The University of Cape Coast (UCC) has signed a Memorandum of Understanding (MoU) with GSC Property Investment Limited for the development of a 28,000-bed student accommodation facility estimated at US$500 million.
The project, aimed at addressing the University’s longstanding accommodation deficit, will be implemented under a 30-year Build-Operate-Transfer (BOT) arrangement, with 25 hectares of UCC land earmarked for the development.
Under the proposed arrangement, GSC Property Investment Limited will finance, construct and operate the facility before transferring ownership to UCC at the end of the concession period. Construction is expected to take five years.
The structure will comprise 28 dormitory blocks and include commercial and catering centres, an entertainment and cinema centre, student activity facilities, parking spaces and other supporting infrastructure.
Speaking after witnessing the signing ceremony, the Minister for Education, Hon. Haruna Iddrisu, said the project would be undertaken without direct state funding or a sovereign guarantee from the Government.
“This will be at no cost to the state, and the state will not provide any guarantee as a sovereign,” he said.
He explained that the investor would recover its investment through the operation of the facilities, while UCC would ultimately acquire ownership after the BOT period. Student accommodation fees are expected to form part of the financing mechanism.
The Minister, however, stressed that the MoU does not constitute final approval for implementation. The project remains subject to Cabinet and Parliamentary approval, Ministry of Finance processes and a Value for Money assessment.
Mr. Iddrisu also urged UCC to ensure that accommodation charges remain affordable to students, particularly as many currently rely on private hostels in surrounding communities.
