industry is going to grow and return net profit of USD38.50 billion in the year 2018 from USD34.5 billion in 2017 as reported by the International Airport Transport Association (IATA)3. This is a very significant figure for aviation industry players. The figure for 2017 was revised upwards from USD 31.4 billion forecast in June 2017. Lying at the core of this industry forecast is strong demand, the efficiency and reduced interest payment. These are the indicators that will help drive the industry at such a leap.

Industry revenue forecast is estimated to climb to USD824billion4 from USD754 billion of the year 2017. Given the trend in global passengers alone, it is expected that passenger numbers will cross the milestone of 4.0 million in 2017 and grow further to 4.3 million in 2018. The Economic Times predicts that the average world citizen will travel at least once in every 21 months. This is a very significant number given that air transportation is the preferred choice for all long-distance travels.

The Asian market including India is predicted to see more growth and will account for 9.8 billion of the estimated global profit. India is predicted to be the fastest growing aviation market. The forecast by IATA sees the African Market to be the next fastest growing market. It is clear that increasingly travellers on the African continent are opting for air travel at the most convenient, given all the issues that come to bear with land travel especially for cross boarder dealings.

3 https://economictimes.indiatimes.com/news/international/business/airline-industry

4 https://www.statista.com/statistics/278372/revenue-of-commercial-airlines-worldwide/

The IATA Director General (DG) and Chief Executive Officer (CEO), Alexandre de Juniac is on record to have said it is a good time for the global air market and airlines are achieving sustainable profits. He was however quick to add that it was a tough business being challenged on the cost front by rising fuel cost, labour and infrastructure expenses. Comments from such an authoritative source give a very optimistic view of the industry which is most encouraging for many investors to look at the sector. Direct employment in the aviation industry is estimated for 2018 to be more than 2.7 million globally. The CEO says IATA is forecasting a profit of USD38.4 billion5 and 4.7%6 profit margin will be a high win. Such a statement has to be taken seriously because IATA represents some 275 airlines comprising of 83% of global air travel.

On the whole, worldwide air travel has seen brisk pace growth over the past five years of 6.2%. Lower air fares, increase in middle income class in large emerging markets and growth in tourism in general, are some of the factors underlying the growth in air travel. On this note, it is quite clear that the industry trend points to growth, and therefore a greater opportunity exist in the industry which is on expansion trajectory with the accompanying return on investment.

5 https://www.iata.org/pressroom/speeches/Pages/2018-03-16-01.aspx 6 Economic Times – Op. cit

2.2. Regional Industry Outlook

The African continent is made up of 54 countries, 1500 to 2000 languages and approximately 1.1 billion individuals. We certainly cannot treat it as a homogeneous grouping. It’s characterised by countries at different stages of economic development and variable degrees of political stability. In comparing countries like Eritrea, Nigeria and South Africa, that diversity is apparent. Africa has been experiencing a high population growth since the second half of the 20th century. In 2010, its population reached one billion and in 2018 the World Bank estimates Africa’s population to be 1.29 billion6. If current demographic trends continue the population will be 1.4 billion by 2025 and 1.9 billion by 2050. The Continent is characterised by vast distances, and it has neither good road nor rail systems. Transportation by air would seem to be the strong option for freight, business, leisure and tourism.

Expectedly, there is a large variation across countries in the propensity to fly, and the GDP of each is an important factor. Despite representing 16.64% of the world’s population, the 230 airlines present in African airspace operate just 5.5%7 of the world’s commercial passenger and freighter aircraft. Additionally, the average age of the African airlines fleet is the oldest of any world region – 17 years versus 13 years for the global average.

6 http://www.worldometers.info/world-population/africa-population/

7 http://www.nortonrosefulbright.com/knowledge/publications/134084/africa-is-it-a-major-untapped-market-for-theairline-industry

The forecast of a significant population growth will deliver more demand for air travel.

Positive developments within the aviation industry in Africa are underway, but further progress needs to be made. Efforts must continue to promote progressive aviation policies, including liberalization of the African aviation market; improved aviation infrastructure; relaxation of visa policies; harmonization of legislation; licensing and technical standards across the African continent; and efficient implementation of a safe, secure, and sound air traffic navigation system across Africa.

The aviation industry will play an important role in the region’s continuing development by linking African cities and countries with each other, and with the rest of the world. African airlines will need 1,220 new airplanes over the next 20 years to accommodate this growth. 74 percent of the deliveries to African airlines between 2017 and 2036 will be single-aisle airplanes, while 23 percent of the deliveries will be wide-body airplanes. Regional jet deliveries will total less than 3 percent. In dollar terms, Africa will invest almost USD180 billion in new airplanes, split evenly between wide-body and single-aisle segments according to Boeing.

This regional overview appears not to be different for the West African sub-region. The economies of the West African region are now seeing a little bit of stability, and a number of countries are recovering from war and natural epidemics. The developmental process in the sub-region have brought along a drift of international attention and for that matter influx of passengers into the subregion especially to the west coast of Accra. Accra by default is an ideal transit point for many agencies travelling to the West Coast of Africa.

