The project will be owned by A&C Development Company Limited, a real estate development group in Ghana and owner of A&C Square Mall (‘A&C Mall’), a mixed-use mall with retail and office space.

The shareholders of A&C Development are Mr. Andrew Asamoah (50 percent ownership), his wife Mrs. Cecilia Asamoah (10 percent ownership) and their four children; Mr. Frederick Asamoah (10 percent ownership), Mr. Edmund Asamoah (10 percent ownership), Ms. Vivian Asamoah (10 percent ownership) and Mr. Andrew Asamoah (10 percent ownership) (together, the “Sponsors”).

The total Project cost is estimated at US$6.9 million (including US$0.3 million of interest during the construction and pre-operating phase) and will be funded with a combination of equity from the Sponsor, and debt. IFC will provide a Senior Loan (A-Loan) of up to US$3 million. The proposed IFC financing will be structured as a senior secured loan and will have a tenor of up to 6 years (inclusive of a 2-year grace period on principal repayments).                                               

The Project is being built on Jungle Road in East Legon, a fast-growing suburb of Accra, Ghana.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability (2012) because of the limited number of possible adverse impacts, the site-specific nature of these possible impacts, and that these potential impacts can be avoided or mitigated by adhering to generally recognized performance standards, procedures, guidelines or design criteria.

Key potential environmental and social impacts during construction and operation of the project analyzed include; (i) site location in an urban setting; (ii) identification of environmental and social impacts; (iii) management systems in place to address environmental and social issues; (iv) labor and working conditions, including occupational health and safety of employees and construction contractors; (v) solid and liquid waste management and disposal; (vi) tenants and visitors health and safety issues such as potable water and emergency response; and (vii) life and fire safety aspects of project design and operation.

Fulfilment of the action items included in the attached E&S Action Plan (ESAP), adherence to the national laws and regulations, internationally recognized standards, the WBG/IFC EHS general Guidelines applicable to the project will facilitate the project implementation in a sustainable manner