The struggling real estate market is leveraging the renewed confidence in the economy to bounce back with players recording increased activities in all segments.
With a relatively stable currency, removal of nuisance taxes, continuous drop in inflation and interest rates, players have noted that they are recording increased enquiries which have led to renewal of interest in old projects and new requests for more building materials and homes.
Samuel Amegayibor, Executive Secretary of Ghana Real Estate Developers Association (GREDA) told the B&FT at the launch of the tow day southern Edition of the maiden Ecobank Housing Fair that majority of the association’s members have all confirmed surge in their business.
Revenue earmarking saves gov’t GH₵4bn – Finance Ministry
The acting Director of Budget at the Ministry of Finance, Eva Esselba Mends, has said that the Ministry’s decision to put a cap on earmarked expenditure in the 2017 budget saved the country about GH₵4 billion to spend on other government priority areas.
According to Ms. Mends the decision by government provides that earmarked funds for each financial year should be equivalent to 25 per cent of tax revenue, from a previous situation where more than 40 per cent of tax revenue went to earmarked funds.
No meters for buildings without certification
The Energy Commission has said, effective October 1, new buildings wired by the commission, will not be granted access to electricity.
The move is in fulfillment of the Electrical Wiring Regulation 2011 (LI 2008) passed by Parliament in 2012, which defines who qualifies to engage in any electrical wiring of properties in Ghana, how wiring his done and the kind of materials to be used in wiring.
The implementation was supposed to have kicked off from February 25, 2015, but was postponed due to lack of sufficient trained and certified electricians in the country.