The Chief Executive Officer of Supreme Genesis Investments Limited, a real estate developer in Accra, Mr. Daniel Afari Boateng, has called on all stakeholders including the Government, Construction firms, landowners, and finance houses to work assiduously to close the ever yawning housing gap, which currently stands at 1.8million units.
Speaking to the Daily Guide, Mr. Afari Boateng praised the attempts being made by GREDA and other Real Estate Companies to resolve the problem, but still not enough, as GREDA since its inception has built only about 18,000 housing units. At the current deficit, Ghana needs to build 140,000 housing units annually over the next 20years, in order to zero out the housing deficit.
The CEO of Supreme Genesis recounted the government’s attempt at resolving the housing situation through housing delivery programmes like the $400,000,000 loan from Credit Suisse and Barclays Bank to build 9,120 units, to be built through Brazilian Company Construtora OAS, and intimated these are steps in the right direction, but not far reaching enough.
The current project concepts like the STX Corporation agreement, the Credit Suisse-Barclays Bank loan agreement, would mean Ghana would need $3.4 billion annually to meet its housing need! This is obviously an uphill task.
According to Mr. Afari Boateng, the country’s current middle income status makes it imperative for Ghana to think of a home grown solution that should start with project pacts with land owners, engineering firms, real estate developers, and finance houses, and a research outfit like the CSIR, should yield projects with 2bedroom prices starting at less than $25,000.
Source: Peacefmonline.com/Ghana
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