PANAPRESS
Panafrican News Agency
Ghana, Korean company sign big housing deal
Accra, Ghana (PANA) – The Ghana Government and a Korean construction company, STX Group, on Tuesday signed two agreements for the construction of 30,000 housing units for the security services valued at US$1.5 billion.
The deal is the first phase of a controversial 200,000 housing units valued at US$10 billion for the next five years that was bitterly opposed the opposition, which walked out of Parliament before it was passed.
The agreements were the Suppliers Credit and the Engineering, Procurement and Construction (EPC).
Dr Kwabena Duffuor, Ghana's Minister of Finance and Economic Planning and Mrs Betty Mould-Iddrisu, Ghana's Attorney General and Minister of Justice, signed the Suppliers Credit Agreement.
Mrs Mould-Iddrisu and Mr Alban Bagbin, Ghana's Minister of Water Resources, Works and Housing, signed the EPC agreement.
Mr Duk-Soo Kung, Chairman of STX Group and Mr Bernard Asamoah, STX representative in Ghana signed for the Korean company.
The first phase of the project would provide housing units for the security services and set a foundation for 60,000 slots to be acquired by government and 110,000 other units for the public.
Under the deal, contracts for construction of the units would be awarded to Ghanaian companies engaged in the execution of the project.
Ghanaian mortgage financing company, Home Finance Company (HFC) would manage the 110,000 units for the public. Ghana’s housing deficit now stands at some 1.5 million units.
Mr Bagbin said the government had to embark on measures to drastically roll-back the huge housing deficit adding that it would facilitate and support the private sector to participate more actively in the provision of adequate residential and commercial housing infrastructure.
He emphasised that government was committed to the use of local content to promote “Made in Ghana Houses”, job creation and reduce the high cost of building and construction generally.
Mr Duk-Soo said: “All of Africa and the world are looking at us with expectation. Today would be remembered as a historic moment when Ghana’s prosperity and development became a reality.”
-0- PANA MA 14Dec2010
The deal is the first phase of a controversial 200,000 housing units valued at US$10 billion for the next five years that was bitterly opposed the opposition, which walked out of Parliament before it was passed.
The agreements were the Suppliers Credit and the Engineering, Procurement and Construction (EPC).
Dr Kwabena Duffuor, Ghana's Minister of Finance and Economic Planning and Mrs Betty Mould-Iddrisu, Ghana's Attorney General and Minister of Justice, signed the Suppliers Credit Agreement.
Mrs Mould-Iddrisu and Mr Alban Bagbin, Ghana's Minister of Water Resources, Works and Housing, signed the EPC agreement.
Mr Duk-Soo Kung, Chairman of STX Group and Mr Bernard Asamoah, STX representative in Ghana signed for the Korean company.
The first phase of the project would provide housing units for the security services and set a foundation for 60,000 slots to be acquired by government and 110,000 other units for the public.
Under the deal, contracts for construction of the units would be awarded to Ghanaian companies engaged in the execution of the project.
Ghanaian mortgage financing company, Home Finance Company (HFC) would manage the 110,000 units for the public. Ghana’s housing deficit now stands at some 1.5 million units.
Mr Bagbin said the government had to embark on measures to drastically roll-back the huge housing deficit adding that it would facilitate and support the private sector to participate more actively in the provision of adequate residential and commercial housing infrastructure.
He emphasised that government was committed to the use of local content to promote “Made in Ghana Houses”, job creation and reduce the high cost of building and construction generally.
Mr Duk-Soo said: “All of Africa and the world are looking at us with expectation. Today would be remembered as a historic moment when Ghana’s prosperity and development became a reality.”
-0- PANA MA 14Dec2010
