Monday, September 24, 2012

► GHANA: SSNIT to inject USD3million into Africa World Airlines.

Ghana Africa World AirlinesGhana's fifth and newest carrier Africa World Airlines (AW), the joint venture between China's HNA Group, the China-Africa Development Fund, SSNIT (Ghana's Social Security and National Insurance Trust) and SAS Finance Group, which launched its domestic operations between Accra, Kumasi, Takoradi and Tamale on Friday 21 September, received a further shot in the arm on Saturday when the SSNIT revealed it would inject "between three and four million dollars into the new airline."

Africa World Airlines' AOC
Africa World Airlines' AOC
With a fleet of two Embraer ERJ-145LR jets and an initial capital investment standing at roughly USD30-40million, Africa World will need to build a bigger financial base if it is to meet its long term strategic goals of expansion into regional markets such as including Abidjan, Abuja, Lagos, Ouagadougou, Monrovia, Freetown and Lome.

Regarding the capital injection, the Director-General of the SSNIT, Dr. Frank Odoom, said:
Management (SSNIT) has "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 AWA.”
Source [Ghana News Agency]

AWA's launch has been in the making since October, 2010, and is not only the first practical investment of HNA Group in Africa, but also the first aviation investment by a Chinese enterprise in Africa, with support coming from both the Chinese and Ghanaian governments.

Meanwhile, the airline has also been given its Airworthiness Operator's Certificate (AOC) by the Ghanaian Civil Aviation Authority on the occasion of its inauguration.