"Ghanaians living abroad urged to invest in the country’s real estate sector"

" \n A Senior Lecturer at the Department of Land Economy at the Kwame Nkrumah University of Science and Technology (KNUST), Dr. Frank Gyamfi-Yeboah, has told Ghanaian investors in the diaspora that Ghana is currently facing extreme housing deficits. He revealed that this is due to inadequate investments in the real estate sector hence, the diasporans should consider investing in that sector of the local economy. Dr. Gyamfi-Yeboah explained that the housing sector at the moment is estimated to be facing between 1.5 and 2.5 million unit\u2019s deficits. \n \n\n \n This situation, he said can be reversed through investments. He was speaking during the third and final part of the webinar series for Ghanaians living in the diaspora on the theme \"Ghana, An ideal destination for diaspora investments\u201d on Friday September 4.\u00a0 \n \n\n \n Over five hundred Ghanaians living in the diaspora took part in the webinar which was organized by Bank of Africa (BoA) in collaboration with the Ghana Diaspora Monetary Fund. Dr. Gyamfi-Yeboah told the participants that \u201cGhana faces severe housing deficit. Estimate vary but range between 1.5 and 2.5 million units. At the heart of the problem is the lack of adequate investments in the sector. Both developers and end-users are facing financing constraints.\u201d\u00a0 \n \n\n \n He further told the gathering that there has been some form of interventions to deal with the situation, however the problem persists. The lack of affordable financing for households appears to be the most critical. \u201cThere have been interventions in the acquisition of houses,\u201d he said adding that \u201cGovernment set up the National Housing and Mortgages Fund (NHMF) in 2018 to develop the local currency primary mortgage and construction finance market, promote private sector mortgage refinancing companies, promote mortgage backed securities.\u201d Regarding Ghana\u2019s mortgage system, he said that market has remained underdeveloped over the years however,\u00a0he noted that there are emerging opportunities lurking around.\u00a0 \n \n\n \n \u201cGhana\u2019s mortgage market remains underdeveloped, faces several challenges \u2013 unfavourable macroeconomic environment, high cost of funds, lack of access to long term funds, weak regulatory regime. \u201cThere are however emerging opportunities \u2013 increased mobilization of long term funds, safe well capitalized banking sector,\u201d he said. Mr Alex Agyei-Amponsah, Head Retail Banking at Bank of Africa (BOA) noted that the bank has made available packages to assist the investors to do businesses in\u00a0Ghana.\u00a0He said the bank has a reliable, convenient and fast digital banking applications to assist the investors wherever they may be found on the planet. He took participants through the bank\u2019s offering for the diasporan community which he said was attractive enough to get them to do business in Ghana. He outlined and offered solutions to the challenges of securing an account in Ghana. He said with the use of technology, it is now easy to open and operate a bank account in Ghana even from abroad. Mr. Agyei-Amponsah reiterated the bank\u2019s focus on Retail, SME and Corporate Banking products and emphasized on the functionality of each of them. He mentioned that credit facilities are available for diasporans who are interested in investing in the economy. \n \n\n \n This he said comes in the form of mortgage and vehicle financing, SME support and working capital financing, assets financing among others. He again emphasized that the Bank leverages on its network around the globe to facilitate international and cross- border trade demands.\u00a0 \"We are strong in provision of LCs, documentary collections, overdrafts and loans, avalization and discounting, Guarantees and negotiation of documents,\" he said. According to him, the bank has a dedicated and professional team that offers business advisory services to all its clients and potential customers. He pointed out that BOA, has a remittances product that ensure direct transfer from your bank to your BOA account with same day value. The bank also has investment products in the form of Fixed deposits, Treasury Bills, Bonds-both home and abroad as well as a specially designed product called REPO. BOA has a \u201csecure internet banking and which can be used to effect payment. We have mobile banking platform called Bmobile with secured and enhanced features. This ensures fast and convenient banking transactions with up to date information. We also have our visa debit and prepaid cards, propriety cards accepted on GhLinks platforms, online instant pay services, POS devices, QRCode digital payment services, and many more,\" he stressed. Adding that BOA provides support for businesses to thrive through working capital and liquidity management by providing opportunities and platforms for businesses to invest in high yielding liquid assets in Ghana. \n "

"Ghanaians living abroad urged to invest in the country’s real estate sector"

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