$200m has a grace period of 2 years and a repayment period of 5 years at a 12.5% interest rate per annum on the cedi equivalent of the USD loan amount based on USD:GH¢ exchange rate fixed at drawdown.
The total debt to be serviced was estimated to be $249.6 million while the total sale proceeds of the 5,000 housing units will bring in $257.27 million, with a profit of $1.8million.
2-bedroom unit to be sold at $29,000 and 3-bedroom unit to be sold at $57,000 under the original plan of 5,000 units
At the time, Hackman Owusu-Agyeman insisted that the project will not deliver affordable housing as his analysis showed that the $29,000 and $57,000 cost announced by the committee was expensive
To repay the loan plus interest of $257.27m, each of the 1,502 units must be sold at $172,000
This does not include the additional $32m needed to complete the project.
If one adds the $32m needed to complete the project to the LOAN+INTEREST of $257.27m, it will rise to $289.27m.
The interest on the $32m yet to be secured by Govt not known and therefore not included.
$200m plus interest amounts to $257.27m. Additional $32m needed to complete. $289.27m minus interest on the yet-to-be-secured $32m for 1,502 units.
This does not include interest on the yet-to-be-secured $32m.*
A unit will cost over $187,000