The University of Ghana (UG) has reached a significant milestone in addressing its pressing accommodation challenges by signing an agreement with Prime Premier Haven Limited for the construction of a substantial 10,130-bed hostel facility. This ambitious project aims to significantly expand residential capacity for students, a critical need that has long confronted the university administration.

Under the terms of the agreement, the University of Ghana will allocate 10 acres of land to Prime Premier Haven Limited for a 30-year lease period. In return for the land, UG is set to receive between zero and six per cent of the gross revenue generated annually from the facility. Upon the expiration of the lease, full ownership of the hostel facility will revert to the University of Ghana. Furthermore, as part of the deal, Prime Premier Haven Limited has committed to completing one of the four long-abandoned legacy projects belonging to the College of Humanities, an undertaking that will serve in lieu of any direct lease payment to the university.

The entire project is slated for completion within 36 months, with an initial phase expected to be delivered within a more immediate 12-calendar month timeframe. The agreement was formally signed by Professor Nana Aba Appiah Amfo, Vice-Chancellor of the University of Ghana, on behalf of the institution, and Mr. Razak Awudulai, Chief Executive Officer of Prime Premier Haven Limited, representing the construction firm. The signing ceremony was witnessed by key officials from the Ghana Infrastructure Investment Fund (GIIF) and the Public Investment Fund of the Ministry of Finance, underscoring the broad support for this initiative.

Professor Gordon A. Awandare, Pro Vice-Chancellor in charge of Academic and Students Affairs, highlighted the extensive and painstaking negotiations that preceded the agreement, expressing gratitude to the GIIF for their pivotal role in facilitating this opportunity. He conveyed optimism that the university would be able to manage the property effectively once project debts are cleared, ideally within 16 years, thereby enabling the institution to explore additional opportunities.

Professor Amfo lauded the signing as a culmination of years of diligent negotiations and rigorous legal reviews to ensure due diligence. She reaffirmed the university's unwavering commitment to expanding residential options for its students and emphasized that beyond alleviating accommodation pressure, the completion of the College of Humanities project would reinforce the institution's dedication to providing holistic and quality education. She also extended commendations to President John Dramani Mahama for fulfilling his pledge of support, as well as to the Attorney-General and the Minister of Finance for their roles in ensuring the successful conclusion of the agreement. Professor Amfo urged the contractor to maintain diligence throughout the project to meet all expected standards and timelines, assuring management's full support.

Mr. Awudulai confirmed that the construction would be carried out by APC Contractors and gave assurances of high-quality delivery, calling for collective stakeholder support for smooth implementation. Mr. Solomon Asamoah, Chief Executive Officer of GIIF, commented on the strategic importance of partnering with the private sector for such facilities and pledged the fund's commitment to de-risking similar projects. He also encouraged active participation from financial institutions from inception to completion to ensure the long-term sustainability of such ventures.