The Ghana Real Estate Developers Association (GREDA) has called for clarity on government's plans to give tax holidays to new estate developers.
Although GREDA described the news as welcoming, it said its members need further clarification on how the tax holiday will benefit the industry.
“It's welcoming except that we want to understand what the new terms are; definitely there has to be something new and beneficial as an incentive for the real estate developers. So we want to know the full content of what this policy is going to do,” Executive Secretary of GREDA Sammy Amegayibor said.
A Deputy Minister of Works and Housing, Eugene Boakye Antwi, stated that first-time estate developers would be granted tax holidays for five years to attract more investments into Ghana's real estate sector.
Mr Sammy Amegayibor said the move, when it materializes, will resolve some major challenges facing the industry.
“It forms part of the solutions to the challenges in the industry. In housing, it takes a very long time to start a project and so five years for real estate developers as an incentive to enjoy some tax relief is really good for the industry for one reason. The five years will give sufficient time for the companies to be ready,” he added.
Ghana's housing industry has been faced with huge challenges.
Currently, the country faces huge housing deficit estimated at 1.7 million
Government has since attempted to sanitise the industry to make it more lucrative for investors.
Government has proposed a land bank policy to address the rising housing deficit by the end of the year.
The programme has become necessary because land acquisition is one of the basic issues contributing to Ghana's housing crisis.
Under the policy, custodians of lands such as traditional leaders will offer available concessions to estate developers to be developed and repaid under agreed and flexible terms.
GREDA has since called on government to ensure that the project is achieved by the end of the year.
–Citifmonline
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