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Ghana's housing deficit widens
By Masahudu Ankiilu Kunateh, Ghanadot
Accra, Jan 18, Ghanadot - The housing deficit in the country
now stands at about 700,000 units and this the Ghana
Investment Promotion Centre (GIPC) is poised to entice
investors into that sector to bridge the gap.
According to the Chief Executive Officer of the centre, Mr
George Aboagye, the country was open to investors in that
area to build more affordable houses for the people,
particularly those in the public sector.
He said as an incentive to entice investors, the Government
was open to nego¬tiate favourable terms with the investors.
"We are that flexible in that sector and we allow them to
come in and negotiate their terms, but which, of course,
should be in tan¬dem with the country's laws," he said
Speaking in an interview, Mr Aboagye said it was the
strategy of the Government to ensure that investors in that
sector were able to build houses that could give true
meaning of the word 'affordability'.
It is common to hear companies in the real estate sector
out-dooring packages they term affordable, but which many
workers in the informal sector are unable to purchase.
Today, on the market, two-bedroom apartments are priced at
not less than $35,000 and the cedi to dollar disparity has
made it even more expensive.
Mr Aboagye said it was against this background that the
council was negotiating with some investors from Asia to see
how best they could hit the market to negotiate to have the
houses they intended to put up afford¬able.
He said the deficit, in terms of cost, was about US$7
billion and it would require committed investors to be able
to take advantage of the flexible terms and the conducive
environment to invest.
The Government was already in the process of completing
about 5,000 housing units at Kpone and Borteman in Accra,
parts of Kumasi in the Ashanti Region, Western and Northern
regions.
Reports indicate that some funds had been secured and it was
expected that the first phase would be completed by the end
of the second quarter of the year while the second and third
phases progressed.
Mr Aboagye also made mention of the anticipated demand for
houses by the second quarter of the year as a result of the
oil and gas find.
Ghana is expected to start production of oil before the end
of the year, and this is expected to attract a lot of
ancillary jobs which will require houses for staff of those
going to do business in the country.
Mr Abaogye said so many guest houses and hotels had been
converted into homes for longer lease by some foreigners in
the Western Region and the demand would grow shortly.
He also mentioned the hospitality industry which would also
see a boom in business and indicated that these made it
necessary for the Government to ensure that the necessary
efforts were put in place to get things moving in the real
estate and hospitality industry.
Mr Aboagye said there had been some visits to Iran and other
Asian countries that had all proven positive, and expressed
hope that things would work out for them to come and invest.
He said public private partnership was necessary to get the
sector moving and the Government was prepared to ensure that
those who invested in real estate got what was necessary to
secure their investment while serving the interest of the
ordinary people.
Ghanadot
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