Government Aims to Secure $100 Million in Private Capital to Complete the Saglemi Housing Project

"Government targets $100 million in private capital to finish Saglemi Housing Project. Learn more about this crucial initiative here."
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"Government targets $100 million in private capital to finish Saglemi Housing Project. Learn more about this crucial initiative here."

“Government targets $100 million in private capital to finish Saglemi Housing Project. Learn more about this crucial initiative here.”

The government is pursuing $100 million in private capital from investors to finalize the Saglemi Affordable Housing project.

Minister for Works and Housing, Kojo Oppong Nkrumah, revealed this during an episode of PM: Express Business Edition airing tonight on JoyNews, on March 28th.

The minister noted that “I have given instructions to the technical working group on this housing project and that within the next five weeks, they should go ahead with an international expression of interest that is designed to attract private developers and complete this project for use.”

The Minister added that “within the five-week period, when the expression of interest is issued, the timeline for the next steps will be articulated by the working group for this project”

“At the end of this exercise, going into negotiations, we expect that the private partner the technical committee will settle, can help to quickly complete the project,” Kojo Oppong Nkrumah added.

Government on completing the project

The Ministry of Works and Housing is proceeding in this direction, following Cabinet’s approval of the way forward in terms of completing the project on time and making it available for public use.

The government has therefore established a technical working group tasked with ensuring the timely completion of the project and addressing all concerns identified during the comprehensive project review.

The Minister of Works and Housing noted that, following a forensic audit, it was revealed that additional funds are needed to finalize the affordable housing project for public use. However, the minister added that the President was adamant about not using taxpayers’ money to complete the project, given the substantial public funds already invested. Hence, the decision to seek private capital to finish the remaining units.

Minister Kojo Oppong reiterated the government’s commitment to completing the project on time for public use. He also highlighted the housing deficit in Ghana, estimated at around 1.8 million, emphasizing the need for appropriate policies to address this challenge.

Concerns have been raised regarding the timeline for project completion, especially considering the nearing end of the administration’s tenure. Some question the prudence of proceeding with the fundraising exercise and involving private capital.

However, the Minister for Works and Housing quickly countered these concerns, emphasizing that the project should be viewed as a government initiative and that the government’s work is continuous.

In essence, while challenges and concerns persist, the government remains dedicated to fulfilling its commitment to providing affordable housing solutions for the people of Ghana.

 

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