The Ghanaian government is on the brink of finalizing negotiations to revive the stalled Saglemi Housing Units.
In a press briefing on Monday, September 30, 2024, Works and Housing Minister Kojo Oppong Nkrumah announced that the project would be handed over to a private developer for redevelopment within the next two weeks.
Originally intended to deliver 5,000 affordable housing units, the Saglemi project was halted due to financial constraints and incomplete infrastructure.
A recent valuation revealed that completing the unfinished units would require an additional $100 million.
To address this challenge, the government has approved a framework that involves selling the partially completed project to a private entity.
The government’s existing investment will be treated as equity in the project, while the private partner will contribute the funds needed for completion.
Five firms submitted bids for the project, with Quarm-LMI Consortium and Broll Ghana Ltd emerging as the finalists.
The government aims to finalize negotiations with one of these companies within the next 14 days.
Minister Oppong Nkrumah emphasized the importance of this initiative in addressing Ghana’s housing deficit, which currently stands at 1.8 million units.
He stressed that housing is a fundamental right and that the government is committed to finding innovative solutions to ensure that all citizens have access to affordable and decent housing.
In addition to the Saglemi project, the government is also working to revive the Koforidua Affordable Housing Project.
This project has been handed over to the State Housing Company Limited to expedite construction and maintain high quality standards.
