Veep clinches housing deal with South Korea

Accra, March 9, GNA - Vice President John Dramani Mahama has returned from South Korea, where he led a bi-partisan delegation to sign a 10 billion- dollar Memorandum of Understanding on behalf of Ghana for a 200,000 housing- unit project. The project, which starts in April this year and will span five years, is expected to reduce by fifth a crippling national housing deficit pegged at one million units.
Mr John Abdulai Jinapor, Spokesperson to the Vice President, who made this known to the Ghana News Agency in Accra on Monday said 45 per cent of the of the buildings would be given to the government for sale, while the remaining 55 per cent would be offered for mortgage to the public by the Home Finance Company Bank.
The project will be located 45 km east of Accra on 200 acres in the Tema Metropolis and will comprise one to four storey buildings. Phase one will provide 5,000 public housings units for the country's security agencies and 300 executive- type buildings for members of parliament and government officials. When phase one is completed more than 20,000 people will be able to take up
residence at the project site. The project will include schools and other social amenities. Phase two will roll out 13,000 public outstanding loan housing units built specifically
for the middle class. This phase will also include sports facilities, commercial space and
public well fare services. The third phase of the project will witness an additional 20,000 housing and other infrstructural facilities while the last phase will include an 18- hole golf course and multi -purpose sports centre.
The Vice President Mahama tasked Ghanaians regardless of their political affiliations, to facilitate the successful implementation of the project to help minimise the housing problems of the country.
He described the visit to Seoul as historic, reflecting the growing relations between Ghana and the Asian state.
The Minority Leader, Mr Osei Kyei- Mensah Bonsu who was part of the delegation, applauded the Korean government for assisting Ghana overcome some of her developmental challenges.
Mr. Kook Hyun Kim, President and Chief Executive Officer of STX, a Ghanaian- Korea Engineering and Construction Consortium, said the company would rely on the support of Ghana to ensure the successful completion of the project. In a related development the Vice President met with the Ghanaian community in Seoul, where he announced that government would soon come out with a new oil policy,
to manage the revenue that would accrue from the oil find for the benefit of the country.
He said Ghana was expected in the next five years to become a significant producer of oil and gas in Africa, stressing that the country would not use the oil revenue to subsidise the annual budget, but rather operate an account independent of the consolidated funds for key investments such as human resource and infrastructural development. Mr Mahama said the revenue would also be used to boost agriculture and food security.
At a meeting with the Korean President, Mr Lee Myeong-bak Ghana and South Korea renewed their commitment to deepen bilateral relations for the mutual benefit of their citizens.
The two countries also pledged to establish mutual co-operation to boost the development pace.
Mr Mahama also conferred with the South Korean Prime Minister, Mr Jeong Woon-
chan, who praised Ghana for her democratic track record. He pledged his country's support to the development agenda of Ghana.