A new national airline is set to be run by a new London investment firm co-founded by former England footballer Emile Heskey who has teamed up with Manchester-based Zimbabwean entrepreneur Davison Simango.
The plan is to have a new Ghanaian airline operating in time for the 13th African Games that are scheduled to run from 4th to 19th August in Accra.
Heskey and Simango have co-founded the Zotus Group, a London-based investment firm dedicated to the development of humanitarian projects in Africa and developing countries. Founded in 2021 to boost sustainable economic development and social progress across the world, their portfolio already spans energy, infrastructure, agriculture as well as aviation.
Thirteen years after the last state-owned airline collapsed in 2010, the Ghanaian Government has now handed a new contract to Ashanti Airline and financial partner the Zotus Group.
“Ghana Airlines, funded by UK-based investment fund Zotus Group will commence flights in 2023 with several domestic and regional routes with global and European routes, including London Heathrow and New York to follow shortly thereafter,” the partners said in a statement.
After enjoying an 18-year career representing England in international football including two FIFA World Cups, Heskey is now turning his hand to humanitarian projects and will lead the Board of Directors for the new initiative.
“There is a lot of work on-going already to get the airline ready for start-up, we are in the market sourcing aircraft to start our operations with a significant focus on cargo and passenger manifest from the British Government,” Heskey said.
“It is with this support we anticipate a successful business model from the outset.”
British-Ghanaian Cynthia Quarcoo has more than 15 years of banking, finance, and capital markets experience representing institutional clients and governments, After practising in London for a decade, Quarcoo is now a Managing Partner of Accra-based law firm, CQ Legal & Consulting.
Specialising in UK-Ghana cross-border transactions, the firm acts as a trusted local advisor for British-based investors and companies looking for returns in Ghana. Quarcoo played a role in the liquidation of Ghana Airways the defunct national airline acting as a legal advisor to PwC Ghana which was the official liquidator.
Ms. Quarcoo explains,
“After being involved in the liquidation of the national airline and witnessing the demise of its predecessor, I’m encouraged to see foreign direct investment in the project. Zotus Group brings a wealth of experience to the table and is well-positioned to make a real success of the airline, opening the doors for other investors.
Over the last decade, Ghana has developed into an attractive proposition for investors like the Zotus Group. The country has relatively advanced infrastructure compared with other low-income African countries however as we aspire to be a middle-income country, we need to upgrade.
Rapid economic growth made Ghana an attractive market for public and private sector investment but recent government debt deterred Foreign Direct Investment (FDI). However, even with hyperinflation spiking at 31.7 percent last July, real incomes, and consumer activity expected to slow in 2023, the African Games have encouraged shrewd investors to remain keen. The country has proudly transitioned to the Anti-Money Laundering Act of 2020 and our legal system is one of the most transparent in Africa which gives comfort to investors. The government and our dynamic private sector have opened their arms to partnerships because the games offer an opportunity to stimulate the economy, make lasting change, and enjoy long-term returns.”
