The Ghana Real Estate Developers Association (GREDA) has set up a real estate investment trust to champion mortgage financing activities in the country.
The move seeks to address the myriad challenges affecting the real estate sector, especially with financing.
The outgoing president of GREDA, Patrick Ebo Bonful, indicated that this approach is critical to achieving growth in the sector – adding that support from financial institutions is not enough, necessitating an alternative to address the issue.
“The banks are doing their best, but it is not enough for real growth in our industry. We need to have a real estate investment trust portfolio that, in our case, we are pushing to champion our mortgage finance activities. These are some of the things we considered in going out of our way to set up the real estate investment trust,” he said.
He made this announcement at the association’s annual general meeting, which also featured elections for the new national executive council in Accra.
He stated that the real estate investment trust portfolio is an initiative of GREDA’s outgoing executive council.
Additionally, he mentioned that this initiative will create an avenue for members to concentrate on more building, as the investment portfolio will take over the properties and rent them out or sell to the public.
Mr. Bonful noted that plans are underway to get a licence from the Securities and Exchange Commission together with engagements with consultants, after which the investment trust will be listed on the Ghana Stock Exchange for citizens.
Sharing his thoughts on what to expect ahead of the 2025 budget presentation, he said the association wants government to abolish the five percent value added tax (VAT) charged on estate development, as well as other taxes on building materials.
He urged government to incentivise the sector so that affordable houses can be built to address the housing deficit, which he described as a problem with “national security consequences”.
“For us, we want the five percent VAT abolished. Honestly, it is not good for our business. We think there are other ways government can help the sector by offering incentives to businesses. We need to be able to build affordable houses for the masses, not just for the few,” he said.
Mr. Bonful also indicated the association’s readiness to partner with government in embarking on Private Public Partnerships (PPP) to churn out more affordable housing and other infrastructure projects in the country.
He added that they engaged the previous government in such partnerships and will continue such engagements with the new administration.
At the elections end, GREDA members elected Dr. James Condua Orleans-Lindsay, who doubles as Chancellor-Cape Coast Technical University, as the new president to lead the national council and steer the association’s affairs.
He expressed excitement about the results and pledged to improve upon the state of the association.
Dr. Orleans-Lindsay singled out cost of borrowing and land disputes as the sector’s main challenges, stressing that addressing them can improve accommodation in the country.
Chief Justice Gertraude Sackey Torkornoo has deemed it unacceptable for the Lands Commission to justify selling state bungalows and lands to private developers under the pretense of “urban redevelopment schemes.”
She said this during the 43rd Annual General Meeting (AGM) of the Association of Magistrates and Judges of Ghana (AMJG) in Accra on Wednesday.
It was on the theme: “Improving the Security and Welfare of the Judiciary for Effective Justice Delivery.”
Chief Justice Torkornoo recalled being presented with allegations regarding residences occupied by a Supreme Court judge in Accra, High Court judges in Kumasi, and, more recently, judges in Tamale.
She noted that records indicated the Lands Commission, as early as 2015, claimed to have sold portions of these houses, which have been occupied by Supreme Court judges since the last century, after redeveloping them at the nation’s expense.
Chief Justice Torkornoo stated that she initiated legal action to clarify and legitimiee the issues facing the Judicial Service.
She mentioned that several meetings had been held with various sector ministries to find concrete solutions to the challenging situation.
Additionally, the Judicial Service has implemented measures to protect national assets entrusted to it and was taking proactive steps to renovate and remodel existing facilities to better meet the country's justice needs.
The Chief Justice announced that construction work on the Wa Court Complex had resumed.
She emphasised that the Judiciary was making significant efforts to reduce caseloads in various courts and had initiated a robust campaign to archive all records.
Chief Justice Torkornoo said that concrete measures had been implemented to strategically assess how the Service’s internally generated funds could be significantly increased and safeguarded.
She stressed the need to advance the agenda for targeted digitalisation of judicial and administrative processes.
“Virtual hearings required infrastructure of stable power, internet and room protection from intrusive sounds,” she added.
Regarding the welfare of judges and magistrates, the Chief Justice stressed that any actions taken must also consider the security and well-being of court staff and users.
She noted that the police have offices within the courts and that an additional facility was being developed to enhance their operations.
The Chief Justice urged judges to focus on promptly hearing cases when scheduled.
“Judges are requested to kindly sanitize work delivery in order to serve justice expeditiously.
“This feeds into the negative narrative about jurisdiction and acts as a disincentive to investors. Lack of investment leaves the entire nation, including the public service, poorer,” she said.
Regarding the galamsey issue, the Chief Justice noted that delays in addressing those cases were due to the work of the prosecutors.
Justice Henry A. Kwofie, President of AMJG, raised concerns about non-payments of various allowances of Judges and Magistrates.
He mentioned that they have not received medical, car maintenance, and fuel allowances for periods ranging from six months to a year.