Economic performance of the sub-region is increasing growth, though its global impact is obviously not material. Cape Verde in 2016 had nominal GDP of USD3, 056, Nigeria 2,763, Ghana 1,402 and Mali 804. Demographically, contrary to the economic performance, the sub-region appears to be quite populated and growth rate suggest passenger increase over time. As at 2016 Nigeria’s population stood at 183.52m, Ghana was 26.98m, Cote d’ Ivoire 21.30m, Burkina Faso 17.91m and Mali of 16.26m. These numbers point to the fact that should these economies show little growth especially of the middle class, air travel will significantly benefit.

It is therefore not surprising that Boeing predicts that by the year 2036 RPK for travel within Africa will be 222.90 billion up from 62.9 billion in 2016. Intra African travel will account for 20% of all travels originating or terminating in the region. Any business attempt at consolidating a position within the sub-region will definitely be a major step in the right direction.

2.3. Ghana’s Aviation Industry

Ghana’s aviation industry continues to grow with the number of airlines selecting Ghana as a destination increasing. Pursuing the goal of making Ghana the gateway to Africa and an aviation hub in the West African sub-region, management of the Ghana Airports Company Limited (GACL) unveiled a programme to bring KIA at par with some of the best airports in the world in terms of infrastructure, security and services. Hence, the KIA is undergoing expansion works to be able to accommodate more airlines and passenger traffic. The GACL at its second annual general meeting announced its decision to source and invest over US$600million in the next three years “to enhance and expand our airport infrastructure and services.” According to Mr Charles Kwame Asare, the then Managing Director of the GACL. This has been occasioned by the recent promulgation of the Airport Tax (Amendment) 2013 Act 858, which enables the GACL to retain a 100% tariff. The new terminal at KIA has been commissioned and is in full use at the moment.

It is also exciting to note that government expanded both the Kumasi and Tamale airports. Indeed, a B747 for the first time in August 2016 was able to land and take off from the Tamale airport, where it lifted 498 passengers for the hajj pilgrimage. The Tamale airport does offer considerable opportunities in the aviation market. It also becomes an easy alternative landing location for all the international airlines coming into and out of Accra. In addition, the Wa Aerodrome has been completed and is expected to be yet another booster to domestic travel. The domestic air travel market of Ghana has since the year 2012 seen considerable growth. What is happening in the domestic market today was simply not imaginable a few years back.

The government being appreciative of the need to grow the industry created a separate ministry for Aviation. The ministry is currently headed by Hon. Kofi Adda, and he and his deputy have a great vision for the sector. The dynamism of the new ministry will certainly drive the aviation market. The ministry in conjunction with other stakeholders organised the first ever air show in Accra in October 2017. Over 100 exhibitors from around the world, including aircraft manufacturers, airlines, catering companies and other service providers in the aviation industry, and over 200 delegates attended the 1st Aerospace and Aviation Exhibition for Africa held in Accra, Ghana from 24-26th October, 2017. The event was designed to connect professionals across all areas of the industry within the continent in line with the government’s vision of making Ghana the aviation hub of West Africa. Being a premier event, it can be described as largely successful.

The expansion of infrastructure at Kotoka International Airport (KIA) and the expansion of the runway at Tamale makes Ghana more than suited as the best transit point for many passengers travelling from the west coast and central Africa in particular. The government’s commitment to infrastructure is solid and backed by legislation to use proceeds from Airport Passenger Service Charge (APSC) to develop the sector. The case being made for Accra as a major hub was buttressed and summed in the message of the president of IATA for Africa, Mr. Raphael Kuuchi, who told Paulse news that ‘Ghana has all it takes to become one of the best hubs in the region’. The supportive factors are not farfetched; stable macroeconomic situation, peaceful environment with low or no crime rate, freedom of speech and attractive tourist destinations.

2.4. Ghana - the Primary Hub

2.4.1. History and Politics

Ghana is a country of firsts. In 1957, it was the first country in Sub-Saharan Africa to emerge from British colonialism and to gain independence. The country was formed from the combination of British Trust Territory of Togoland, the Gold Coast, the Ashanti Territory and the Northern Territories, which were previously under British colonial rule. It shares land borders with Burkina Faso to the North, Cote d’Ivoire (Ivory Coast) to the West, and Togo to the East. It experienced the highest GNP on the continent before an economic crisis in the late 1970s, and it experienced the trauma of military coup d’états long before others suffered similar fates. After various unstable governments and coups, Ghana established a legitimate democracy in 1992, and has since held 6 successful elections with two peaceful transfers of power from the ruling party to the opposition party. In January 2017, Nana Akufo-Addo became the 5th President of Ghana and continues to lead the country in business development and innovation. Ghanaian politics occurs in a framework of a Presidential Representative Democratic Republic. Here, the President of Ghana is both head of state and head of government, and of a multi-party system. A constitution that established the Fourth Republic provides a basic charter for a Republican Democratic Government. Executive, legislative and judiciary powers are exercised by elected leaders. The country has been a bastion of democratic stability in the West African Sub-Region.

