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Minority Not Boycotting STX Loan Deal - Kyei Mensah-Bonsu   
 
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20-Jul-2011  
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Kyei Mensah-Bonsu
 
 
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The Minority Leader in Parliament Osei Kyei Mensah Bonsu has reiterated the minority’s commitment to ensure that loan agreements to finance the controversial STX Korea Housing project are properly scrutinised.

Mr. Kyei-Mensah-Bonsu underscored the need for due diligence to be done before any agreements on the deal are approved. The Minority Leader, who is also the MP for Suame in the Ashanti Region was reacting on Adom FM to a publication that the Minority plans to boycott parliamentary sitting over the approval of loans for the STX housing project.

The Minority Leader told Adom FM on Wednesday that the they are not boycotting the approval of the STX Korea housing deal, but are calling for proper due diligence to be done before the approval so that MPs can best explain the details of the project to the ordinary Ghanaian.

Mr. Osei Kyei-Mensah-Bonsu raised issues about the source of funding for the project arguing that the ambiguities in the contract did not inspire enough confidence that the needed funds will be raised for the project.

The project was expected to begin early this year but has stalled because the project contractors have apparently been unable to raise the US$1.5 billion needed for the first phase of the project.

The entire project which is valued at 10 billion dollars involves the construction of 200,000 housing units; 30,000 of which will accommodate personnel of the security forces whilst the remaining would be put up on the market for Ghanaians to acquire through mortgage facilities spread over 15 years.
 
 
Source: Adom News
 
 

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