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Vol 3 (AAC) No 2

Published 1st December 2009


Ghana

Mortgages and minerals

A Korean construction company has sealed a huge contract to build houses with Ghana's government in a new twist on resource trades

Accra is leading the way forward on housing development, bringing in South Korean company STX Group to build 200,000 housing units over the next five years at a cost of US$10 billion. With Seoul's support, South Korean companies are increasingly taking their contracting prowess abroad, utilising low costs and high technology in conjunction with face-time with African leaders. While the real estate deal signed on 8 December could bring a sea change to housing provision in Africa, the nature of the financing has some worried.

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