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Rent Control Department has made an appeal to the media to educate Ghanaians on the
National Rent Assistance Scheme
According to Global Property Market Insight, finding sizable sums of institutional capital
to invest in Africa is still challenging.
In International News
US commercial real estate to be in meltdown, warns Elon Musk
Rent Control Department has made an appeal to the media to educate Ghanaians on the
National Rent Assistance Scheme
Due to the acute housing needs of Ghanaians,, the Rent Control Department has made an appeal
to the media to educate Ghanaians on the National Rent Assistance Scheme (NRAS).
In an interview with the Ghana News Agency, the head of public relations, Emmanuel Horvi
Kporsu, claimed that the program, which was introduced on January 31st of this year, did not
receive the necessary attention and media enlightenment, leaving many people in need to
continue living in poverty.
A total of 3670 people applied for the NRAS; so far, 260 have received assistance under the
program; 290 are still awaiting approval; 1,117 are awaiting approval after verification; and
1,505 had their applications denied or closed.
According to Global Property Market Insight, finding sizable sums of institutional capital
to invest in Africa is still challenging.
Finding significant amounts of institutional capital to invest in Africa remains difficult,
according to global property market insight on investment floodgates, and current global
macroeconomic developments seem to be making matters worse.
In fact, the total cross-border investment in commercial real estate in Africa in 2021 was US$
274 million, a reduction of 49% from 2020 and a reduction of 54% from 2019 numbers.
Nevertheless, despite the extraordinary global economic challenges, some African real estate
industries showed some resilience, albeit with a performance gap between those with well-
located, sustainable, core assets and hard currency revenue .
In a market that had previously been relatively immature, it was projected that investment
volumes would increase over the coming years, giving investors the chance to rebalance their
portfolios.
In other news
The Harris County Flood Control District (HCFCD) in Texas, USA, and the Ghana Hydrological
Authority (GHA) have signed a Memorandum of Understanding (MoU) to cooperate in
information sharing on flood risk management and mitigation measures.
Following an official visit to Houston by representatives of the Ministry of Works and Housing
and GHA to discuss flood risk management measures in Harris County and Ghana, the MoU was
signed.
The team, which was led by Mr. Francis Asenso-Boakye, Minister for Works and Housing, also
met with representatives of the Harris County Housing Authority to discuss their program for
providing affordable housing, among other topics, and paid a courtesy call to Mr. Sylvester
Turner, Mayor of Houston.
In International News
Elon Musk has issued a warning about the potential increase in prices of residential and
commercial properties in the United States. The billionaire’s concerns stem from his
apprehension that the Federal Reserve might be leading the country into another economic
downturn. On Monday, the CEO of Tesla, SpaceX, and Twitter took to Twitter to express his
alarm. “Commercial real estate is rapidly deteriorating. Next up: home values,” he tweeted.
He has also been making alarming predictions regarding real estate for quite a few months now.
Musk also argued that the damage caused to the real estate portfolios has been otherwise minor
but can become a serious issue in the forthcoming months as customers cancel their leases,
decline to renew them, or go bankrupt.
In addition, the billionaire also stated that the prices of houses were quite likely to decline given
some Americans were unable to afford to pay as much for homes due to higher mortgage costs.