Government keen on investments to address construction, housing demand – Asenso-Boakye

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Thu, 29 Sep 2022 Source: www.ghanaweb.com

Minister for Works and Housing, Francis Asenso-Boakye, has said government remains committed to delivering better infrastructure systems to address growing housing demand.

Ghana’s housing deficit currently stands at 1.8 million despite successive government’s adopting various strategies to bridge this gap.

But the Housing Minister has assured that significant investment in Ghana’s construction sector will be prioritized in response to the increasing demand for housing and infrastructure development.

Speaking at a webinar organised by Deloitte Ghana on the topic, Africa Construction and Housing Trends; 'A focus on Ghana', Francis Asenso-Boakye said government is keen on providing decent, safe and quality housing which are accessible and affordable to all citizens.

“The prevailing strategy of government regarding affordable housing is to secure land banks and provide the requisite infrastructure services to these land banks, designated as affordable housing enclaves to leverage private sector investment for mass affordable housing.”

“Government will strengthen the provision of requisite tax incentives and exemptions available in our laws to attract private sector capital,” he added.

Touching further on improvements in Ghana’s housing sector, Asenso-Boakye emphasised the need for a robust and regulatory institutional framework hence the enactment of the Real Estate Agency Act 2020 (Act 1047).

“The Act has led to the establishment of the Real Estate Council to regulate real estate agency practices and activities in Ghana,” he explained.

The sector minister said there is currently an increasing demand for the development of high-rise and compact properties towards maximizing limited land space, especially within the prime areas of major cities in Ghana.

He explained that this has called for the need to consider the implications of shared ownership of common areas.

“Government is therefore working assiduously to pass the Condominium Bill which seeks to regulate the use of common areas within the real estate industry.”

The Housing Minister in his conclusion called for investment from private sector players to propel development of Ghana’s construction sub-sector and the economy at large which he believes can deepen the financial sector, create jobs and drive macro-economic growth.

Deloitte Survey on Ghana’s housing sector

Meanwhile a Partner and Financial Advisory Leader at Deloitte Ghana, Yaw Appiah Lartey said a survey conducted by firm focusing on Ghana’s housing sector highlighted two major concerns emanating from taxes and tariffs for real estate players.

“I know government has done quite a few things to address this and support the sector in terms of taxes and tax exemptions but players and stakeholders seem to be expecting more to done from government,” he stressed.

Yaw Lartey further called on the minister and government to ensure that affordable housing structures and measures are geared toward making sure the average Ghanaian is suited to afford them.


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Source: www.ghanaweb.com