Ghana welcomes South Korean building binge

By Incorrect Author 10 December 2009

Like Japan, South Korea lacks an abundance of natural resources. But Asia’s fourth largest economy is so energy-hungry and ravenous for food security, that it’s signed deals with countries such as Madagascar, that give it access to huge areas of farmland. It also wants African minerals such as copper and uranium, and is targeting billions of dollars for mining and energy projects in this area. But one construction firm has gone off in a different direction, pledging to build 200,000 houses in Ghana within six years at a cost of $10 billion. It’s a joint venture with Ghana’s government, which will own nearly half the homes. Ghana’s pretty well off in West African terms. It’s a top gold producer and is big on cocoa, timber, diamonds and bauxite (used in aluminium processing) and manganese (as a stainless steel alloy). New oil finds add to the allure. South Korea needs quite a few of these things in volume. Go figure.Read more: BBC, Time, Bloomberg


While we have your attention...

An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.

Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.

Click here to become a Maverick Insider and get a closer look at the Truth.

Election 2019

Maimane takes hardline on illegal immigration at DA’s 2019 campaign manifesto launch

By Ferial Haffajee

Canola oil is named such as to remove the "rape" from its origin as rapeseed oil.