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Coming up
Ghana National Fire Service Reports GHS 9.8 Million Property Loss in Tema Region
Judicial Service of Ghana Denies Property Sale Allegations Involving Supreme Court Judge
Global investments in Indian real estate sector dip due to high inflation
Let’s get started
The Judicial Service of Ghana has refuted claims of selling government property previously occupied by Supreme Court judge, Justice Samuel Marful-Sau.
In a statement, the Judicial Service insisted the allegations are baseless, clarifying that the Ministry of Works and Housing proposed a Government Redevelopment Scheme in Roman Ridge.
The Service accepted the offer, with the redevelopment affecting properties allocated to late Justice Marful-Sau and Justice Victor Ofoe.
The Judicial Service emphasized an accommodation deficit, accepted the redevelopment project, and highlighted an agreement with the Ministry of Works and Housing, dismissing reports of improper property sale.
In other news
The Ministry of Trade and Industry (MoTI) and the Chamber of Cement Manufacturers, Ghana (COCMAG), have jointly addressed concerns about the increasing retail cost of cement.
The Minister of Trade and Industry, K.T Hammond, called for industry action and urged companies to control recommended factory prices.
The key measures agreed upon include the publication of recommended distribution and retail prices by individual companies, strict enforcement of quality standards, and exploration of a uniform pricing formula.
The Ministry assures the public that these measures, aimed at ensuring transparency and fairness, will be implemented collaboratively with COCMAG.
In the Tema Region, the Ghana National Fire Service (GNFS) reported a total loss of GHS9,821.210 million in property due to 533 recorded fires from January to December 2023.
Divisional Fire Officer III, Ebenezer Yenzu, the Public Relations Officer, mentioned that salvaged property increased to 43% from 2022.
The total number of fires in 2023 showed a 2% decrease compared to 2022, with the highest number in domestic fires during the first quarter.
On the international front
Foreign investments in the Indian real estate sector, led by the US, experienced a decline in 2023 due to high inflation and geopolitical concerns.
Notably, office spaces emerged as the most favoured investment asset.
Investments from American institutions in the Indian real estate market fell by 39 per cent in 2023 to $1.35 billion amid global uncertainties, according to JLL India.
Despite this, foreign institutional investors continued to be the largest contributors in the Indian realty sector, growing by 14 per cent over the previous year and holding a 63 per cent share of total investments in 2023.
Source : Property Express News – Joycelyn Marigold & Diana Okyerebea
