The Ghana Real Estate Developers Association (GREDA) has called on its members to incorporate locally available building materials alongside cement in their construction projects to help cushion the impact of rising cement prices.
This appeal follows a recent increase of approximately GHC 9.00 per bag of cement, attributed to higher port tariffs imposed on manufacturers.
Speaking at the Association’s annual general meeting (AGM), GREDA President, Patrick Ebo Bonful, acknowledged the challenges posed by the price hike but urged developers to embrace innovative solutions.
“It’s a difficult situation, but we have to find ways to manage it. We encourage our members to consider mixing cement with other locally sourced materials to help reduce costs and ensure affordability in the housing sector,” he stated.
In a bid to address longstanding challenges in mortgage financing, GREDA has launched an initiative aimed at improving access to funding for real estate developers. The Association announced the establishment of the GREDA Investment Trust, which is awaiting approval from the Securities and Exchange Commission (SEC) for listing on the Ghana Stock Exchange.
Patrick Ebo Bonful explained that the investment trust is designed to bridge the financing gap in the housing industry, allowing developers to focus on construction without financial constraints.
“Our industry has faced continuous hurdles with home mortgage financing. While banks have tried to assist, their support remains insufficient. To drive real growth, we need a structured investment portfolio. The GREDA Investment Trust will provide the necessary financial backing by acquiring completed properties and selling them to the public, ensuring developers can recoup their investments and sustain their projects,” he elaborated.
Bonful expressed optimism that the licensing process with SEC would be finalized soon, paving the way for the trust to play a transformative role in Ghana’s real estate sector.
With rising construction costs and the need for improved financing models, GREDA’s dual approach—promoting cost-effective building materials and launching an investment trust—aims to sustain growth in the real estate industry while making housing more affordable for Ghanaians.
