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CSIR Ghana Faces Threat as 400 Acres of Research Land Allegedly Transferred to Private Developers.
GREDA Initiates Real Estate Investment Trust to Address Ghana’s Housing Challenges.
Thailand’s Commercial Real Estate Poised for Growth in 2024.
The news now in detail
Mr. Patrick Ebo Bonful, President of GREDA, has highlighted concerns about the lack of affordable land and suitable development locations in Ghana.
At the annual CEO’s Breakfast Meeting in Accra, he identified challenges such as inadequate housing construction finance and home mortgage financing.
In response, GREDA introduced GREDA Investment Limited to assist members with land acquisition and infrastructure needs. Plans for the GREDA Real Estate Investment Trust (GREIT) are also in progress to address the demand-side gap in home mortgage financing.
Mr. Bonful highlighted the review of the Home Mortgage Finance Act of 2008, advocating for the inclusion of non-bank financial institutions in providing home mortgage financing to foster competition and innovation.
He stressed the need for a Ghanaian equivalent of ‘Fannie Mae’ to stimulate the secondary home mortgage market through securitization, allowing lenders to reinvest in more home mortgage financing products.
Mr. Bonful urged proactive solutions to meet the demand for luxury housing and provide affordable and sustainable housing options.
Still staying with the real estate market
A report by Tech Labari highlights the pervasive issue of money laundering in Ghana’s real estate market.
It references global money laundering estimates of $1.6 trillion annually by the World Bank and Transparency International Ghana’s 2021 study revealing a yearly corruption cost of $3 billion in Ghana, with suspicions that some of these funds find their way into the real estate sector.
The report emphasizes growing concerns about the influx of illicit money into Ghana’s real estate market.
Notably, both the Financial Action Task Force (FATF) and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) identify Ghana’s real estate sector as high-risk.
The report explores the potential role of technology, particularly blockchain, in enhancing transparency and detecting illicit activities within the real estate sector.
It further stressed the urgent need for collaborative efforts between the government and the private sector to effectively combat money laundering in Ghana’s real estate market.
Away from that
The National Executives of Staff Associations of the Council for Scientific and Industrial Research (CSIR) in Ghana have expressed concern about the alleged secret transfer of over 400 acres of land meant for research and development to private developers.
CSIR, a leading science and technology institution, has seen encroachment on its lands in recent years, including one in Adenta hosting the Animal Research Institute.
The latest encroachment is on the Pokuase and Amasaman land in Greater Accra, critical for various research projects.
Mr. Michael Amoo Gyasi, Chairman of the CSIR Central Committee of Local Unions, condemned the private developer’s actions, stating that they violated the government-CSIR agreement, destroying ongoing scientific experiments and valuable research material.
He emphasized the detrimental impact on research and development initiatives, urging the government to urgently intervene and protect CSIR lands acquired for the country’s science, technology, and innovation development.
Mr. Gyasi highlighted the threat to CSIR’s existence and its role in advancing scientific knowledge, fostering innovation, and driving economic growth, calling for the preservation of these national assets
In International News
In 2024, Thailand’s commercial real estate industry is expected to thrive, buoyed by factors like tourism recovery, expanding manufacturing, and a focus on prime assets, as per a report by JLL.
Despite global challenges, Thailand’s resilience is attributed to domestic policies and market confidence. Key stats from 2023 highlight dynamic growth, especially in manufacturing and tourism.
JLL, a leading global commercial real estate and investment management company, identifies four key drivers for 2024: the Mega Project Era, aging buildings prompting strategic investments, ESG integration becoming crucial, and the need for foreign investment to fuel growth.
The emphasis on ESG, refurbishing aging assets, and strategic foreign investment positions Thailand as a key investment destination in the Asia Pacific region for the next 12 months.
Joycelyn Marigold -African Property Magazine
