Through the assistance of Nana Nketsia, King of Takoradi-Sedkondi, the corporation was granted the unique position of a 99 year lease. Ordinarily leases in Ghana are granted for 50 years or less.
The process of land acquisition was evidence of the support of the people of Ghana for the corporation and the project. The price the corporation paid for the lease was significantly below the fair market value of the lands and the King and sub chiefs all indicated their intention to take the funds received for the lease arrangement and use same to purchase shares on the market in the corporation.
The corporation made the decision to locate in Takoradi because all existing infrastructure is in place which will facilitate operations, reduce construction time of the plant and provide the corporation with significant cost savings.
As a result of this acquisition the corporation has completed a major milestone in the process of establishing its manufacturing facility in Ghana.
Heather Welner, president and CEO, said: “A major milestone has been achieved today as securing this lease enables us to begin our next phase of development, which will focus on the pre-planning and development of the corporation’s processing plant. We’re extremely honoured by the support the local government has given us, the duration of the lease and the location of the property. We’re very happy and thankful to the King and the sub chiefs for making this lease possible and we look forward to building a long lasting and strong partnership with all parties involved.”
Source: Organic Potash
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