The Minister for Works and Housing Kojo Oppong Nkrumah, during a press briefing in Accra on Monday, September 30, 2024, announced that work will resume on the stalled Saglemi Housing project in November this year.
This was disclosed by the Minister for Works and Housing, Kojo Oppong Nkrumah,
This development follows President Akufo-Addo’s approval of a negotiation framework with the successful bidder(s) after a request submitted by Minister Oppong Nkrumah last month.
The Saglemi Housing Project, initiated under the erstwhile NDC administration, initially aimed at delivering 5,000 affordable housing units, saw around $200 million of government funding but was halted after only 1,506 units were partially completed.
The unfinished development was deemed uninhabitable due to the absence of key infrastructure such as water, electricity, and sanitation.
A valuation by the Ghana Institute of Surveyors indicated that an additional $100 million would be required to complete the project—funding the government could not provide.
Minister Oppong Nkrumah explained that cabinet has instructed the Ministry of Works and Housing to explore selling the incomplete project to a private entity to finish and sell the units without further government investment.
Under the approved framework, the current value of work done on the Saglemi project will be treated as government equity, while the private developer’s cost to complete the units will represent their equity in a Special Purpose Vehicle (SPV) to be established.
Proceeds from the sale of the completed houses will be divided between the government and the private partner based on their equity stakes.
Two companies have been shortlisted for the final phase of negotiations: Quarm-LMI Consortium and Broll Ghana Ltd. My name is Faaloor Emmanuel please I need help from my audience in this platform. I need to promote my article to go viral share with friends other to read if you do that for me I will thank and God will bless you.
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