The Lawyer and Executive Chairman of Comet Properties, Nana Odeneho Kyeremateng has revealed that it is more lucrative to build than to rent a house in Ghana.
The executive chairman explained that individuals within the formal and informal sectors of the Ghanaian economy, with stable streams of income and profitable businesses, should refrain from channelling funds into renting properties, but rather develop the culture of acquiring lands and building their own houses.
“I don’t know what is in your pocket but don’t rent. If you have the means to acquire, don’t rent. If you have the opportunity and means, build a house,”
Nana Odeneho Kyeremateng
The executive chairman, in his submission on PM Express highlighted some challenges faced by the housing sector in the economy, and the support the government of Ghana and stakeholders can provide to address the huge housing deficit in Ghana.
Some notable challenges
He indicated that some of the challenges that has befallen the housing delivery in the Ghanaian economy are, the inability to own a land because of low incomes, the high cost of importing building materials due to high interest, exchange, and inflation rates among others. He further indicated that active participation of the government in the housing sector might stagnate the growth of the sector owing to their centralized system of operation.
“Government policies could be as nice on the blueprint, but when it comes to implementation, it becomes a problem. To me I don’t see the need for us to go back to the old system”.
Nana Odeneho Kyeremateng
Furthermore, he indicated that, the non-involvement of experts when putting up buildings as well as the inability of individuals to secure mortgage facilities had over the years contributed to the huge housing deficit we have in Ghana.
Proposed remedies
Some notable remedies as indicated by the Lawyer Nana Odeneho Kyeremateng which when adopted can help to address the staled progress of bridging the huge housing deficit gap are, the provision of cheaper funds by the state to support the housing delivery. The adoption of housing deficit remedy models of advanced economies such as the United States of America USA.
Also, he revealed that wholesale funds in the forms of affordable mortgages can be channeled to the right individuals to help finance the building of houses. He further hinted that seeking expert services can help build more houses in a professional and affordable fashion.
“Don’t say that you are going to build by you physically leaving and rushing to the site to see whether the mason was doing the work because at the end of the day, the mason may not be doing the right thing, but you are not a technical person to know. Let’s construct houses in a more professional way,”
Nana Odeneho Kyeremateng
Additionally, he mentioned that remedies such as the payment of housing dues to the appropriate authorities, the application of the housing law when dealing with land and housing issues, and for example the ability of “Every district in this capital, Accra should have its own high court, a valuation division, and a land title office in that district” can help to remedy the housing challenges we face as an economy.
With a huge housing deficit of over two million housing units in Ghana. Hon. Francis Asenso-Boakye, the Ministry of Works and Housing, speaking at a “Home Ownership Series” that was initiated by First National Bank, Glitz Africa Living and GLICO in Accra, revealed that the Government will have to provide some forms of housing assistance to an estimated 60 percent of the country’s population, who with the appropriate funding can access affordable housing as compared with an estimated 35 percent of the country’s population, who cannot access affordable housing even when the government intervenes.
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