Students from Aalto University, Finland receive training in Ghana on culturally
considerate construction methods.
In International News
A real estate magnate, warns that if banks don’t start lending again, commercial real estate
will experience a recession.
Ghana Standard Authority advises that inferior electrical equipment, particularly
electrical wires, might cause house fires.
More than 6,000 substandard and inferior electrical products have been found on the market, and
the Ghana Standards Authority (GSA) has asked for cooperation between importers,
manufacturers, and retailers to get rid of them.
The Director-General of the GSA, Professor Alex Dodoo, said the concern about the situation
was that these cables were not in the authority’s database even though the majority of them had
been designated as imported during a meeting with electrical cable dealers in Accra.
The activities at the country’s ports of entry have been enhanced, according to Prof. Dodoo, as
part of attempts to assure standards, making it more difficult for goods or cables that do not meet
the necessary requirements to enter the country.
He said the negative effects of these substandard electrical products, especially electrical cables
were dire and contributed to the burning of houses.
Students from Aalto University, Finland receive training in Ghana on culturally
considerate construction methods.
Along with students and instructors from Tampere Faculty of Built Environment (Architecture),
members of the “Interplay of Cultures” Humanitarian Architecture studio from Aalto University
traveled to Kumasi, Ghana, in West Africa. There, they discovered how their cultures differed
and complemented one another while deepening their understanding of the traditional Asante
lifestyle.
They collaborated with local Kwame Nkrumah University of Science and Technology (KNUST)
students to advance their understanding of sustainable design principles and culturally sensitive
construction. Students were challenged to reevaluate their sense of responsibility and systems of
values throughout the process.
Let’s turn our attention to South Africa
The number of solar power installation applications submitted in Cape Town has reached a
record high as South Africa’s electricity shortfall gets worse.
As of the end of April, more than 2 300 of these requests had been filed, with the biggest number
to date—nearly 700—occurring in March, according to a citizen of the City of Cape Town.
As an incentive, the city will launch a program this year that will buy surplus rooftop solar
energy from households and businesses.
Rolling blackouts caused by daily equipment failures at state-owned Eskom in South Africa are
at an unprecedented level, forcing up costs for firms that must produce their own electricity. The
faltering utility can’t keep up with demand.
In other news
Ross Perot Jr., a real estate magnate, warns that if banks don’t start lending again, commercial
real estate will experience a recession.
The billionaire in real estate claimed that in order to prevent a severe decline, banks needed to
lend to the sector.
Some lenders have backed off out of concern about additional bank runs and stricter rules.
If cautious banks don’t start lending to developers again, the US commercial real estate market
will experience a devastating fall, said Ross Perot Jr.
Elon Musk and Bill Ackman are two critics who have recently raised the alarm about
commercial real estate. What caused their worries? Since last spring, the Fed has increased
interest rates from almost zero to over 5% in an effort to stop inflation.
Meanwhile, consumers are facing historic inflation and higher monthly payments for their credit
cards, car loans, mortgages, and other debts. If consumer spending falls as a result, a recession
may set in, which tends to be bad news for most industries.
Moreover, higher rates contributed to the recent troubles at Silicon Valley Bank, Signature Bank,
First Republic, and other lenders. Some banks have now started to make fewer, safer loans in
anticipation of further bank runs and tighter regulations, stoking worries of a broader credit
crunch.
Between sliding asset values, bigger debt costs, a potential recession, and smaller banks pulling
back on lending, the commercial real estate industry — which borrows heavily from regional
banks —is facing a raft of headwinds.