The Minister for Works and Housing, Kojo Oppong Nkrumah, has revealed that the government is nearing the final stages of negotiations to hand over the Saglemi Housing Project to a private developer.
At a press briefing in Accra on Monday, September 30, 2024, Kojo Oppong Nkrumah announced that the government will transfer the Saglemi Housing Project, with 1,506 partially completed units, to a private entity within 14 days. The development stalled due to the lack of essential infrastructure, such as water, electricity, and sanitation, which made the units uninhabitable.
“Originally designed to deliver 5,000 affordable housing units, the Saglemi Housing Project received approximately $200 million in government funding. The cabinet instructed the Ministry of Works and Housing to sell the incomplete project to a private developer, who will complete and sell the units without further government investment. Negotiations will conclude in the next 14 days, Nkrumah explained.
He further explain that the approve plan designates the government’s current investment as equity, while the private partner’s contribution to complete the development will also be regard as equity in a Special Purpose Vehicle (SPV).
This development continues to address Ghana’s housing deficit of 1.8 million units, down from 2.8 million in 2010.
