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The Ghanaian Government has finalized a strategic partnership agreement with Ethiopian Airlines (ET, Addis Ababa) over the formation of a new national carrier. The move follows a Memorandum of Understanding (MOU) that was signed between the two sides in December last year.

According to sources close to developments who spoke to the B&FT newspaper, the final agreement was signed on Wednesday last week and will see the Ghanaian state owning a 51% stake in the new airline with Ethiopian owning the remainder. However, Accra has indicated that its overall plan is to transfer an unspecified tranche to local Ghanaian entities.

“A number of them have expressed interest and the Ministry of Aviation is still speaking with some of the insurance companies and banks who have expressed interest," Simon Allotey, Director-General of the Ghana Civil Aviation Authority (GCAA) later told the B&FT. "But initially, what might happen is that government’s initial shareholding might go beyond 10%. It will hold the shares for the potential Ghanaian investors because we can’t wait for all of them to come on-board...