2.4.2. Business and Investment Milieu

The Government of Ghana over the years has made conscious effort to make the socio-economic environment most attractive in the sub-region. The introduction of laws such as the Ghana Investment Promotion Centre (“GIPC”) Act, 1994 (Act 478) and the Free Zone Act, 1995 (Act 504), seeks to reaffirm its commitment to the promotion of investment in the country. The various incentives offered to investors under these laws give full protection of their investment in the country. Investing in Ghana is made attractive by the stable multi-party democracy that has reinforced the tenant of rule of law.

There is the general philosophy and practice of market liberalisation. Indeed, the Ghana investment Promotion Act 1994 (Act478), exemption from the payment of customs and import duties on plant, machinery, equipment and accessories imported to establish the enterprise. Investors are granted an investment allowance of 7.5% plus a capital allowance of 40% in the year of investment, and 20% in subsequent years. It also provides various tax allowances ranging between 15%-40%for siting various enterprises outside metropolitan areas, as well as customs duties on equipment. Most importantly, it protects enterprises from being nationalised or expropriated by government.

The Government took steps to boost export trade by the designation of the Kotoka International Airport, and the two seaports -Tema and Takoradi Harbours as Free Zone ports. The Free Zone Program involves Free Ports, Export Processing Zones and open-sky policies. Companies operating within the Export Processing Zones are expected to export a minimum of 70% of their products. There are several benefits in registering as a free zone’s company; Exemption of all Taxes on goods and raw materials imported, a 10year corporate tax exemption, Unrestricted repatriation of profits, dividends, fees etc. in the case of foreign companies, and investment guarantees against expropriation. Several companies have taken advantage of the liberal incentives and registered their companies in the various free zone enclaves. As a result of the improvements in the economy over the last decade and a half, Ghana has become a center of International conferences and Business Fairs in the sub region. This, no doubt, has positive implications for investment opportunities in Ghana.

Beyond the two Acts, Ghana has over the years formulated policies and made proclamations aimed at making the country a true investment destination. Notable among these are; Public Private Partnership (PPP) initiatives, the establishment of the Private Enterprises Foundation (PEF), and the Golden age of business imitative (these were done in conjunction with UNDP). Again, recent developments have further boosted Ghana’s business environment to the attraction of many meticulous and forward-looking investors, and opportunities abound and remain. The discovery of significant oil reserves off-shore has been a great economic development boost, catapulting Ghana into the middle-income state. We are told on-shore reserve potential could be even higher than is currently known. In order to facilitate and protect investment in Ghana, commercial courts have been setup to deal expeditiously with business related cases. This has helped resolve commercial matters speedily, so as not to delay businesses. Lastly, it may be worth mentioning that corruption, which used to be a hindrance to some international investors, has been largely resolved with the fight against corrupt that has culminated in the appointment of the Special prosecutor.

CONSTRUCTION OF EIGHT AIRPORTS AND OPERATION OF AIRLINES BY KAK GOVPAMA GROUP OF COMPANIES/MEETOP GHANA AND PARTNERS

KAK GOVPAMA GROUP OF COMPANIES / MEETOP GHANA AND PARTNERS

RE: CONSTRUCTION OF AIRPORTS AND OPERATION OF AIRLINES

EXECUTIVE SUMMARY

A. INTRODUCTION

Human movements all over the world demand swift, reliable and comfortable carriages that will enable and facilitate business, tourism, families and friends’ gatherings. Again, movement of goods - medical supplies, fresh food and other finished products can readily move into far areas by planes. Ghana is poised to make all these ventures not only possible but also affordable to many. Kak Govpama Group of Companies / Meetop Ghana and Partners have therefore decided to team up and thus fund the construction of additional Airports and furnish them with various Aircrafts that will ease travels and move to distribute needed goods and supplies worldwide. Ghana is central and thus offers the best Aviation Hub for all these businesses and transactions.

B. THE PROJECT

The current Projects involve the construction of eight (8) New Airports:

▪ Two (2) are Aerotropolis (Smart Cities with International Airports at Prampram and Pruso).

▪ six (6) are Local Airports (Tumu, Navrongo, Techiman, Kade, Tarkwa and Cape Coast) to ease in-land travels.

i. Prampram International Airport and Smart City

This will cover a total land size of Twelve Thousand and Eight Hundred (12,800) Acres. The total budget for the above is Ten Billion United States Dollars (US$ 10,000,000,000). It will have a 5-kilometre Runway. The Airport will have 40 Boarding Gates and Arrival Halls. It will also have a Cargo Section with warehouses and Freezing Compartments. Again, it will have a Magnetic Electric Generator that will be installed to generate more power to feed the Airport, the city and all the installed equipment.

The Smart City will have an International Financial Centre, an Investment Centre and a Rapid Transportation System that will link the Kotoka International Airport through an underground roads and railways and adjoining towns.