“This year the only allowance we have received is the quinquennial allowance. They have received only the first quarter fuel allowance.”
Justice Kwofie noted that members of the association had not received any salary increment in the past four years.
Mr. Samuel Afortey Otu, President of the Judicial Service Staff Association of Ghana (JUSAG), advocated for formal technical training for staff to address cybersecurity threats.
He also urged the government to provide risk allowances for court staff who face attacks while performing their duties.
Relocating to a new country can be both exhilarating and daunting. A crucial aspect of settling in smoothly is establishing a social network. Fortunately, Accra, the vibrant capital of Ghana, is a cultural melting pot with a diverse expat community. With its welcoming atmosphere and open-minded locals, Accra offers an excellent opportunity for expatriates to connect with like-minded individuals.
Effective Networking Strategies for Expats in Accra
1. Attend Expat Gatherings
Monitor social media platforms and local expat forums for information on meetups and events designed for expatriates. These events are excellent for networking and forming new friendships.
2. Frequent Cafés, Restaurants, and Co-Working Spaces
Accra boasts numerous cafés, restaurants, and co-working spaces where professionals, entrepreneurs, and expats gather. Popular establishments like Bistro, Mokas, Bhosphorous, and Capitol are known for their international menus and welcoming atmospheres. Initiating conversations with fellow patrons can naturally expand your social network.
3. Join Sports and Outdoor Activity Groups
Whether your interests lie in yoga, hiking, or team sports, joining local clubs or attending outdoor fitness classes is a great way to meet health-conscious individuals who enjoy an active lifestyle.
4. Adopt an Open and Approachable Attitude
Accra's expat community is known for its friendliness. Don’t hesitate to start conversations, ask questions, and share your interests. A warm demeanor can significantly enhance your chances of forming meaningful connections.
5. Visit Art Galleries and Cultural Events
With a thriving art scene showcasing local and international talent, attending exhibitions, workshops, and cultural events allows you to appreciate the creative landscape while mingling with fellow art enthusiasts and expatriates.
By exploring these prime networking strategies and actively engaging with the community, you’ll find that building connections in Accra is both enjoyable and rewarding.
Make the Most of Your Time in Accra. Let Golden Admiral Property help you with concierge and car rental services, ensuring you can easily visit all these networking hotspots. Contact us on social media, visit our website at https://lnkd.in/eqip9NCb, or call us at 0204793545 / 0555143485.
Ghana, known for its rich history, vibrant culture, and stunning landscapes, is a must-visit destination in West Africa. Whether you're a history enthusiast, nature lover, or beachgoer, Ghana has something to offer everyone. Here are the top five tourist locations you should explore when you visit Ghana.
1. Cape Coast Castle
Discover Ghana's Historical Gem
Cape Coast Castle is one of the most significant historical sites in Ghana. This UNESCO World Heritage site was a major hub for the trans-Atlantic slave trade during the 17th century. Visitors can tour the dungeons, the Door of No Return, and the museum to learn about the harrowing experiences of enslaved Africans and the history of the slave trade. The castle offers a sobering yet essential insight into Ghana's past.
2. Kakum National Park
Explore the Canopy Walkway. For nature lovers, Kakum National Park is a paradise. Located in the Central Region, this rainforest is home to a diverse range of flora and fauna. The highlight of the park is the Canopy Walkway, a series of suspended bridges 30 meters above the ground, offering a breathtaking view of the rainforest. Guided tours are available, providing information about the various plant and animal species in the park.
3. Mole National Park
Experience Ghana's Wildlife. Mole National Park, situated in the northern part of Ghana, is the largest wildlife refuge in the country. Visitors can embark on safari tours to see elephants, antelopes, warthogs, baboons, and a variety of bird species in their natural habitat. The park also offers walking safaris, allowing for a closer look at the wildlife. Accommodations within the park range from basic lodges to more luxurious options, catering to all types of travelers.
4. Elmina Castle
Elmina Castle, another UNESCO World Heritage site, is the oldest European building in sub-Saharan Africa. Built by the Portuguese in 1482, it later became a prominent slave trade center under Dutch and British control. Like Cape Coast Castle, Elmina Castle offers tours that delve into the history of the slave trade. The castle's stark white structure against the backdrop of the Atlantic Ocean provides a striking and memorable experience.
5. Labadi Beach
Relax on Accra’s Popular Beach
Labadi Beach, also known as La Pleasure Beach, is the most popular beach in Accra, Ghana's capital city. It's the perfect spot to unwind, enjoy the sun, and take a dip in the ocean. The beach is lively, with numerous bars, restaurants, and live music performances, particularly on weekends. Horseback riding and beach sports are also available, making it a great location for both relaxation and entertainment.
For assistance with transportation and accommodations, including concierge and car rental services, contact Golden Admiral Property. Visit our website at https://lnkd.in/gN3uKVSc or call us at 0204793545 / 0555143485. Let us help you explore Ghana with ease and comfort.
