The University of Cape Coast (UCC) has entered into a $500 million Memorandum of Understanding (MoU) with GSC Property Investment Limited to construct a massive 28,000-bed accommodation complex for students.
Spread across 25 hectares of land provided by the university, the project will run on a 30-year Build-Operate-Transfer (BOT) framework.
The planned multi-purpose complex features 28 residential blocks scheduled for completion over five years. Plans also include dedicated catering units, commercial plazas, entertainment and cinema facilities, student recreation hubs, and car parks.
Speaking after witnessing the signing, Education Minister Haruna Iddrisu clarified that the venture requires no financial contribution or backing from the government.
“This will be at no cost to the state, and the state will not provide any guarantee as a sovereign.”
He noted, however, that the proposal must still secure critical clearance from Cabinet, Parliament, the Ministry of Finance, and undergo a comprehensive Value for Money review before execution.
Addressing fees, Mr Iddrisu cautioned the university leadership to keep rates reasonable, acknowledging the heavy financial burden private hostel prices place on tertiary students.
“I have indicated to Professor Edo to remain within the limits of affordability for students.”
The Minister highlighted the initiative as a practical solution to the persistent housing deficit in public tertiary institutions, urging other universities to explore Public-Private Partnerships (PPPs) to solve similar infrastructure challenges.
Under the BOT agreement, GSC Property Investment Limited will build and manage the entire facility throughout the 30-year lease before handing full ownership back to UCC.
For its part, UCC will supply essential data to assist GSC with feasibility assessments and structural design, pending final state approvals.
By: Rainbowradioonline.com/Ghana