The Ghana Real Estate Developers Association (GREDA) has expressed its willingness to support the district industrialisation programme promised by the incoming administration.
This it intends to do by rallying its members to set up local building material industries that would provide building materials to support the one district, one factory project.
The association, in its congratulatory message to the President-elect, Nana Addo Dankwa Akufo-Addo, said it believed that the setting up of the factories, together with other policies, would help to create the numerous jobs that the economy required. The statement, which was signed by the acting Executive Secretary to the GREDA Council, Mr Sammy Amegayibor, also assured the incoming administration of its fullest support, stating that: “we are ready to mobilise the necessary support to help train and employ thousands of youth that would be required for our economic growth.”
The association also said it was looking forward to having a dialogue with the incoming administration to enable it to craft strategies that would address the housing deficit. It said it was keen on working with the next administration to help ease the challenges the nation faced in the area of housing and accommodation, particularly in the low and middle-income bracket. It noted that the efforts of previous governments in this regard had yielded much-needed results but emphasised the need for much work to be done in the real estate sector.
“We have resolved to partner the incoming administration in a much more effective and broader way to help address these challenges”.
Scrapping of VAT
The association also expressed its excitement about the NPP’s manifesto promise to scrap the five per cent Valued Added Tax (VAT) which was imposed on sales in the real estate sector. “We believe the scrapping of the tax will help boost the capacity of developers to be able to expand by producing more housing units.” It said the tax was a clear impediment to the progress of the sector and added that it was estimated that the country’s housing deficit was over 1.7 million housing units and was experiencing growth by the day.
Reference: Daily Graphic