Accra, July 1, GNA - Mr. Alban Bagbin, Minister of Water Sources, Works and Housing, on Thursday said government had decided to deal with STX, a Korea company, to provide affordable houses in Ghana because of its credible record.

He said that the huge housing deficit in Ghana was partly due to lack of the ability of local companies to access concessionary loans for projects as compared to foreign partners.

The Minister was speaking at the launch of 2010 Ghana Property Awards dubbed "Effectiveness of Ghana's Real Estate Regulations under imperfect enforcement and Firms' Avoidance Behaviour" in Accra. Mr. Bagbin said the country needed about 120,000 houses annually and government would encourage local companies to build quality and affordable houses.

Dr. Alex Tweneboa, President of Ghana Real Estate Developers Association, said that this year's Awards would throw light on the nations' most active and successful property agents, developers, financiers and the projects they have undertaken.

He called on government to assist estate developers to build more houses to solve the housing problem facing the country. This year's awards would be organised by the Express Property Magazine on July 30 at Accra International Conference Centre. It would attract estate developers from Ghana and other African countries and top performing and excellent individuals and firms in the property sector would be awarded.