Let's adopt South African real estate strategy to solve ours; they have no housing deficit — Benjamin Quashie

The Group Chairman of Allied Consortiums, Mr. Benjamin Kofi Quashie has posited that the private sector can assist government in providing decent housing for Ghanaians.

According to him, the Government can incorporate the Southern African mortgage and rental system to address the heightened housing deficit in Ghana.

Speaking to Joy News, Saturday 22nd April, 2023, Mr. Quashie revealed that South Africa has a very robust real estate business. "You can't say they have a housing deficit. There is no housing deficit in South Africa. They do it so well because the industry of real estate development is well regulated," he stated.

The Allied Consortiums Group Chairman shared that in South Africa, for example, a piece of land would be given to a real estate company to develop. "You build houses, Government only takes its property rate taxes at month's end, you give to people who can acquire bank guarantee to get those properties", he stated.

He however contended that getting a bank guarantee to acquire a property on long-term basis is very difficult in Ghana and a challenge which is hindering a lot more people from acquiring houses. In his view, there are two factors inhibiting banks from assisting people to acquire houses.

The first factor, in his understanding, is the unemployment situation in this country. "There are youth who are ready to work but not getting the required jobs to do and the second bit is in relation to those who are employed but not receiving too friendly salaries.

"But, if we want to grow as a people, the banks should be able to also guarantee on behalf of young working people and that for me forms a guarantee basis for them to acquire houses. It happens in South Africa," he intimated.

Mr. Kofi Quashie indicated that "Ghana has a housing deficit and one area Allied wants to bring on board is to get technical know-how and bring people in the real estate industry to come to Ghana and introduce their module in terms of real estate. I think we can do it if we regulate it well because these are people who have the capital."

According to him, this is achievable if other bottlenecks in relation to land acquisition and its development are curtailed. "If we don't have hurdles as to compensating Chiefs, compensating traditional rulers and we allow people to come in and build structures in no time, the housing deficit in our country would be done away with."