The Smart City will have Residential Housing Units, Social Facilities, Police Stations and Posts, Commercial Infrastructures, Car Parks, Hotels, Conference Facilities and an International Conference Centre. There will be Educational Facilities, Hospitals, Clinics and Restaurants.

ii. Pruso International Airport and Smart City

This will cover a total land size of 34,000 acres. The total budget for this Kak Govpama’s International Airport is Five Billion United States Dollars. It will have a 5-kilometre Runway and will also serve as the Regional Airport for the Bono East Region. This will be built at the centre of an Agro-Pole Enclave where fresh produce – fresh fruits, fresh juices, fruit chips, vegetables, fresh fish and meat and products from the thirteen (13) “One-District-One-Factory” Industries within the enclave will be exported directly to the Americas, Asia, Europe and other African countries.

A Railway will connect Pruso to Yeji through Atebubu. There will be Atebubu – Kajeji railway through Kwamedanso. Again, there will be railway connection from Pruso through Aboffour to Pokukrom on the Kumasi – Sunyani trunk road.

iii. Kade Airport (Local)

The total budget for this Airport is US$ 637,600,000. This project will cover a total land size of Three Thousand (3000) acres and will be constructed to facilitate and enhance quick and fast movement of people (tourists) and goods.

iv. Tumu Airport (Local)

The total budget for this project is US$ 587,600,000 This will be constructed on a Three Thousand (3000) acre land and will serve as a fast and quick transit point for people (traders and tourists) within the region and Ghana. It will also serve the numerous tourists who visit the area too.

v. Navrongo Airstrip

The budget for this Airport is US$ 293,940,000. It will be constructed on a Two Thousand and Five Hundred (2500) acre land and will also serve as a quick link from Upper East to anywhere in Ghana. This will also ease the burden of Tourists who visit the Paga Crocodile Pond and other places of interest within the region and beyond.

vi. Techiman Airport (Local)

The total budget for this Airport is US$ 637,600,000. This airport will be constructed on a Six Thousand (6000) acre land to facilitate and enhance quick and fast movement of people (Locals

and Tourists).

vii. Tarkwa Airport (Local)

The total budget for this Airport is US$ 637,600,000. The Tarkwa Airport will be constructed on a Three Thousand (3000) acre land to facilitate and enhance quick and fast movement of people (tourists) and goods. The Gold Mining Companies will be free to move their goods for export.

viii. Cape Coast Airport (Local)

The total budget for this Airport is US$ 637,600,000. This will cover a total land size of Three Thousand (3000) acre land which will facilitate and enhance quick and fast movement of people (tourists) and goods.

To effectively and efficiently carry out these Projects to the fullest, Kak Govpama Group of Companies / Meetop Ghana and Partners have decided to purchase fleet of Aircrafts:

▪ 20 Boeing 744 Aircrafts

▪ 20 Airbus 340 Aircrafts

▪ 6 Bombardier Aircrafts

▪ 20 200MT Cargo Planes (Ref. App 1)

Nine Hundred and Seventy-Nine (979) Direct Workers will be employed together with over One Thousand (1000) others who will perform casual duties in all the Airports, Railways and Bus Stations.

ix. THE COMPANY – KAK GOVPAMA GROUP OF COMPANIES / MEETOP GHANA AND PARTNERS

Kak Govpama Group of Companies has an Association of Farmers, be it crop (grains, cereals, vegetables, fruits and fruit trees), livestock, poultry, piggery, aquaculture, snails, crabs, mushrooms and bee farming) and Agro-Processors who are producing and processing for export to bring in more foreign in-flows.

However, a New Company will be soon created to manage the Airports and Airlines – the Ghana Airlines. The shareholding structure of the New Airline Company will have the following:

▪ Kak Govpama Group of Companies / Mee Top Inc. - 30%

▪ Investors / Partners - 70%

x. PROJECT COST

The total project cost is US$ 49,885,000,000 and is made up of Existing Fixed Assets of US$16,397,000,000 and the New Fixed Assets to be acquired is US$ 32,963,000,000 and a working

capital of US$ 525,000,000.

The new investments will go into the construction of the two (2) International Airports and Smart Cities at Prampram and Pruso, six (6) Local Airports at Techiman, Tumu, Kade, Navrongo, Tarkwa and Cape Coast with Living Apartments, High Rise Buildings for Offices, Rapid Bus and Train Stations.

Some of the money will be used to purchase all needed items listed in Appendix 1 – Aircrafts, Trains, Buses, etc. The Debt / Equity ratio is 2.03 or 67.0% : 33.0%.

xi. FINANCIAL RESULTS (Ref: App. 11)

Revenues for all invested monies are to be generated from:

▪ Airports Operational Services

▪ Cargo Planes and Passenger Planes Operations

▪ Passenger Trains and Buses

▪ Warehouses and Cold Storages Rentals

▪ Hotels, Hospitals and Shopping Malls

▪ Apartments and Offices Rentals.

The revenue from the year of full operation is US$ 32,434,080,000; mainly generated primarily from the Airports and Aircraft operations. Additional revenues are from the Shopping Malls, Hospitals, Hotels, Apartments, and Office Rentals and the Services from Trains and Buses.

Total operational cost is US$ 13,708,576,000 which shoots to US$ 19,201,205,333 from the sixth year. Gross Profit is US$ 19,463,957,333 and the Net Cash Flow at the end of the first year of operation is US$ 15,908,554,667.

