Gov't Challenged To Create A Fund To Finance Real Estate Sector

Project financing and funding remains the major challenges facing Ghana's real estate sector. Lack of funding to execute projects has always been a big deal.

To this end, real estate developers in Ghana are asking for government's intervention.

The call made by the Ghana Real Estate Developers Association, (GREDA) is for the government to help create a fund for financing real estate development in the country.

The President of GREDA and CEO of PS Global Limited, Patrick Ebo Bonful said, “We want the government to help us create a fund for financing real estate development in the country. We want regulations bothering home finance mortgages to be reviewed to make it easier for mortgage banks to retrieve properties from defaulters easily. This will make the process more easy and cost-effective.”

Mr Ebo Bonful was speaking at the Republic Bank and GREDA mortgage expo in Accra.

He said, there could be a massive reduction in the cost of home acquisition only if the government deals with issues regarding mortgage financing.

With Ghana’s housing deficit widening, the Ghana Real Estate Developers Association (GREDA) in collaboration with Republic Bank organized the mortgage expo with the aim of bringing real estate developers closer to prospective buyers.

Speaking to JoyBusiness General Manager in charge of Finance and Strategy, Benjamin Dzoboku of Republic Bank said the Bank is rolling out plans to ensure cheap mortgage financing for prospective home buyers.

The Republic Bank and GREDA mortgage expo coincided with celebrations to mark the 30th anniversary of the Ghana Real Estate Developers Association (GREDA).

---MyJoyOnline