The owner of The Westbury Hotel, British multi-millionaire real estate developer Azad Cola, is co-founding a town called Petronia City in Ghana.
The new city is to become a business hub for the oil, gas and mining industries in West Africa, according to Forbes. Petronia City is to serve as a launch point for companies as they come to the country — oil was first discovered in Ghana in 2007.
“We are creating a blueprint for emerging market prosperity,” Cola told Forbes. “There are very few countries and very few examples in Sub Saharan Africa where producers, manufacturers and distributors neighbour [each other]. There has been a longstanding cycle of dependency which this industrial platform will break by creating a replicable template for sustainable development.”
Petronia City was created primarily to address the infrastructure gap in the Western Region following the 2007 oil discovery and subsequent increase in social and economic activity in the region.
“We need to build a platform of sustainable industrial development, producing and manufacturing to an international standard that will bring investment, training and a number of additional socio-economic benefits to the local and wider communities”.
The cost of importing the required materials and bringing the right professional expertise is currently a huge barrier to the regions’ public and private sectors ability to fund the required investment into infrastructure and development said Azad.
This platform and free zone enclave is going to expedite the supply chain in a sustainable environment to meet growing market demand, ECOWAS and Pan-African. We can bring true autonomy to this part of the continent, one development at a time, he added.
Cola’s co-founder is Ghanaian entrepreneur, Nana Kwame Bediako, the C.E.O of Kwarleyz Group who recently started his own investment company, Capital Nine Zero