| Ghana's property market is a direct reflection of the | | | | to understand that every issue that exists to restrict |
| state of the West African nation itself in that it is | | | | the attractiveness of the property market in Ghana |
| emerging, developing, has immense potential but is | | | | is being addressed by the government or external |
| restricted by serious fundamental issues relating to | | | | agencies and that this proves their intense |
| issues such as poor land title registration transparency | | | | commitment to the improvement of their nation, the |
| and lack of affordable home financing solutions locally. | | | | boosting of their economy, the raising of living |
| The best approach to take with Ghana is to line up all | | | | standards of its people and the establishment of a |
| the negatives, knock them down with proof that the | | | | sustainable source of foreign direct investment into |
| government and additional external bodies and | | | | the likes of tourism and real estate. |
| agencies are tackling these issues head on and then | | | | The Tourism Potential in Ghana |
| identify the amazing potential available in Ghana for | | | | Tourism in Ghana currently contributes up to 8.5% of |
| property investors from 2007 onwards...in this way | | | | GDP and employs around 6.9% of the entire nation's |
| an investor can determine whether 2007 is the year | | | | workforce; going forward it is predicted that the |
| for them to begin their due diligence in Ghana for | | | | travel and tourism sector will grow by about 4.9 - |
| long term capital appreciating investment | | | | 5% annually from 2007, but for the Ghanaian |
| opportunities. | | | | government that is not enough. In a bid to raise the |
| Current Issues Facing Ghana's Property Market | | | | profile of the country they have brought in |
| The current issues facing Ghana's property market | | | | international airlines as stated, they have also |
| include the fact that those buying resale land and | | | | liberalised their aviation policy as a result and ongoing |
| property often buy litigation rather than land title | | | | they are determined that this sector will boost the |
| because there is no decent system in place for the | | | | economy in a sustainable way over the long term. |
| registration of title deeds and transfers and because | | | | An investor needs to understand that when tourism |
| the conveyancing system lacks transparency. | | | | comes in earnest to Ghana there will be multiple |
| In addition to this the level of tourism growth in | | | | layers of opportunity because it is a nation rich in |
| Ghana is not sufficient for the tourism economy to | | | | natural wonders, delights and beauty from untouched |
| become an attractive sector for foreign direct | | | | and pristine beaches to an interior full of exotic and |
| investment at the moment. Furthermore there are | | | | amazing wildlife in abundance, and there are just not |
| problems in the main cities with homelessness and | | | | the facilities for international travellers to experience |
| even those with a desire to own their own homes | | | | and enjoy such delights safely and in comfort. |
| and who have a decent salary with which to afford a | | | | This represents huge investment opportunity... |
| home loan have limited and restricted access to | | | | Local Affordable Housing |
| mortgages in Ghana. | | | | The other area an investor can examine from 2007 |
| Efforts Underway to Improve the Real Estate | | | | onwards is the issue of the supply of affordable |
| Marketplace in Ghana | | | | housing to Ghanaians. In recent years there has been |
| The current government in Ghana inherited the | | | | a trend of rural to urban flow of migration and the |
| situation as detailed above but are 100% focused on | | | | trouble with this flow is that it has been strong and is |
| changing these issues and developing a nation of | | | | sustained and there is just not enough housing to |
| middle income home owners. To that end they have | | | | accommodate all those arriving and looking for work. |
| started numerous programs and schemes such as a | | | | As a result there is a homelessness problem |
| program to attract greater foreign direct investment. | | | | developing in some of the more densely populated |
| The government is also working in partnership with | | | | areas of the country and those with property assets |
| the likes of Canada Mortgage and Housing | | | | available to let have been exploiting those requiring |
| Corporation and Development International Desjardins | | | | housing and demanding up to 3 years rent in advance. |
| to develop regulatory reforms in the mortgage | | | | In a bid to solve this problem the government has |
| market and they have brought American based | | | | announced incentives for constructors to build |
| Broad Cove Partners Inc in which is an emerging | | | | affordable local housing starting in 2007 - and for the |
| market financial advisory firm and which is now | | | | next five years as part of the National Housing |
| developing a new USD 30 million long term property | | | | Programme 20,000 new homes will be built in Ghana |
| finance facility to assist with affordable housing and | | | | annually. Naturally enough investment in this sector is |
| mortgage finance in Ghana. | | | | still required and those with a social conscience who |
| In 2007 a new program to register every house on | | | | want to actively participate in something that will |
| every street in Ghana will get underway to begin | | | | return them a profit whilst benefiting a nation |
| solving the land title issues and on the tourism side of | | | | restricted by poverty should look at how they can |
| things the Ghana Tourist Board has been active | | | | get involved. |
| under the Acting Executive Director Martin Mireku. So | | | | In conclusion, while there are true emerging market |
| far Mr. Mireku has brought Delta Airlines and North | | | | problems affecting the property market and the |
| American Airlines to Ghana with multiple direct flights | | | | investment potential from real estate in Ghana at the |
| between Accra (the capital of Ghana) and the likes | | | | moment, everything is being done that can be done |
| of New York every week and there is a strong | | | | to positively address and solve these problems. The |
| campaign underway for these airlines and other | | | | most important factor to keep in mind therefore is |
| international tourism representatives with interests in | | | | that Ghana knows it has potential and is doing all it |
| Ghana to promote the attractiveness and potential | | | | can to achieve this potential...and an investor seeking |
| of the nation to the wider world. | | | | massive opportunity, low start up costs and huge |
| A property investor looking at whether Ghana is a | | | | long term potential for growth could well find that |
| viable option for portfolio expansion purposes needs | | | | 2007 is the year for them to explore Ghana. |