Two Investors Chase Saglemi Housing Project

 

After years of stagnation, the Saglemi Housing Project, a $200 million initiative aimed at constructing 5,000 affordable housing units, is finally gaining momentum.

The project, which began with high hopes, had only 1,506 units completed or in various stages of completion by January 2017, despite $197 million already paid to contractors.

The project’s history is marked by delays and controversy.
Initially launched in 2012, the Saglemi Housing Project was intended to provide affordable housing for low-income Ghanaians.

However, the project stalled due to various challenges, including funding issues and contractual disputes.

In 2017, the government acknowledged that the project had failed to meet its objectives, with only 1,506 units completed out of the targeted 5,000.

The government also revealed that $197 million had been paid to the contractors, sparking concerns about the project’s management and transparency.

Fast-forward to 2024, the government has taken significant steps to revive the project.

In July, five firms submitted bids to complete the project, and after weeks of evaluation and due diligence, two preferred bidders have been shortlisted for final negotiations.

According to Minister for Works and Housing, Kojo Oppong Nkrumah, the government will remain focused and meticulous in the transaction.

“We are committed to ensuring that the project is completed efficiently and effectively,” he stated.

President Nana Addo Dankwa Akufo-Addo has approved a framework for negotiations with the successful bidder(s), paving the way for the project’s completion.

Under this framework, the work already completed on the Saglemi project will be treated as the government’s equity.

The revival of the Saglemi Housing Project is expected to provide much-needed affordable housing for Ghanaians.

The project’s completion will also address the country’s housing deficit, which has been a major concern for policymakers.

The Saglemi Housing Project’s revival is a significant development in Ghana’s housing sector.

-BY Daniel Bampoe

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