[ 2012-09-23 ]
SSNIT injects 3-4 million dollars into Africa World Airlines
Accra, Sept. 22, GNA – The Social Security and
National Insurance Trust (SSNIT) says it has
injected between three and four million dollars
into a new airline, Africa World Airline (AWA),
set to serve the domestic and regional air travel
Speaking to the Ghana News Agency at the end of
the launch of the airline in Accra, Dr Frank
Odoom, Director- General of SSNIT, said management
had found it prudent to diversify the investment
portfolio of the Trust and to venture into the
prospective aviation industry.
He said the Trust was optimistic that investment
in the aviation industry was a viable one that
would fetch the needed returns.
According to Dr Odoom, “The aviation is an area
worth investing and we see more opportunities for
Other shareholders in AWA include SAS Finance
Group, HNA Aviation Holdings-China and
China-Africa Development Fund (CADFUND).
AWA, which is entering the industry as the fifth
domestic airline commences their operations with
the initial capital investment of 30-40 million
The airline has two Embraer ERJ-145LR jets and it
is expected to increase the fleet as market demand
for the service soars.
It is expected to operate in Accra, Kumasi,
Takoradi and Tamale, starting from Friday 21st,
Togbe Afede IV, founder of AWA, earlier at the
launch, said the involvement of SSNIT, as a
shareholder in the airline, was very significant
adding that it made it a Ghanaian airline that
would fly the national colours.
He called on all stakeholders and Ghanaians to
work with management to achieve their aim of
making air travel a viable option for the majority
Togbe Afede IV expressed optimism that the airline
would build its strength on three main factors,
namely; safety, reliability and efficiency.
“We intend our growth to mirror that of HNA, which
currently has a fleet of about 400 aircrafts,” he
Madam Akua Sena Dansua, Minister of Tourism,
underscored the socio-economic importance of the
aviation industry adding that air travel was a
critical component of the tourism industry.
She called on the Chinese investors to spread
their tentacles to other areas in the tourism
Mr Gong Jianzhong, Chinese Ambassador to Ghana,
described the launch as a milestone in
China-Africa cooperation, saying “it is a bridge
that shortens the distance between China and
He noted that Accra was becoming a logistic hub in
the West African sub-region and that the
participation of competent shareholders in AWA
would play an important role in promoting Ghana as
hub for aviation.
He pledged the Chinese government's commitment
towards strengthening bilateral relations between
the two countries.
Mr Chi Jianxin, Chief Executive Officer of
CADFUND, said management of the Fund had observed
that the aviation industry in Ghana was worth
He cited the stable political climate, economic
growth and the country's democratic credential as
other motivating factors.
Source - GNA
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