The Ghana Real Estate Developers Association (GREDA) has expressed concern over the limited involvement of foreign developers in the association, describing it as a significant barrier to advancing its mission within the country’s real estate sector.
Speaking at the inauguration of GREDA’s Executive Council Standing Committees and Stakeholder Forum, the Association’s President, Dr. James Orleans-Lindsay highlighted ongoing efforts to boost foreign developer participation—efforts that, so far, have faced considerable challenges.
“If you look around, there are massive developments happening—very, very large-scale projects. But the reality is, most of these major developers, particularly foreign companies, are not members of GREDA,” Dr. Lindsay said. “That is a problem. Despite our repeated efforts, they have either refused or shown no interest in joining GREDA.”
He further revealed that GREDA’s investigations suggest a substantial amount of liquidity is leaving the local system—capital that could otherwise support domestic developers and drive national growth. “It’s a serious issue. Liquidity that could empower GREDA members to propel the country forward is being diverted, and that’s deeply concerning,” he added.
Dr. Lindsay also addressed the issue of stagnant property prices despite the recent appreciation of the cedi against the dollar. “We continue to price properties in the cedi equivalent at the prevailing rate. However, prices of key inputs such as cement and iron rods have not declined accordingly,” he noted. “Currently, a $100,000 property is valued at around ¢900,000, down from a peak of ¢1.6 million. Yet, developers have not adjusted their prices.”
In a related development, Irene Odokai Messibah, Director of Policy Planning, Budgeting, Monitoring, and Evaluation at the Ministry of Works and Housing, announced that the ministry is reviewing the Rent Control Act and its Legislative Instrument (LI).
The goal, she said, is to operationalize the Real Estate Agency Council Act, thereby creating a more favourable and transparent regulatory environment for the sector.