The government has chosen Quarm-LMI as the preferred developer to finish the long-delayed Saglemi Housing Project.
A statement from the Ministry of Works and Housing on Friday, October 18, 2024, revealed that this decision came after extensive negotiations involving the Ministry of Finance, the Office of the Attorney General, and Deloitte, with technical support from the Ghana Institute of Surveyors.
The project will be carried out through a Special Purpose Vehicle (SPV), with the government’s existing investment being treated as equity. This arrangement allows the government and the developer to recover their investments once the project is completed.
Originally planned to provide 5,000 affordable housing units, the Saglemi Housing Project was financed with $200 million in government funds. However, when work was halted, only 1,506 units had been partially completed, lacking essential infrastructure such as water, electricity, and sanitation.
An assessment by the Ghana Institute of Surveyors estimated that an additional $100 million would be needed to finish the 1,506 units, which the government could not provide.
The completion of the project is expected to help address Ghana’s housing deficit, currently estimated at 1.8 million.