The Net Profit after Tax is US$ 9,461,237,333. This rises to US$ 13,777,045,333 from the sixth year. The Average Return on Investment (ROI) is 35% based on the generated cash flow over a ten-year period.

The Financial Internal Rate of Return (FIRR) is 60% whilst the corresponding Net Present Value (NPV) at a discounted rate of 10% is US$ 212,927,390,000. The other Financial Ratios are:

Gross Margin - 0.58

Net Margin - 0.27

Return on Investment - 0.35

Fixed Asset Turnover - 0.87

Payment Period - 29.20

Collection Period - 29.20

Working Capital Ratio - 6.97

Liquidity Ratio - 6.85

Operating Ratio - 0.17

Debt Service Ratio - 0.59

xii. REPAYMENT PLAN

Even though all the Projects are being done on Build, Own, Operate and Transfer (BOOT) basis, Kak Govpama Group of Companies / Meetop Ghana and Partners Consortium propose a four (4) year Repayment Plan with one (1) year Moratorium inclusive to make room for all construction and installation of Equipment.

However, Kak Govpama Group of Companies / Meetop Ghana and Partners consortium together with the Ghana Civil Aviation Authority will run all facilities for inifinity period to recoup all investments made. Total interest payments come to US$ 11,553,397,000.

xiii. RISK ASSESSMENT

Kak Govpama Group of Companies intends to fully insure all the projects – the Airports, Airstrip, Hotels, Hospitals, Aircrafts, Trains, Buses, etc.

KAK GOVPAMA GROUP OF COMPANIES / MEETOP GHANA AND PARTNERS

RE: CONSTRUCTION OF AIRPORTS AND OPERATION OF AIRLINES

1.0 INTRODUCTION

The need for more Airports in Ghana to ease travel and reduce the carnage on our roads is long overdue. Ghana abounds with many Tourists Attractions and more foreign tourists are willing and eager to spend holidays around these sites. Ghana again has natural fruits and many are organic.

Many, who are health conscious are now drifting towards organic foods. This also calls for the fast distribution of such fruits, fruit chips and juices worldwide, hence the Aircrafts and Airports.

Kak Govpama’s nationwide Association of farmers, farmers’ groups and societies has a wide range of farm produce and products to meet the world’s demand. These factors, coupled with many more like bringing more foreign in-flows into the country and the sub-region to help improve our economies and the lives of many families all call for the establishment of more Airports and Airstrips and the operation of the Ghana National Airlines.

Again, these Airports will create direct and indirect jobs for many in Ghana. More of our youth will move to the Agricultural Sector – either farming to produce more food (raw materials) or processing to add value and thus increase shelf-life to ensure Food Security and finally increase exports.

1.1 THE PROJECTS

Kak Govpama Group of Companies / Meetop Ghana and Autoease Group (Partners) have therefore wholeheartedly decided to carry out the construction of the following in Ghana under the Build, Own, Operate Terms. The Transfer will be done under PI2 Model (Private Investors for Public Infrastructure) of operation.

▪ Prampram International Airport and Aerotropolis (Smart City): This will be an International Financial Centre, with Accommodation Apartments to suit all classes of people. It will have Banks that will meet all the requirements and needs of all customers.

It will have Schools of higher learning, create wealth, have Insurance Companies. Warehouses, and Cold Storage facilities. Modern state-of-the-art shopping malls, Hospitals, and Clinics, Rapid Train and Bus Service Stations will all be constructed to meet the needs of Ghanaians and the many tourists and visitors that will visit this Smart City. All this will be done on a 12,800-acre land acquired.

▪ Kak Govpama’s Pruso International Airport and Aerotropolis: This will also be an International Airport that will enhance and facilitate the exports of fresh farm produce from Kak Govpama’s Agro-Pole Enclave covering four regions of Ashanti, Ahafo, Bono and Bono East. Again, the export of Processed foods from thirteen (13) One-District-One-Factory Industries within the Enclave will also improve drastically.

This Airport will also serve as the Regional Airport for the Bono East Region. Warehouses, and Cold Storage Facilities will be constructed. The Schools, Hospitals, Shopping Malls and Sports Stadium will be constructed and these will reduce the rural-urban migration prevalent in the area. More meaningful jobs will be created directly and indirectly during construction period and after.

Kak Govpama’s members will now have direct market outlets for their goods and this will eventually alleviate poverty and make many lives worth living and meaningful. A Smart City will also be created with High Rise buildings and Modern Apartments for all classes of people for Rentals. These will be done on acquired 34,000-acre land.

A compressed schematic of the Aerotropolis with its airport city core is shown in Figure 2. No aerotropolis will look exactly like this rendering, but many will eventually take on similar features, led by newer “greenfield” airports on metropolitan peripheries, much less constrained by prior decades of surrounding development. But even around major airports where old industrial development still predominates, transition to more modern aerotropolis economic functions is slowly occurring.

