Government to recover STX investment

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Flashback: President Mills breaking the ground for the commencement of the project

Government is to recover all assets and investment into STX, the Korean Company contracted to provide 200,000 affordable housing units nationwide within a period of five years.

Prior to signing the contract with its Korean partners, the minority NPP had raised concerns over the deal and for that matter walked out of the debate, save PC Appiah Ofori, MP for Esikuma,-Odoben-Brakwa, when the controversial deal was laid before parliament.  

Nonetheless, the Majority went on to ensure that the deal was passed and on January 27, 2011, President John Evans Atta-Mills cut the sod for the commencement of the project which included the provision of 30,000 housing units for the security agencies at a cost of 1.5billion dollars.

The Tesano Police Training School was expected to be the first beneficiary institution with a total of 1,980 housing units.

However, at a press conference in Accra yesterday, Minister for Water Resources, Works and Housing, Mr Enoch Teye Mensah announced that, “Government has decided to repossess with immediate effect all the 15 sites that were handed over to the STX.”

The move by government is as a result of boardroom wrangling between the STX partners in Ghana and Korea.

As it stands, Mr E.T. Mensah says, government has advised the relevant agencies to withhold any benefits that would have accrued to STX.

According to the Minister, “Government cannot allow a single company which cannot put its acts together to hold the nation to ransom especially as some of their members are indulging in acts that seem to bother on impropriety.”

For now government has not terminated the contract with STX Korea and it remains unclear whether it will take legal action against the Korean company for breach of contract.

Ghana is faced with a 1.5 million housing units deficit, and requires the delivery of 150 thousand units for the next 20 years to tackle the deficit. 

Naadi Bitlegma, e.tv Ghana news.

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