The Ghana-Libyan Arab Holding Company (GLAHCO), owners of the Golden Tulip Hotel, have put in a bid to purchase the abandoned Kumasi City Hotel.

Finance and Economic Planning Minister, Yaw Osafo-Maafo, accompanied the GLAHCO Board of Directors at the weekend on an inspection tour of deteriorating hotel. ?An estimated $18 million is needed to renovate the hotel,? he told the press.

GLAHCO Board of Directors is expected to reach an agreement today on the approval of the proposed takeover. It will then look for money to undertake the project, whilst government provides the necessary guarantee.

The Minister was extremely confident that following today?s meeting, an agreement would be signed for the renovation of the hotel ?even before the close of the year?.