Ghana Gov’t Commits to Litigation Free Lands for Diaspora
The Minister for Finance, Ken Ofori-Atta has assured the diaspora community of the Government of Ghana’s commitment to ensuring Land Security for their Real Estate Investment in the Ghanaian property market.
In response to a question regarding efforts of the government to attract more diaspora investments into the real estate sector during his media engagement after the Ghana Diaspora Investment Summit organized by the Ghana Investment Promotion Centre (GIPC), the Minister said, protecting diaspora investments with available laws as well as land security is the focus of the government.
“It’s just really making sure the laws and land are available to protect the diaspora investments”Ken Ofori-Atta, Minister of Finance
A major challenge that diaspora encounter in their quest to invest in the Ghanaian real estate market has always been land litigation and encroachment which mostly serves as a discouragement tool to invest in the Ghanaian market.
In indeed, the Head of the Diaspora Investment Desk at GIPC, Marina Bansa confirmed this worry adding that land insecurity is one of the prominent concerns they received from the diaspora community. She indicated they have been advising the diaspora to be engaging the Lands Commission to get the right documentation.
The Hon. Ofori-Atta also added that the government is working in tandem with the various Ministries to accelerate the diaspora investments and industrialisation. He also observed that the coming in of the diaspora brings forth not only the economic benefits but also some responsibility on the government to ensure their investments are safe.
“What we are doing is, we are having various compacts with the various Ministries for specific interventions that will help accelerate that, so the compact with GIPC is ongoing and that will also come out with value that will give them to promote these things. …the issue of diaspora coming in is both a responsibility but it also has enormous economic benefits,” says the Minister.Ken Ofori-Atta, Minister of Finance
He concluded that the issue of the diaspora is about the investment environment conduciveness, once that is assured, with the numerous opportunities in Ghana, they would have a lot to do and to stay in the market.
Meanwhile, industry players believe that the new Land Act, 2020 (Act 1036) and Real Estate Agency Act 2020 (Act 1047) would also be able to minimize some of these penitent challenges within the land and real estate markets in the country.
Source: Real Estate Times Africa