Business News of 2013-12-09

Let’s intensify affordable housing schemes

The Chief Executive Officer (CEO) of Supreme Genesis Investments Limited, Daniel Afari Boateng has urged the government to intensify its partnership with real estate developers to address problems in the housing sector.

According to Mr. Boateng, if the government shows keen interest in investing in the real estate industry, it would attract more private investors into the sector.

The CEO of Supreme Genesis Investments Limited, one of the fastest growing companies in the real estate business in the country, told BUSINESS GUIDE that players in the industry had been abandoned for a long time in spite of the fact that they have led the way in reducing the housing deficit of the country.

He said a study conducted by the Ghana Real Estate Developers Association (GREDA), in collaboration with the government, estimated that the government should be able to provide between 110,000 to 140,000 housing units every year to bridge the housing deficit gap but this has not been done.

Mr. Boateng said the best option for Ghana at this critical stage of development is for the government to pursue affordable housing schemes for the public. He said “adequate, secure and affordable housing will aid in decongesting our major cities since the people now understand the essence of infrastructural developments in the sub-urban areas.”

Housing is one of the very fundamental rights that everybody is entitled to for survival and existence and it is an investment that can elevate millions from poverty and boost the economies of countries, he said.

“In developed and some developing economies, governments have recognized the socio-economic importance of housing. They have created an enabling environment for acquisition of land and increase in low cost housing to support home ownership.

“Ghana, as a developing country, is facing serious urbanization issues due to the migration from rural areas and this is the time for the government to support the sector to reduce the burden of the people.

“The city of Accra is fast growing past its boundaries and the demand on basic infrastructure continues to rise. This demand on infrastructure has resulted in the emergence of several real estate developers to assist government to make affordable homes a reality for its citizens.”