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Vol 3 (AAC) No 7

Published 1st May 2010


Ghana

Building on oil money

The US$10 billion STX housing deal gets its first hearing in Parliament just as the government prepares to borrow $1.5 bn. in future oil revenues

The Ghanaian government is proposing to put up US$1.5 billion of its future oil revenues to finance the first phase of a controversial housing project with the South Korean construction company STX Group, which is said to be $6.3 bn. in debt. President John Evans Atta Mills’s government brought a motion before parliament on 4 May for a supplier’s credit agreement for the first stages of the project. STX Group Chief Executive Kang Duk-soo was in Accra in early May, promising to turn Ghana into a West African industrial giant.

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