Figure 2: Compressed Aerotropolis Schematic with Airport City Core: Compressed Aerotropolis Schematic with Airport City Core

The aerotropolis is thus much more a dynamic, forward-looking concept than a static, cross-sectional model where present form often primarily reflects historic nearby development, well before aviation and airports took on their current business attraction and support functions. Globalization, along with the need for speed, will continue to attract modern aviation-oriented business investment to airport areas. This will challenge cities and metropolitan regions to effectively plan their aerotropolises in order to bring about the greatest positive returns to the airport, its users, businesses, surrounding communities, and the larger region the airport serves.

Optimal outcomes are not likely to occur under most current airport-area planning approaches, which are fragmented into various planning domains and local jurisdictions, and face conflicting stakeholder interests. Many also face significant social challenges posed by endogenous settlements and their residents. Getting the aerotropolis right is a formidable, complex task that requires aligning a broad range of stakeholders and integrating business site planning, airport planning, and urban planning so that they are reconciled to one another and reinforcing.

More specifically, aerotropolis integrated planning requires reconciling and synergizing the business site and profitability objectives of individual firms making capital investments; airport and surface transportation planning objectives of ensuring maximal access to the airport and business sites at minimal time and cost; and the urban planning objectives of economic efficiency, livability, and environmental sustainability (Kasarda and Appold 2014). Regarding transportation planning, aerotropolis planning also includes designing systems for efficient, secure cargo logistics and for efficient, safe personal mobility.

Figure 3 illustrates the ring of aerotropolis integrated planning, which encompasses airport, urban, and business site planning domains. Aerotropolis planning is unique in that business, urban, airport, and surface transport objectives are addressed together to foster personal and logistics mobility along with economically and socially desirable development. Such integrated planning is necessary if the full set of benefits for aerotropolis firms and places are to accrue. Aerotropolis integrated planning can also serve as an antidote to the congestion, sprawl, and unsightliness that frequently results from organic, haphazard development around airports, detracting from the airport area’s operational efficiency and image while generating community conflicts.

Figure 3: The Ring of Aerotropolis Integrated Planning: The Ring of Aerotropolis Integrated Planning

Aerotropolis Critiques and Counterpoints

The aerotropolis model and its development processes have not been without critics, who raise a number of environmental, social, and technological issues, which they contend undermine the model’s longer-term viability. Environmental critiques focus on “peak oil” (when oil production is surpassed by demand) that will constrain the future of aviation upon which the aerotropolis model relies; aviation’s carbon emissions and its impact on climate change; and the loss of farmlands, forests, and green space, resulting from aerotropolis-induced urban sprawl.

Social critiques mirror many of those directed at suburbanization in decades past. In addition to the human consequences of sprawl, critics point to a lack of neighborhood vibrancy, architectural character, and urban ambience in aerotropolitan communities, which they characterize as boring, soulless places with limited walkability and street life. Aircraft noise, detracting from livability, is frequently mentioned as well.

Technological critiques contend that improvements in video conferencing and other telecommunications advances will diminish future business travel and possibly even leisure air travel. Aerotropolis critics further note the emergence of 3D printing technologies that could reduce the need for air cargo shipments of time-critical parts, components, and finished products, thereby eliminating the value of airport proximity. They also point to the prospects of high-speed rail substituting for air travel as a desired and likely future outcome.

All these critiques have intuitive appeal and should be considered in assessments of the aerotropolis model. Yet, each has counterpoints that should be considered as well. Regarding peak oil, there is no consensus on when it will be reached with models pushing it further and further out as additional sources of oil and other fossil fuels are discovered and new techniques for energy resource extraction and energy generation emerge (Institute of Mechanical Engineers 2012). In the meantime, aircraft continue to improve with lighter composite materials, more fuel-efficient, lower-carbon-emitting engines, and the introduction of alternative propellants, such as biofuels. According to the World Resources Institute, air transport was responsible for about 2% of global greenhouse gas emissions in 2005 (Herzog 2009). Biofuels and other aeronautical advances may bring this percent down in future decades, even with anticipated strong growth in air transport.

Reducing sprawl via cluster development with green space between is an aerotropolis planning objective (see www.aerotropolis.com). Clustering around outlying airports represents suburban re-densification, a long-sought objective of urban planners. And loss of farmland appears less of an issue with agricultural productivity gains so great that some governments pay huge annual subsidies to keep existing farmland out of production to shore up commodity prices. In fact, there may be a surplus of farmland and green space in many countries. In the United States, for example, less than 5% of the nearly 2.3-billion-acre U.S. land mass was developed in 2007, including 89 million acres of urban and built-up areas and 22 million acres devoted to highways, railways, and airports in rural America. This compares to 671 million acres (30%) in forestland; 614 million acres (27%) in grassland pasture and rangeland; 408 million acres (18%) in cropland; and 313 million acres (14%) primarily in preserved rural parks and wildlife areas (Nickerson et al. 2011).

