Collapsed businesses government has awarded to private investors

Government of Ghana, in a bid to avoid pumping more monies into some stalled or collapsed projects in the country awarded them to private investors.

The move was for government to save and channel those monies into other developmental projects.

GhanaWeb Business in this article lists collapsed businesses government has awarded to private investors in 2023.

Saglemi Housing

One of the most talked about projects - Saglemi Housing - was handed over to a private investor after the 1500 units built under NDC became inhabitable.

According to the Minister for Works and Housing, Francis Asenso-Boakye, an amount of about US$46 million was needed to provide water, electricity and storm drains.

Disclosing that a private sector developer has assumed control over government's Saglemi housing project, he noted that the developer will be in charge of selling the housing units when completed.

Asenso-Boakye indicated that government could no longer make investments in the project as it was handicapped.

The Works and Housing Minister said this at a press conference in Accra on Sunday, November 13, 2022.

On August 2, 2023, the Public Procurement Authority (PPA) approved the sale of the Saglemi Housing project to a private developer.

Komenda Sugar factory

The $35 million factory which was commissioned under former John Mahama has not been working since May 2016.

President Akufo-Addo in September 2018 disclosed that government is in the process of finding a strategic investor to revive the “debt-ridden and idle” factory.

According to him, the sale is due to serious deficiencies including the unavailability of sugarcane in sufficient quantities in the catchment area.

He also revealed that the government has inadequate working capital required to make the factory functional.

The Government of Ghana handed over the Komenda sugar factory to a strategic investor - Park Aggrotech Company Limited.

This was after the Indian company based in Ghana and a subsidiary of the Skylark Group of companies won the bid to manage the sugar factory.

Officials of the Trade Ministry and PwC introduced the investor to the community and officially handed over the facility to the investor.

The Paramount Chief of Komenda Traditional Area, Nana Kojo Kru II said, “it is a dream come true” that this is happening during his tenure."

SA/EK