Information picked up by DGN Online suggest a high level shadiness with the financial arrangements for the Saglemi Housing Project.
The shady deal resulted in a sharp reduction in the total number of housing units that were supposed to be constructed to completion.
According to sources, the Mahama’s administration was supposed to build 5000 units at Saglemi for $280 million.
The NDC’s administration, as DGN Online investigation reveals, paid 80 percent of the contract sum upfront.
Surprisingly, a few months later, the contract was reportedly varied to 3000 units still at the same cost of $280million.
It was further varied to 1500 units at the same cost of $280 million.
Interestingly, about 600 units have been built.
Per DGN Online‘s findings, out of the 600 units, only about 200 could be somehow occupied with little work and that is if people are willing to occupy them in such a state.
The development does not have any drains or sewage systems and is not likely to sell untill such systems are put in place, a source familiar with the project told DGN Online.
The contractors for the project Constratora OAS Ghana Limited, are claiming they could not finish the job because the remaining 20 percent was not paid.
The decision to terminate the contract was communicated to government on February 18, 2019.
A source said “so to them 80% of 5000 is 600 units without drians or any interior finishing.”
What does it mean?
At a contract sum of $280 million for only 600 units, it means each unit was constructed at an estimated cost of about $467,000.
For such a project in a location like Saglemi which is outside the national capital, Accra, the cost for each unit is woefully exorbitant and that means the state would struggle to get buyers or renters to recoup its investment.
Sources say that means “as the project stands now, to complete and be able to sell, we will have to sell a 2 bedroom shoddily designed and constructed appartment in Sagleme, in the middle of no where for 500,000 USD just to break even.”
A source explained “compare this to some estate developers now selling a much more quality housing units in Adenta very close to town for around 50,000 USD.”
It has been gathered that the Akufo-Addo’s administration is to spend more money to complete the project either through borrowing or spending the taxpayers cash.
Another source closer to the project says “unfortunately, we will have to spend more money to complete it but it will have to be given out for significant losses.”
DGN Online is reliably informed that steps are being taken to prosecute officials of the past administration who were part of the ‘scam’ against the country.
“But some people will surely go to in jail for causing financial loss to the State,” a state official who pleaded anonymity says.
BY Melvin Tarlue
An Entrepreneur and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morganview all posts by: Nana Kwesi Coomson
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