Social critiques of aerotropolis mixed-use residential/commercial clusters for their lack of architectural character, neighborhood vibrancy, walkability, livability, and urban ambience are more community design issues than inherent shortcomings of the aerotropolis model, which its prescribed integrative planning approach is meant to address. The aerotropolis typically covers an expansive subregion, offering planners and architects opportunities to lay out and design future mixed-use aerotropolis clusters outside high-aircraft-noise contours that are physically and socially appealing (and more sustainable), utilizing new urbanism concepts and smart growth principles. Aerotropolis development and smart urban growth that is environmentally, resident-, visitor-, and worker-friendly are not necessarily inconsistent; they can and should go hand in hand. The same can be said for fostering improved matches between the new aerotropolis economy and endogenous airport-area workforces and economies through upgrading local labor skills and community projects that generate their own social and/or economic appeal to air travelers. This is not meant to understate the challenges of integrating such objectives into a comprehensive aerotropolis development strategy. As to advances in telecommunications substituting for air travel, some of this will no doubt occur.

Throughout modern history, though, every significant advance in telecommunications technology has been accompanied by, or has even stimulated, greater human mobility over longer distances. Today’s social networking technologies are leading to mushrooming digital connections worldwide among people with common interests, many of whom are separated by hundreds, if not thousands, of miles. Should only a miniscule fraction of these distant digital friends text “let’s get together”, air travel will receive a considerable boost.

3D printing is an emerging technology that holds excellent promise to eliminate the need for shipping certain types of products. This technology is in its early stage, however. By the time it matures to significantly reduce such shipments, heretofore unrecognized economic sectors that heavily rely on air transport will likely appear, as did global e-commerce in our most recent past decade.

Finally, it has been found that high-speed rail can partially substitute for air travel between urban concentrations up to 500 miles. It appears to have little substitution effect for longer distances and is not a realistic means of intercontinental (global) connectivity, a key component of the aerotropolis model. The world’s leader in high-speed rail development, China, is also the world’s leader in aviation growth and aerotropolis development. High-speed rail is expanding major airport passenger catchment areas, further stimulating their air traffic, while airport-linked rail stations are reinforcing airport city and aerotropolis development.

The bottom line is that reasoned critiques of aerotropolis development and their counterpoints can contribute to healthy debate in urban and regional studies. Central to debate and further study is addressing the extent to which 21st-century globalization is manifested and accelerated by aviation-linked urban forms and functions, along with the challenges and opportunities such aerotropolis development presents to people, firms, communities, regions, and nations.

References

Kasarda, John D., and Stephen J. Appold. 2014. “Planning a Competitive Aerotropolis.” In Volume 4: The Economics of International Airline Transport, edited by James H. Peoples, Jr., 281-308. Bingley, England: Emerald Group Publishing Limited.

Herzog, Tim. “World Greenhouse Gas Emissions in 2005.” Working Paper, World Resource Institute, 2009. http://www.wri.org/sites/default/files/world_greenhouse_gas_emissions_2005.pdf (accessed January 24, 2016).

Institute of Mechanical Engineers (2012). ‘When will oil run out?’ Available at: http://www.imeche.org/news/features/all/less-cause-to-panic-about-oil-running-out

Nickerson, Cynthia, Robert Ebel, Allison Borchers, and Fernando Carriazo. Major Uses of Land in the United States, 2007, EIB-89, U.S. Department of Agriculture, Economic Research Service, December 2011.

Suggested Readings

Charles, Michael B., Paul Barnes, Neal Ryan, and Julia Clayton. “Airport futures: Towards a critique of the aerotropolis model.” Futures 39, no. 9 (2007): 1009-1028, doi:10.1016/j.futures.2007.03.017.

Freestone, Robert, and Douglas Baker. “Spatial planning models of airport-driven urban development.” Journal of Planning Literature 26, no. 3 (2011): 263-279, doi:10.1177/0885412211401341.

Kasarda, John D., and Lindsay, Greg. 2011. Aerotropolis: The Way We’ll Live Next. New York: Farrar, Straus and Giroux.

Kasarda, John D. McGraw Hill Financial Global Institute. Gateway Airports: Commercial Magnets and Critical Business Infrastructure. 2014. https://media.mhfi.com/documents/MHFIGI-Gateway-Airports-Updated.pdf (accessed January 24, 2016).

Peneda, Mauro, Vasco Reis, and Maria Macário. “Critical factors for development of airport cities.” Transportation Research Record: Journal of the Transportation Research Board 2214 (2011): 1-9, doi:10.3141/2214-01.

United States Government Accountability Office. National Airspace System: Airport-Centric Development. GAO-13-261. Washington, D.C.: US Government Printing Office, 2013. http://www.gao.gov/assets/660/653427.pdf (accessed January 24, 2016).

Author Mini-Biography

John D. Kasarda, PhD, directs the Center for Air Commerce at the University of North Carolina’s Kenan-Flagler Business School and is President of the Aerotropolis Institute China. He has published more than 100 articles and 10 books on airport cities, urban economic development, and competitiveness. Amongst his more recent books is Aerotropolis: The Way We’ll Live Next (co-authored with Greg Lindsay), which Time magazine highlighted in 2011 as one of “10 Ideas that Will Change the World”.

▪ Kade Airport: A modern State-of-the-Art Airport will be constructed on a 3,000-acre land to serve as the Eastern Regional Airport for Domestic Flights.

Kak Govpama’s members will have their produce and other goods moved to Prampram or Pruso for processing, packaging and export. This will also create direct and indirect jobs for many. Staff and workers’ apartments will be constructed to improve lives.

