The Ghana Real Estate Developers Association (GREDA) is worried about the low participation of foreign developers in the association, which it believes is hindering the growth of the real estate sector. GREDA President Dr. James Orleans-Lindsay stated that despite efforts to attract foreign developers, most major developers, particularly foreign companies, are not members.
This lack of participation is diverting substantial liquidity from the local system, which could support domestic developers and drive national growth. Dr. Lindsay noted that property prices haven’t adjusted accordingly despite the cedi’s recent appreciation against the dollar. A $100,000 property currently valued at ¢900,000, down from ¢1.6 million, is a significant concern.
Meanwhile, the Ministry of Works and Housing is reviewing the Rent Control Act and its Legislative Instrument to create a more favorable regulatory environment. This aims to operationalise the Real Estate Agency Council Act and bring transparency to the sector. The review is a step towards addressing the challenges faced by GREDA and its members.
