The University of Ghana and Africa Integras has achieved commercial close for a university expansion and student housing public private partnership (PPP) project.
The project, which was originally signed in July, 2014 but has now reached the material milestone of funding approvals, represents the largest single expansion of infrastructure at the University of Ghana in the 66-year history of the university.
The project includes construction of an expanded facility for the College of Humanities, a new College of Education, a new dedicated facility for the College of Basic and Applied Sciences and the Institute of Technology and Applied Science, as well as a new facility for the College of Health Sciences to be located near the new teaching hospital on campus.
The project will also involve 1,000 new students hostel beds, to be divided between undergraduate and graduate students mostly to serve the College of Health Sciences.
The project will be developed on a 25-year build, operate and transfer (BOT) basis.
The total project investment is estimated at US$64 million. The project has benefited from the support of the Overseas Private Investment Corporation alongside Africa Integras and its funding consortium including US publicly listed investors
The construction is expected to commence by September, 2015 with a completion date targeted for September 2017.
Andrea Pizziconi, Managing Partner of Africa Integras
"Today, Africa urgently requires infrastructure for an additional 6 million students if it is to reach even half the global average for higher education access. This leaves a gap of nearly $50 billion US dollars to fund this infrastructure development-a gap that governments and philanthropic institutions cannot possibly fill on their own. The only remaining stakeholder that can resolve this crisis is the private sector."