Ghana gives up on $10bn housing deal with STX

Ghana is seeking "alternatives" to a 200,000-unit housing deal it struck with South Korean conglomerate STX Corp. after failed negotiations over the details, President John Atta Mills said on Monday.The deal, initially announced in 2009, was estimated to be worth $10 billion.

"We have some difficulties with the STX project and as a president, I am eating a humble pie to say that we are looking for alternatives," Mills said at a press conference.

"They've spent so much time on boardroom wrangling and the time has come that we can no longer wait for them to resolve their problem," he said.

The South Korean shipping to construction conglomerate said in late 2009 it planned to set up a joint venture with Ghana to build 200,000 homes in the West African state by 2015, funded by the government and a state-run bank in the country.

The deal was approved by parliament but was later put on hold. Mills did not give details on why the deal fell through.

"We are now looking for alternatives and very soon we'll come out (with them)," Mills said.

An official at STX was not immediately available.

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