GHFA advocates promulgation of condominium law to ease housing problem

housingThe Ghana Housing Finance Association (GHFA) has advocated for the promulgation of a condominium law to regulate shared ownership of areas in flats and apartments in high rise properties which are now springing up.

Mr David K.D. Letsa, a Consultant to the Condominium Bill Project said when the law is promulgated, it  will ease the apprehensions of occupants of the increasing high rise properties and gated communities thereby increasing demand for such facilities.

Mr Letsa, said this at the Annual General Meeting of the Association in Accra.

He said their outfit will lobby for parliamentary approval of the bill since a copy of the bill had been sent to the Ministry of Water Resources, Works and Housing for review and discussions.

Mr Stephen Akuffo, Second Vice President of GHFA said the objective of the Association was to strengthen collaboration or partnership between government, private sector, bi-lateral and multi-lateral agencies, as well as civil society to address housing finance challenges.

He added that the aim of the Association was to bring together housing finance practitioners, policy makers, consultants, builders and all interested in the development of real estate and housing finance in the country

He said the Association since its establishment had organised annual international training programmes dubbed “African Real Estate and Housing Finance Academy” for real estate and housing finance practitioners.

Mr Akuffo said the Association had played a leading role in influencing stakeholders on legislative and regulatory issues and initiatives that assisted low and medium income earners access to longer term credit at lower cost to improve their housing situations.

He said GHFA will remain committed and focused towards the realisation of its laudable goals in sharing the vision of government to increase the delivery of housing stock and creating a vibrant sustainable housing market to contribute to the growth and development of the country.

Mr Akuffo noted that lack of long-term funds, higher interest rates;,land title problems, endless land litigation and inefficient registration procedures were significant factors contributing to the housing deficit.

The GHFA was inaugurated on November 16, 2006 as a trade association of practitioners of housing finance in the country and made up of over 20 institutional members and a secretariat hosted by HFC Bank.

Source: GNA

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