KSM fumes over rent charges

Ghanaian comedian and social commentator Kwaku Sintim-Misa, popularly known as KSM, has voiced his concerns over the country's economic fundamentals and their impact on the real estate sector, particularly rent prices in Ghana.

In a YouTube video released on May 8, 2024, KSM highlighted the challenges landlords face due to the rapid depreciation of the Ghana cedi, explaining that landlords are forced to collect rent up to two years in advance due to the unstable value of the cedi.

"Take yourself to be a landlord. You spend money to put your house together. Somebody wants to rent a place. You have done all your valuation and everything says that this room that you want to rent should be 500 cedis a month.

"Which landlord will tell you, 'every month, pay me 500'? No. Because next month, that same 500 can do only a fraction of what the previous 500 did. So it doesn't make business sense... the depreciation is so disgusting to the extent that between this month and next month, the value changes so much.

"When they take the money in bulk, they can really use it to do something so that they can turn around their money. Otherwise, they lose," he said.

KSM, however, condemned those landlords exploiting the situation to charge exorbitant rates and worsening the plight of renters.

"But some of you landlords are taking advantage of the pain in the system to exploit your fellow man. I know how difficult it is to operate in an insane economy, but I think the sad thing is that once we see that there's an avenue to exploit, we do that. Because the rates that you charge for your apartment are exorbitant," he said.

He called for leaders to prioritize the fixing of the country's economy before other projects.

Doing so, he said, would fix the plight of high rental costs and landlords demanding rent in advance.

"Whoever wants to lead this country, the starting point is not to create 1 million jobs in ICT or build housing for all the youth.

"The starting point is how are you going to build this economy to the point that the cedi I'm holding today will have the same value three months down the line?

"That is your task. I beg you. If the economy is in shape, when we have a strong economy, when you have a resilient economy, when you have an economy that is predictable in terms of the value of the currency, a landlord can comfortably say 'pay monthly'," he said.

The practice of landlords demanding up to two years' rent advance, a violation of the Rent Control Act, has been a bone of contention amongst many Ghanaians.

Notably, John Dumelo, an actor and politician, has suggested that landlords in Ghana should limit rent advance payments to five months to alleviate the financial burden on tenants.

Watch the full video below



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