Govt to Implement Land Banks to Tackle Housing Deficit

The Ghana Real Estate Developers’ Association (GREDA) wants government to strictly abide by its promise to implement the proposed land bank policy to address the rising housing deficit by the end of the year.

The program has become necessary as the issue of land acquisition has been cited as 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.

This initiative is also expected to address the huge housing deficit facing the country,estimated at 1.7 million.

Deputy Minister for Works and Housing, Eugene Boakye Antwi says his outfit is liaising with regional ministers and chiefs to ensure this is achieved.

“It’s to make land accessible to would be investors and to also bring equity into the system. We don’t see why somebody should bring his money from a foreign bank, but any attempt to support with land gets the investor entangled in a legal confrontation. That is why we want to acquire the lands and when these investors come, then we can give these investors portions to develop,” he explained.

Mr. Antwi who spoke at a CEO’s Breakfast meeting organized by the Ghana Real Estate Developers Association (GREDA), Mr. Antwi was also hopeful of rolling out the plan by the end of this year.

“We have sent out letters to the various regional ministers and chiefs. Some have responded favorably, while some are also working on it. It is work in progress; hopefully by the end of the year, we should give the housing industry players some favorable news,” he added.

Meanwhile GREDA who has been calling for the establishment of the land banks to mitigate land challenges in the country expressed optimism to the approach by the ministry.

Executive Secretary of GREDA, Sammy Amegayibor however says government must live up to its assurance and ensure the policy is implemented to enhance the efficiency of the housing sector.

“Land acquisition has been a hurdle and so we have called for the establishment of land banks. We have made this call on the minister long ago and we believe that is the number one solution to our land issues. If they acquire the land and hand over to us then we will remove this problem of litigation because we have properly acquired it,” Mr Amegayibor explained.

Source: Citibusinessnews