Ghana Backs Out of Housing Deal With S.Korea’s STX, Graphic Says

Ghana has backed out of a housing deal with STX Corp. of South Korea, and will try to recover investments made in the company and retrieve assets provided for houses to be built in the West African nation, the Daily Graphic reported.

Ghana’s attorney-general is studying the deal to ascertain damages that the government can claim from the abandoned deal, the Accra-based newspaper said, citing Enoch Teye Mensah, minister of water resources, works and housing.

The residential project announced in 2009 was expected to provide 30,000 homes for security personnel at a cost of $1.5 billion for its first phase, the newspaper reported. Calls made to the office of STX’s Ghana unit didn’t connect.

To contact the reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net

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