Day: September 10, 2019

The Government’s Affordable Housing and National Mortgage Scheme: A Good Example of Public-Private Partnership and Matters Arising.

The Government of Ghana announced plans to implement some interventions in the housing and housing finance markets in its 2019 budget last year. A GH¢1 billion mortgage fund was to be established to leverage private capital to provide affordable houses for the populace. The fund aims to expand access to housing and deepen the local …

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From developing to developed Ghana: Emphasis on Strong Government or the Market?

The path to delivering socio-economic development in Africa has been a subject of mixed evidence which has received divergent policy approaches among various governments in the continent over the years. Indeed, it has been an argument deeply posited in academia especially the arena of political economy. A central question which has triggered the differing viewpoints …

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Is there a Role for REITs in Developing a Real Estate Investment Market in Ghana?

The real estate investment and finance markets in most developing countries are generally undeveloped, and Ghana is no exception. Housing for instance is usually financed by individuals and households using “sweat equity” over a period of time, often between 5 to 15 years for the average Ghanaian. In contrast, mortgage finance is available and relatively …

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Why Housing Minister Atta Akyea must hasten slowly in touching SSNIT Pension funds for ‘housing’

Housing deficit in Ghana is estimated as about 1.7 million affordable housing units. A lack of development finance has been identified as one of the limitations to affordable housing delivery. In an attempt to reduce the deficit, the Minister for Works and Housing, Lawyer Atta Akyea has proposed the channelling of a portion of the …

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Why do Landlords in Ghana charge Two-Years’ Rent in Advance? Neoclassical and Institutional Perspectives (Part II)

Introduction In part one of this article, we explored a neoclassical analysis of the rent in advance phenomenon in Ghana. While that analysis is valid, it assumes perfect information between landlord and tenants. In the real work, there is unequal information between landlords and tenants. This leads to a confounding result, stemming from the difficulty …

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Why do Landlords in Ghana charge Two-Years’ Rent in Advance? Neoclassical and Institutional Perspectives (Part I)

In Ghana, landlords often require two or more years’ rent payment in advance from prospective tenants. In other words, current tenants are likely to have paid a two-years rent in advance to landlords. The difficulty in raising the capital (lump) sum to pay rent in advance and the poor conditions of tenancies subsequently has received …

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Riposte: “Don’t Think Building a House to Live in is an Investment”

Speaking on Joy FM’s Super Morning Show, Thursday, a Financial Advisor cum stockbroker, Abena Amoah is reported on Myjoyonline to have said that only a house that makes its owner money through rentals can be called an investment.  Abena says a house becomes an investment only when it is rented out to tenants for occupation. She noted that …

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Another Building Collapse in Ghana – Construction Industry is sitting on a Time Bomb

The recent gas explosion at atomic junction on 7 October 2017 sent shivers down my spine. Very horrific incident, which could have been avoided if we took issues more seriously as a country. May the souls of those we lost in the incident rest in peace.  Whiles we were all engulfed in the mourning, lamentations …

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Scrap the Rent Tax and Maintain the Real Estate Sales Tax in Ghana

After over 3 decades of policy vacuum, characterized by piece-meal attempts to recognize housing in some policy documents by succeeding Governments, a new National Housing Policy was promulgated in 2015. This article argues that the 8% existing Rent Tax should be scrapped while the VAT on real estate sales maintained for reasons discussed below. The …

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Housing Policy Reversionism and Contradictions in Ghana?

Housing Policy development can be traced as far back as the 1920s when the Dispossessed Person’s Housing Scheme was operationalized to provide some compensation to people whose houses were compulsorily acquired in the so-called public interest. After over 3 decades of policy vacuum, characterised by piece-meal attempts to recognise housing in some policy documents by succeeding Governments, a …

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