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The real estate community seems excited about the decision by the government to hand over the grand-but-abandoned Saglemi Housing Project to a private developer.
Minister of works and housing Francis Asenso Boakye disclosed during a meeting with the press on Sunday, November 13, 2022 that government is cash-strapped and wonât be able to make further financial commitments to the project.
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Although the announcement has been criticised by a section of the public, the Ghana Real Estate Development Association (GREDA) has said the move would prevent the mammoth housing project from wasting away.
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GREDA executive secretary Samuel Amegayibor said the move by the government clearly shows commitment to put the 1,500 housing unit to good use after many years of seeming neglect.
Amegayibor urged the government to take a closer look at the project and investigate the thinking that went into the decision if the initiators of the project to cite it on the outskirts of the main business districts.
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The one-of-its-kind project was approved by Parliament on October 31, 2012 after the consideration of a Report of the Joint Committee on Finance and Works and Housing on the projectâs associated loan agreement.
Ghana obtained $200 million credit facility from Credit Suisse International for the construction of the affordable housing units by Construtora OAS Limited.
The deal was for the construction of 5,000 affordable housing units when it was first sent to parliament but was later reduced to 1,500.
The completed project has been dogged with controversy under the current Nana Akufo-Addo administration.
Meanwhile, YEN.com.gh has reported in a separate story that Ghana is committed to upholdthe principles of the Paris Agreement.
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Akufo-Addo has said Ghana is exploring options to include hydrogen gas and other clean energy in the country's energy mix.
The president said these when he presented Ghanaâs framework on energy transition at a high-level event organised by Bloomberg Philanthropies on Sustainable Energy for All at COP27 in Egypt.
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Source: YEN.com.gh
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