Skip to main content

Govt to cushion real estate developers against economic shocks

 


Government is to engage the leadership of the Ghana Real Estate Developers Association (GREDA) on how best to cushion its members to absorb the economic shocks which are negatively impacting their business.

Minister of Works and Housing, Francis Asenso-Boakye, who gave the assurance noted that the present global economic crisis had affected the real estate market and subsequently home buyers.

For instance, he mentioned the current depreciation of the cedi against the major foreign currencies, a development which had resulted in the increase in the cost of building materials.  This has adversely affected aspiring homeowners and builders in the country.

Asenso Boakye made the observations in a speech read on his behalf at the annual CEOs breakfast meeting organised by GREDA in Accra yesterday.

On the theme, 'Overcoming the turbulence in the current financial crisis - the impact on the real estate industry," Asenso Boakye revealed that government was working out a solution to help support real estate developers.

He challenged developers to look within for cheaper building materials to help reduce their cost.

We think that it is time for developers to look at the various import mix and shift their attention towards more local materials for building and construction," he stated.

He further asserted that the Appiatse Community, which witnessed a disaster not too long ago, had seen a new community being developed using only local materials.

He called for collaboration among the real estate agencies and the ministry to fashion out ways that government could support their outfit.

A former CEO of Stanbic Bank Ghana Limited, Naa Dr Alhassan Andani, cautioned firms in the construction and housing industry to reduce their appetite for borrowing within to complete projects in these financially difficult times. 

He noted that the fluctuations in the interest and exchange rates made the buying and selling of houses unattractive.

Comments

Popular posts from this blog

Nestlé Ghana Limited Wins Overall Best Industrial Company Of The Year at 13th AGI Industry & Quality Awards

  Nestlé Ghana Limited has been honored with four prestigious awards at the 13th Association of Ghana Industry and Quality Awards ceremony. The event, held in an esteemed setting, gathered prominent figures from Ghana’s industrial sector. Amidst the anticipation, Nestlé Ghana emerged as one of the evening’s notable winners, securing accolades in several key categories. This recognition underscores Nestlé Ghana’s relentless pursuit of excellence and innovation, marking a significant milestone that highlights the company’s substantial contributions to the manufacturing industry in Ghana. Nestlé Ghana's exceptional performance was acknowledged with the following awards: Overall Best National Quality Award, Diamond Category (Food) Overall Best Practices in Sustainable Manufacturing Best Company (Food Sector) Overall Industrial Company of the Year, affirming its status as a leader not only within the food sector but also across Ghana's entire industrial landscape. This success is a ...

Anglogold Ashanti Obuasi Mine tops 2024 Sustainability & Social Investment Awards

 AngloGold Ashanti Obuasi Mine has confirmed its status as sustainability champions by sweeping nine awards, the most won by a company at the 2024 Sustainability & Social Investment Awards (SSI) held at Movenpick Ambassador Hotel in Accra. The feat comes on the heels of a dominant performance in last year's event where AngloGold Ashanti Obuasi Mine swept seven awards. The SSI Awards organised by Ianmatsun Global Services recognizes the most outstanding sustainability, Corporate Social Responsibility (CSR), Environmental, social, and governance (ESG) initiatives in the country and beyond as well as the best teams and individuals who brought them to life. This year's event, which was the 8th edition, was under the theme "Climate Action Now: Accelerating Decarbonization and Building Resilience". The awards won by AngloGold Ashanti on the night include SSI Company of the Year, Best Company in Women Empowerment (project), SSI Company of the Year ( Environment), Best Co...

Zoomlion Advocates Community & Gender inclusive waste management for Climate Action at COP 29

 Africa's waste management giant, Zoomlion Ghana Limited has advocated for an integrated approach to waste management that considers the interest of community members, women and vulnerable groups. James Deku, a Communications Officer of Zoomlion Ghana Limited made this call at the 29th session of the Conference Of Parties (COP 29) of the United Nations Framework Convention for Climate Change (UNFCCC) at Azerbaijan, Baku whiles speaking on the topic "Community-Driven and Gender Inclusive approaches to waste management for Climate Action ". He said the waste sector is a major contributor of methane emissions which is a potent greenhouse gas causing climate change hence the need to manage waste in a manner that considers the interest of all stakeholders. Zoomlion's waste management model is designed and operated in a manner that considers the interest of all stakeholders. Through a Public Private Partnership (PPP) model, local authorities engage community members in clea...