The Ghana Real Estate Developers Association (GREDA) has urged its members to explore innovative ways of combining cement with other locally available building materials in their construction projects.
This call comes as retailers have raised cement prices by approximately GHC 9.00 per bag, following an increase in port tariffs imposed on manufacturers.
Speaking to the media during the Association’s annual general meeting (AGM), the President, Patrick Ebo Bonful, encouraged industry players to find alternative solutions to mitigate the impact of the price hike. He stated:
“It’s a challenging situation for us, but we don’t have any other option. We are doing our best, and we encourage our members to consider mixing cement with other materials. Using a combination of locally sourced building materials alongside cement can help balance out the costs.”
Meanwhile, GREDA has introduced an initiative aimed at addressing the mortgage financing gap faced by industry players when working with banking institutions.
The Association announced the creation of the GREDA Investment Trust, which is currently awaiting approval from the Securities and Exchange Commission (SEC) for listing on the Ghana Stock Exchange.
The President further explained: “Our industry has faced persistent challenges with home mortgage financing. While the banks are doing their best, it’s still not enough. For real growth to occur, we need an Investment Trust portfolio. This will enable us to support home mortgage financing and allow members to focus on their projects without concern.”
He added, “The Investment Trust will acquire the properties once they are built and sell them to the public, enabling developers to recoup their income and continue their work.”
The President expressed confidence that the process of securing a license from SEC will be completed soon.