"Saglemi Project Takeover Expected to be Finalized Within 14 Days"

" Saglemi Project Takeover Expected to be Finalized Within 14 Days \r\n\r\nThe Government is poised to finalize negotiations to revive the long-stalled Saglemi Housing Units project, with plans to transfer the initiative to a private developer for redevelopment within the next two weeks. This announcement was made by Minister for Works and Housing, Kojo Oppong Nkrumah, during a press briefing in Accra on September 30, 2024.\r\n\r\nThe government's renewed commitment follows President Akufo-Addo's recent approval of a framework to engage with successful bidders, a request initiated by Minister Oppong Nkrumah last month. Originally intended to provide 5,000 affordable housing units, the Saglemi Housing Project has encountered significant challenges, having only 1,506 units partially completed before construction was halted due to inadequate infrastructure, including essential services such as water, electricity, and sanitation.\r\n\r\nA valuation from the Ghana Institute of Surveyors has indicated that an additional $100 million would be required to complete the remaining units\u2014funding that the government currently lacks. In response, Cabinet has directed the Ministry of Works and Housing to explore the sale of the unfinished project to a private sector entity capable of finalizing and marketing the units without further government investment.\r\n\r\nUnder the newly approved framework, the work completed at Saglemi will be classified as government equity in the project. Meanwhile, the financial outlay required for completion will be recognized as the equity of the chosen private partner within a Special Purpose Vehicle (SPV) established for this purpose. The revenue generated from the sale of the completed homes will be allocated between the government and the private partner in proportion to their respective stakes in the SPV.\r\n\r\nMinister Oppong Nkrumah disclosed that five firms submitted bids, with Quarm-LMI Consortium and Broll Ghana Ltd. shortlisted for the final negotiations. His comments come against the backdrop of Ghana's pressing housing deficit, currently estimated at 1.8 million units\u2014a significant decrease from the 2.8 million units recorded in 2010. Emphasizing the importance of innovative solutions to housing access, he stated, \u201cHousing is not just a necessity but a fundamental right. A secure, decent, and affordable home is essential to one\u2019s well-being, providing a sense of security, dignity, and opportunities for growth and development.\u201d\r\n\r\nIn addition to the Saglemi initiative, the Minister addressed other stalled housing projects, noting that construction on the Koforidua Affordable Housing Project will soon resume following its handover to the State Housing Company Limited. He stressed that this project aims to accelerate development while maintaining high standards of quality and efficiency. The government's actions reflect a broader commitment to addressing the housing crisis in Ghana, prioritizing affordable options for citizens in need."

"Saglemi Project Takeover Expected to be Finalized Within 14 Days"

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