Category: Real Estate
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Ghanaian owned Montgomery Residences and Silicon Accra win at International Property Awards
Two major projects by Twelve Springs Investment Group have won awards at this year’s International Property Awards 2020-2021. Montgomery Residences was adjudged the Best Residential Development in Africa for 2020-2021, while Silicon Accra was adjudged the Best Office Development in Africa for 2020-2021at the virtual ceremony held earlier this month. Twelve Springs Investment Group, owners…
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Stay away from NAM1’s new land deal – Menzgold customers cautioned
The over 60,000 customers affected by the ongoing Menzgold saga are being cautioned against accepting a land deal being offered by CEO of the company, Nana Appiah Mensah. Leadership of the affected customers had earlier described the land deal as a second attempt by Appiah Mensah to defraud customers. Since 2018, Menzgold has struggled to…
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Eight ways next NPP government plans to fix Ghana’s housing deficit
Ghana’s 2010 Population and Housing Census report states that almost 44% of Ghanaians do not have adequate housing. Ten years down the line, the situation has worsened. It was revealed, in 2019, by the Minister of Works and Housing, Samuel Atta Akyea, that Ghana’s housing deficit has hit two million units. By this, the government…
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COVID-19: Estate developers seek support to prevent job losses
Ghana’s construction industry provides thousands of jobs due to the number of artisans required at every stage of the building process. Even though the industry is capital intensive, many of the people engaged such as masons, plumbers, and tilers, are mostly considered to ply their trade in the informal sector. Such persons are part of…
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Gov’t must speed up implementation of land bank concept – GREDA
President of the Ghana Real Estate Developers’ Association (GREDA), Patrick Ebo Bonful, has called on government to expedite action on the implementation of the proposed land bank policy to mitigate land challenges in the country. A land bank is a governmental or nongovernmental nonprofit entity established, at least in part, to assemble, temporarily manage, and…
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SEC to unveil cheaper funding source for real estate companies by June
Real estate industry players in the country will by the end of the second quarter of this year have access to cheaper credit to undertake their projects. This is because the Securities and Exchange Commission (SEC), has set its focus on launching a Real Estate Investment Trust regulatory framework by end of June. According to…
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Transportation & housing cost will continue to make Accra most expensive city – Economist
The cost of transporting foodstuff coupled with the high cost of housing in the capital Accra among other factors, have been blamed for making the city the most expensive in Ghana. An analysis of the Ghana Statistical Service’s data on inflation for 2019 shows that Greater Accra was the most expensive region for consumers over…
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![The absolute necessity for escrow companies in Ghana today [Article]](https://citibusinessnews.com/wp-content/uploads/2020/01/Escrow.png)
The absolute necessity for escrow companies in Ghana today [Article]
Folks, within the last two years in our company Millennium Properties Ltd., four incidents that took place in four separate transactions may help to demonstrate why it has become absolutely necessary to have escrow companies operating in our beloved country. 1ST INCIDENT: Mr. O vs Mr. R On 19th December 2011, Mr. O, a citizen…
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Ghana’s property tax must be reviewed to generate more revenue – Millennium Properties CEO
The Chief Executive Officer of Millennium Properties Limited, Peter Atsu Tsikata, is calling for reform of Ghana’s property tax rate to help rake in the needed revenue for the state. He says the current regime where owners of multi-million dollar properties in the country are made to pay property tax of about GHS 2, 000…
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Contractors chase Works and Housing Ministry over GH¢330 million debt
The Ministry of Works and Housing is currently indebted to contractors to the tune of GH¢330 million for various works executed as of September 2019. The amount is expected to shoot up as additional payment certificates from contractors for pre-financed projects that would be submitted to the Ministry by the close of the year. Commenting…