Accra, March 24, GNA - The Government on Thursday announced that it had signed a Memorandum of Understanding (MOU) with New Dawn Resorts Limited, a Ghanaian company, to develop 24.2 hectares of the sea front from the Arts Centre through the Independence Square to the Christiansburg Castle into a beach resort and other amenities.

Mr Jake Obetsebi-Lamptey, Minister of Tourism and Modernisation of the Capital City, at a press briefing in Accra said the MOU was subject to a definite agreement now being reviewed by both parties. He said the first phase of construction would begin as soon as the final approval of the agreement was reached.

The Project would have at least four resort hotels and other amenities and is estimated to cost about 500 million dollars. Mr Obetsebi-Lamptey said the Company would be the master developer of the property, which was expected to create job opportunities for Ghanaians.

He said plans were far advanced to relocate and house all Ministries in the project zone.

He expressed optimism that when completed the resort would boost tourism and increase foreign exchange earning for the country. Mr Harold D. Holder, Chairman of the Holder Hospitality Group Incorporated, the mother company of New Dawn Resorts Limited, said beyond the employment created by the construction, the complex would target about 1,000 full-time employees, who would be local residents. He explained that the first hotel would be multi-floored and of the quality that would be in keeping with the image and the modernization programme of the Capital City.

He said the project would include a number of entertainment venues including casino and restaurant facilities, parks and recreational areas to appeal to both international travellers and local residents. Mr Holder said the initial hotel would occupy approximately four hectares leaving 20.2 hectares to be developed by other investors being recruited by the Company. 24 March 05