Deal typeRetail development
A shopping and entertainment destination
Accra Mall likes to call itself ‘The mall with it all’, which is close to the truth. Since opening in 2008, Accra Mall has set the wheels of a retail revolution in motion. As well as shops, it houses a cinema, bars, restaurants, a dentist and a medical centre.
Having already invested in the development of destination malls in other African countries, Actis saw Accra Mall not just as something Ghana wanted, but needed. When basic goods need to be sourced from London, the opportunity exists to both to make a return on your investment – and improve the quality of life.
Actis managed the development process, invested the equity and raised the debt to finance this US$36m project. The mall has delivered tangible benefits to the local economy: as well as increasing employment, it has stimulated the local supply chain, attracted investment to the surrounding area, boosted activity in the formal retail sector and provided better and more affordable goods.
All mall tenants provided customer service training along with health and safety, first aid and basic fire prevention training to their staff. Actis also offered many suppliers guidance on meeting standards and tips on managing stocks (eg use of barcodes). Shoprite was particularly active through its ‘Proudly Ghanaian’ labelling system, offering support and advice to local businesses.
Actis sold its stake in Accra Mall in May 2012 to South African commercial and retail property developer Atterbury and financial services group Sanlam.