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GREDA Concerned Over Foreign Developer Apathy Despite Sector Boom
Support for Self-Built Housing Key to Reducing Ghana’s Housing Deficit – Prof Owusu
The World Bank has reported signs of a modest recovery in global housing markets,
The Ghana Real Estate Developers Association (GREDA) has raised alarm over the low participation of foreign developers in its membership, citing it as a major hurdle in achieving its objectives within Ghana’s growing real estate landscape.
Speaking at the inauguration of GREDA’s Executive Council Standing Committees and Stakeholder Forum, the Association’s President, Dr. James Orleans-Lindsay, disclosed that although massive, large-scale developments are springing up across the country, most of the key foreign developers behind them are not GREDA members.
Dr. Lindsay revealed that GREDA’s investigations suggest that a significant portion of liquidity is flowing out of the local financial system, capital that could otherwise be channeled into empowering domestic developers. “It’s a serious issue. Liquidity that could empower GREDA members to propel the country forward is being diverted, and that’s deeply concerning,” he added.
Ghana’s Ministry of Works and Housing has begun reviewing the Rent Control Act and its Legislative Instrument (LI) as part of efforts to streamline real estate regulation in the country.
Speaking at the same event, Irene Odokai Messibah, Director of Policy Planning, Budgeting, Monitoring, and Evaluation at the Ministry, said the reforms aim to operationalize the Real Estate Agency Council Act, which is expected to provide a more favourable and transparent regulatory framework for industry players.Meanwhile, GREDA President Dr. James Orleans-Lindsay has highlighted another concern: stagnant property prices despite recent gains made by the Ghana cedi against the dollar.
“We continue to price properties in the cedi equivalent at the prevailing rate. However, prices of key inputs such as cement and iron rods have not declined accordingly,” he explained. “Currently, a $100,000 property is valued at around ¢900,000, down from a peak of ¢1.6 million. Yet, developers have not adjusted their prices.”
Dr. Lindsay called for a broader discussion on pricing strategies and material cost trends to ensure that the benefits of currency appreciation translate into real value for potential homebuyers.
Professor George Owusu, Senior Lecturer at the Institute of Statistical, Social and Economic Research (ISSER), University of Ghana, has called on the Government to support self-built housing as a sustainable approach to addressing the country’s housing deficit.
Citing the 2021 Census, Prof Owusu noted a 32 per cent decline in the housing deficit—from 2.8 million to 1.7 million—largely due to self-built housing. Self-built housing involves homeowners either constructing their own homes or outsourcing certain aspects of the work to professionals such as architects.
Speaking at a workshop disseminating findings from a research project on Self-Built Housing and Urban Economic Growth in African Cities, he explained that beyond providing homes, self-built housing also spurs local economic growth and job creation.
The study, spearheaded by the London School of Economics and the University of Ghana in collaboration with the Centre for Democratic Development (CDD-Ghana), explored urbanisation dynamics in Ghana and how self-built housing is driving development in cities like Accra and Techiman.
Prof Owusu emphasized that since self-built housing accounts for nearly 90 per cent of housing provision in Ghana, Metropolitan, Municipal, and District Assemblies (MMDAs) must streamline permit processes to make housing more accessible and sustainable. He also highlighted the urgent need to enhance planning and land use systems to ensure environmentally conscious development.
The World Bank has reported signs of a modest recovery in global housing markets, following two years of volatility driven by high inflation, interest rate hikes, and supply chain disruptions. According to its recent Global Economic Prospects report, some regions are beginning to experience stable price growth and increased construction activity, although affordability challenges persist.
In advanced economies such as the United States, Canada, and parts of Europe, home prices have started to level off after sharp increases during the pandemic era. The report notes that declining mortgage rates in recent months have boosted buyer confidence and spurred moderate demand, though inventory remains limited in several urban centres.
Emerging markets, particularly in Asia and parts of Latin America, are witnessing a steady return of foreign investment and urban migration, which is helping to drive residential development. In countries like India, Vietnam, and Brazil, housing construction is picking up pace due to public-private partnerships and digital innovations in the real estate sector.
However, the World Bank cautioned that inflationary pressures and rising material costs continue to pose risks. In Africa and parts of Eastern Europe, affordability remains a serious concern, especially in rapidly urbanizing cities where infrastructure is lagging behind demand.
The report calls for governments to prioritize affordable housing policies, improve land governance, and invest in sustainable building practices to close the growing housing gap globally.
Source : Joycelyn Marigold -Property Express News
