The new Terminal will have the capacity of handling 5 million passengers a year.
Sources say managers have also settled on a firm that is expected to carry out the construction, after it opened tender for international and local firms to bid for the work.
Managers are also planning to hand over the site to the construction firm expected to carry out the project by the end of this month.
Joy Business gathers that upon completion, activities at the current Terminal 2 would be moved to the new terminal while, managers begin work to upgrade facilities at the current arrival and departure halls.
The completion of the new terminal should position Kokota International Airport as the hub for aviation business in the sub-region.
Upon completion, KIA will have three terminals, one domestic and two for international travels.
In a related development, the Australian national airline, Qantas, has opened a representative in Accra. This should mean that persons wishing to fly to Australia can have access to a dedicated office to purchase tickets of Qantas Airlines.
However Qantas will not be flying directly to Accra, as it has an agreement with Emirates to fly their passengers to Dubai and to Sidney for now.
Business Development manager for APA Ghana, Franchise holders for Qantas Airlines, Lordson Oduro Saka says they are working on the possibility of direct flight.