South Korea in $10bn Ghana homes deal

Thursday, 10 December 2009

A South Korean firm has agreed to build 200,000 homes in Ghana over the next six years at a cost of $10bn (£6.1bn), Seoul officials say.

Construction firm STX will set up a joint venture to share the cost of the project with Ghana's government. Seoul officials say 90,000 of the homes will be owned by the Accra government - the rest will be sold. South Korea says it intends to seek more opportunities to help build infrastructure in sub-Saharan Africa.

The country, like other rich nations, has already signed various deals in Africa giving it access to farmland to help shore up food supplies. STX said its housing deal will involve construction in 10 cities, including the capital Accra, from 2010 to 2015. The firm signed the deal in Seoul with Ghana's Minister of Water Resources, Works and Housing Robert Abongo.

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