The government has appointed Quarm-LMI as the lead developer to complete the long-delayed Saglemi Housing Project.
According to a statement from the Ministry of Works and Housing on Friday, October 18, 2024, the selection was made after an extensive negotiation process, which involved various government entities, including the Ministry of Finance, the Attorney General’s Office, and Deloitte, with technical evaluations supported by the Ghana Institute of Surveyors.
The redevelopment will be carried out under a Special Purpose Vehicle (SPV), with the government’s current investment being considered as equity.
This arrangement ensures that both the government and Quarm-LMI will recover their financial contributions upon the project’s completion.
“As part of the redevelopment, the government and the developer will both recover their investments when the project is completed,” the statement added.
The Saglemi Housing Project, initially planned to provide 5,000 affordable housing units, received roughly $200 million in government funding.
However, construction stalled with only 1,506 units partially completed, falling short due to a lack of essential infrastructure, including water, electricity, and sanitation facilities, rendering the units uninhabitable.
A valuation by the Ghana Institute of Surveyors revealed that an additional $100 million would be necessary to complete the unfinished units—funding that the government was unable to secure at the time.
The project’s completion is expected to make a substantial contribution to easing Ghana’s housing deficit, which currently stands at 1.8 million.