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Monday, July 19, 2010

Finance Committee to hold crunch meeting over STX deal


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A crunch meeting will take place later on Monday July 19, between the Chairman of the Finance Committee and the three Ministers at the Center of the controversial STX Housing Deal.

Citi News gathers that the Minister of Water Resources, Works and Housing, Hon. Alban Bagbin, the Attorney General and the Finance and Economic Planning Minister, Dr. Kwabena Duffuor, would attend the meeting.

It is not immediately clear if officials of STX Engineering and Construction Ghana Ltd will be part of the meeting, but sources say the meeting will discuss key amendment proposals to the STX Housing agreement, which was withdrawn from Parliament last Thursday, July 15.

Citi News gathered that the Government of Ghana and officials of STX construction and Engineering Ghana Ltd are discussing possible removal of some contentious clauses in the 1.5 billion dollar loan agreement, which is to help finance the construction of 30, 000 housing units for the nation’s security personnel.

Citi News is reliably informed that the Sovereign Immunity waiver clause in the agreement would be removed, and there are strong indications that the 250 million dollar insurance component of the loan could be re-negotiated.

Later this week, the Joint Parliamentary Committee on Finance and Housing is expected to meet to discuss the proposed amendments, which would be agreed at today’s meeting with the Finance Committee Chairman and the three Ministers at the center of the STX Housing deal.
Source: citifmonline.com

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