IMANI Blasts NPP, CPP Over $10bn Korea Deal

The IMANI official expressed disappointment that a major opposition political party with a minority leader in Parliament has so far not taken interest in the controversial deal to state its position.
He urged the recognized political parties to come out and expressed their views on the Government to government deal.

Delivering his presentation, Mr. Bentsil said it was sad that the Korean government after searching for a gullible African country to strike a stimulus package for its ailing housing industry, found no other place than Ghana to enter into such a bad deal.

According to him, if the government of Ghana insists on abiding by the Memorandum of Understanding, the nation’s oil fund, which is yet to be drilled, would have been mortgaged for twenty years.

Another problem is that any subsequent government that decides to abrogate the deal will have to pay a penalty because the MoU is considered as an international transaction.

He said, “The government is making simple mistake with our oil, it’s not wise to mortgage our oil at this stage”. Mr. Benstil told the stakeholders of the construction industry to take up the fight order to stop the deal.

In reaction, Osei Prempeh, MP for Nsuta-Kwaman, explained that the STX Korea deal was tabled before Parliament but was withdrawn without deliberation on it. The MP disclosed that the deal had been referred to the appropriate committee for further due diligence.

He gave the assurance that as Minority MPs their duty would be to ensure that the nation derives maximum benefit from the deal. Frank Tackie of the Institute of Planners said any housing unit which is more than $10,000 could not be described as affordable and therefore expensive to the ordinary salary worker.

He was of the view that Kwame Nkrumah University of Science and Technology has no capacity to undertake the consultancy job saying, “We’ve sufficient capacity and know-how to deliver 200,000 housing units in Ghana.

Also speaking, Amega Yibor, Executive Secretary of GREDA, was not happy that the umbrella body of real estate developers was not consulted stating that without any assistant from government many real estate developers are providing houses cheaper and lower than $50,000.

Mr. Yibor maintained that what the housing industry needs are infrastructure, availability of land and incentives. The current government in a bid to fulfill its housing policy has entered into MoU with STX Korea a $10bn deal to build 200,000 housing units within five year period.

According to the MoU each housing is expected to cost $50,000. Gabby Asare Otchere Darko, Executive Director of the Danquah Institute, reiterated that the government initiative was laudable but that the deal seeks to favour Korea rather than Ghana.

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