The Ghana Real Estate Developers Association (GREDA) has appealed to the government to re-introduce a bank for housing and construction to assist them in accessing long-term funds. "The bank for housing and construction will enhance the work of GREDA greatly and bring the price of housing down considerably."
Mr. Brandford D.K. Adu, the President of GREDA said this at their extra-ordinary General Meeting held last Friday at GNAT Hall in Accra.
He said should the government introduce this bank, GREDA will take shares in it to sustain its development and growth. "Currently access to funding is the major challenge that confronts people in the real estate business and a bank for housing and construction will be step in right direction."
He said GREDA is talking to Social Security and National Insurance Trust (SSNIT) to provide long-term funding to its members to commence the development of the 20,000 and 90,000 housing units mentioned in the 2002 Budget for rental and ownership.
"We will need 200 billion cedis for such a housing development despite the government?s facilitating role in getting the project commenced." He therefore called for creation of housing fund for mobilisation of construction funds.
Mr. Adu who is also the M.P for Okere said GREDA seeks to "access and promote appropriate technologies, methods and practices that would be responsive to the accommodation needs of the society thereby contributing to the socio-economic development of the country".
He said as a key players in the physical development of the country they are committed to providing Ghana with quality accommodation housing units of all at the lowest possible cost without compromising on Ghanaian lifestyles and culture".
In an address read on his behalf, the Minister of Finance Mr. Yaw Osafo-Maafo said the government recognises the industry?s great potential in terms of employment generation and provision of affordable shelter for people and would introduce fiscal and monetary measures as an incentive to the players in the industry.
He called on GREDA to submit proposals on the waiver of duties on imported building materials to his Ministry for consideration, "since the first one was abused and the waiver was withdrawn".
Mr. Osafo-Maafo appealed to real estate developers to make use of locally produced building materials to make their houses more affordable and to extend their housing projects into all 110 districts in the country.
