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 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 agreement, 28 dormitory blocks will be constructed over a five-year period, alongside commercial and catering centres, an entertainment and cinema centre, student activity facilities, parking spaces and other supporting infrastructure.

Speaking after witnessing the signing, Education Minister Haruna Iddrisu said the project would not require direct state funding and that the government would not provide a sovereign guarantee.

“This will be at no cost to the state, and the state will not provide any guarantee as a sovereign.”

However, the minister said the agreement is still subject to a number of approvals, including clearance from Cabinet and Parliament, as well as processes involving the Ministry of Finance and a Value for Money assessment.

Mr Iddrisu also urged UCC to ensure that accommodation charges remain affordable for students, particularly amid concerns over the rising cost of private hostel facilities.

“I have indicated to Professor Edo to remain within the limits of affordability for students.”

He said the project could help address the acute shortage of student accommodation affecting public universities and encouraged other institutions to consider similar public-private partnership arrangements.

Under the proposed BOT model, GSC Property Investment Limited would develop and operate the facilities for the agreed period, after which ownership would eventually revert to UCC.

The university is expected to provide relevant data to support feasibility studies and the design process, subject to the necessary government approvals.

The project forms part of efforts to expand student accommodation capacity as universities continue to grapple with demand for residential facilities.