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Government asked to define Accra’s development plan’

By
Kodjo Adams/Twum Badu, GNA

Accra, June 28, GNA – Mr
Bright Owusu-Amofa, the Chief Executive Officer of Appolonia City, has noted
that government can create enabling environment for real estate by focusing on
development of major satellite towns and cities around Accra via major highways
and rail links.

He said the
authorities must facilitate the acquisition of land and development of such
satellite cities because no investor wanted to invest time, energy and money
into acquiring land only to be embroiled in long winding litigation thereafter.

“To facilitate the
development of such cities, the metropolitan and government must be willing and
able to either acquire or facilitate the acquisition of bulk developable land
for the development of new cities, towns, and catchment area as was done in the
Docklands and is currently being done in the Ivory Coast,” he added.

He said this in Accra
at the Citi Business Festival discussion on Real Estate in the country on the
theme: “Fixing Ghana’s Housing Problem.”

The forum is to drive
national discourse on the real estate and housing industry in the country with
focus on the future of housing, sustainability, affordability, standards and
financing.

Mr Owusu-Amofa said
the viability of Tema as a satellite city to Accra was significantly enhanced
by the construction of the Tema Motorway.

He said if the country
was ready to unlock the West and East of Accra to Satellite city developments,
then it was imperative to think about enabling infrastructure such as highways
and rail links through public private partnerships.

“The use of incentive
programmes to drive corporations and individuals to move into satellite cities
would also help Accra meet its development objectives and decongest the city,”
he said.

He said if these
initiatives were used properly, it could also incentivice the use of
alternative technologies in building and drive down the cost of development in
the country by as much as 30 per cent, making real estate more affordable.

He said the growth of
the real estate market would function effectively with access to credit and
that more needed to be done to deepen the mortgage market through pension funds
and the ability to take positions in listed securities.

Mr Kingsley Letsa,
Business Development Manager at Nexans, was of the view that procurement
policies in the country must be neutral to promote infrastructural development.

He said it was
incumbent for government to use procurement to encourage local content.

He called for
harmonisation of standards in the real estate industry through public private
partnerships.

Mr Sammy Amegayibor,
Member of the Ghana Real Estate Developers Association, called for the creation
of an authority that would be solely responsible for regulating the sale of
lands to address litigations.

Mr Kojo Addo-Kufuor,
the Chief Operating Officer of Ghana Home Loans, urged stakeholders to address
the country’s infrastructural needs to benefit Ghanaians.

GNA

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