▪ Tumu Airport: A modern State-of-the-Art Airport will be constructed on a 3,000-acre land to serve as the Upper West Regional Airport for Domestic Flights. Kak Govpama’s members who are into grains, cereals, tubers and livestock will now have the opportunity to move their produce and goods down to Pruso for processing and packaging prior to export.

Apartments will be built for staff and workers and again more jobs will be created and indirectly for many.

▪ Navrongo Airport: A simple modern State-of-the-Art Airport will be constructed on a 2,500-acre land at Navrongo to serve the needs of Tourists and Visitors who visit Kak Govpama’s members again in this area will freely move their grains, cereals, livestock and vegetables to Pruso for processing, packaging and export.

Apartments will be built for staff, and workers and more jobs will be created for many directly and indirectly as well.

▪ Techiman Airport: A modern State-of-the-Art Airport will be constructed on a 6,000-acre land to serve as the Bono East Regional Airport for Domestic Flights. Kak Govpama’s members will have their produce and other goods moved to Prampram or Pruso for processing, packaging and export. This will also create direct and indirect jobs for many. Staff and workers’ apartments will be constructed to improve lives.

▪ Tarkwa Airport: A modern State-of-the-Art Airport will be constructed on a 3,000-acre land to serve as the Western Regional Airport for Domestic Flights. Kak Govpama’s members will have their produce and other goods moved to Prampram or Pruso for processing, packaging and export. This will also create direct and indirect jobs for many. Staff and workers’ apartments will be constructed to improve lives.

▪ Cape Coast Airport: A modern State-of-the-Art Airport will be constructed on a 3,000-acre land to serve as the Central Regional Airport for Domestic Flights.

Kak Govpama’s members will have their produce and other goods moved to Prampram or Pruso for processing, packaging and export. This will also create direct and indirect jobs for many. Staff and workers’ apartments will be constructed to improve lives.

1.3 KAK GOVPAMA’S OBJECTIVES AND VISION

1.3.1 OBJECTIVES

The main objectives of Kak Govpama are:

1. To increase the income of members and thus improve on their living conditions and that of the communities’ standard of living by assisting in community development.

2. To increase the income levels of members by

a. Assisting members to employ modern technologies in their farming practices and processing activities (GAP).

b. Assisting members to access direct agro- support from Financial Institutions to expand existing farms.

c. Making available to members good and affordable seeds and seedlings, which they can get exportable produce.

d. Assisting members with farming inputs and technical support.

e. Assisting members to export their produce and products and also market the excess on the local market.

1.3.2 VISION

Kak Govpama’s vision is to become a leading, sustainable and profitable agro-industry in Sub-Sahara Africa that is able to respond effectively to change in dynamics of the industry.

For the Airports, Kak Govpama’s long term vision is that they will continue to be Commercial Airports which will effectively promote and serve the social and economic needs of the Districts, Regions and Ghana as a whole.

The values being:

▪ Ensuring safety

▪ Excellence in customer service

▪ Providing the districts with a transportation link and aviation business node.

▪ An effective and cost-efficient operation.

▪ Open and effective communication.

▪ Positive relationships and teamwork – Integrity, Accountability and Dedication.

2.0. THE COMPANY – KAK GOVPAMA GROUP OF COMPANIES

Kak Govpama Group of Companies was formed in April 2007 as Ghana Organic Vegetable Producers and Marketing Association. It was incorporated on the 16th of April, 2007 and was issued with a Certificate to Commence Business on the 17th April, 2007. It was re-incorporated on the 16th of May, 2014 and issued with a Certificate to Commence Business on the same day as demanded by the Ghana Revenue Authority (Ref: App. A, B).

Ghana Organic Vegetable Producers and Marketing Association increased the number of objectives and also added more activities hence the registration of the name GOVPAMA on the 31st of August, 2016. It was again issued with a new Certificate to Commence Business on the same day (Ref: App. C, D).

Govpama became Kak Govpama Group of Companies as more objectives were added to include construction of High-Rise Buildings, Roads, Airports and running of Airlines. It was re-registered on the 10th of January, 2022 (Ref: App. E).

Kak Govpama has an Association of Farmers, who are into grains, cereals, vegetables, fruits and fruit trees, livestock, poultry, piggery, aquaculture, snails, crabs, mushrooms, and bee farming and Agro-Processors who produce, process and export to various countries.

A New Company will be created to manage the Airports, Airlines and other related businesses.

The shareholding structure of the New Company will have the following:

▪ Kak Govpama Group of Companies / Mee Top Inc. - 30%

▪ Autoease Group (Investors / Partners) - 70%

2.2 LOCATION

The Head Office is currently at the Airport City, Atlantic Towers, Greater Accra Region.

2.3. CURRENT OPERATIONS

Kak Govpama is currently engaged in crop production, agro-processing and marketing.

2.4. BANKERS: STANDARD CHARTERED BANK, HEAD OFFICE GCB, TECHIMAN

2.5. SOLICITORS: HON. ANDY APPIAH KUBI : +233-24 485 6858