The Group Chairman of Allied Consortiums, Mr. Benjamin Kofi Quashie has posited that, the private sector can assist government in providing decent housing for Ghanaians.
According to him, the Government can incorporate the Southern African mortgage and rental system to address the heightened housing deficit in Ghana.
Speaking to Joy News, Saturday 22nd April, 2023, Mr. Quashie revealed that South Africa has a very robust real estate business. “You can’t say they have a housing deficit. There is no housing deficit in South Africa. They do it so well because the industry of real estate development is well regulated”, he stated.
Explaining further, the Allied Consortiums Group Chairman shared that, in the South African scenario for example, a piece of land would be given to a real estate company to develop. “You build houses, Government only takes its property rate taxes at month’s end, you give to people who can acquire bank guarantee to get those properties”, he stated.
He however contended that, getting a bank guarantee to acquire a property on long term basis is very difficult in Ghana and a challenge which is hindering a lot more people from acquiring houses. In his view, there are two factors inhibiting banks from assisting people to acquire houses.
The first factor, in his understanding, is the unemployment bit in this country. There are teaming youth who are ready to work but not getting the required jobs to do and the second bit is in relation to those who are employed but not receiving too friendly salaries. “But, if we want to grow as a people, the banks should be able to also guarantee on behalf of young working people and that for me forms a guarantee basis for them to acquire houses. It happens in South Africa”, he revealed.
“Ghana has a housing deficit and one area Allied wants to bring on board is to get technical know-how and bring people in the real estate industry to come to Ghana and introduce their module in terms of real estate. I think we can do it if we regulate it well because these are people who have the capital”, Mr. Kofi Quashie affirmed.
According to him, this is achievable if all other bottlenecks connected with land acquisition and its development are curtailed. “If we don’t have hurdles as to compensating Chiefs, compensating traditional rulers and we allow people to come in and build structures”, in no time, the housing deficit in our country would be done away with.
