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More People To Move Out of Accra

Accra set to witness a huge exodus into the peripheral towns by 2035, owing to an overall shift in the aging population’s accommodation needs and preferences towards a more metropolitan life. 

This was expressed by Dr. Gad Akwensivie, a Landed Property Investment Advisor at the Ministry of Lands and Natural Resources at GHL Bank’s mid-year Developers Seminar for this year, aimed at building and re-affirming the Bank’s commitment as partners of Real Estate Developers while providing the platform to review and discuss the trends and new opportunities arising from various transformations within the Real estate sector. 

The over 150 developer attendees were taken through the current trends for the Real Estate industry in Ghana and a forecast for the next fifteen to thirty years. These areas of the forecast were to equip developers, financiers, investors, agents and practitioners of the built environment on what they can expect in the coming years for proper planning and resource utilization. 

In his presentation, Dr. Gad highlighted that there will be a huge demand for condominiums and shared properties, a shift from private developments to mortgages, formulation of strict legislations; all to meet the needs of the evolving Generation Z. “It is evident that people are no longer constrained by a localized workspace, an increasing number of the middle-high class are enjoying mobility, and ultimately the leaving seemingly stressful and heavily populated cities and would only inhabit the cities only for commercial purposes.” Dr. Akwensivie stated. 

He reiterated that more modestly, people regard the outer fringes for settlement more than the of cities due to technology which now allows all workers to accomplish tasks with a computer or a cell phone. “Just 10 years ago, it would have required a costly and heavy set of tools to do an appreciable job from a distance. 

In many activities, the internet provides people with access to millions of individual markets, whether you are living in Accra or elsewhere.  He advised developers to take advantage of staging and virtual staging tools to sell their homes faster and consider the development of affordable housing which will be profitable in the ensuing years. 

Mr. Kojo Addo-Kufuor, Executive Director of Business at GHL Bank addressed the developers with highlights of the transformation from Ghana Home Loans to GHL Bank and urged developers to maintain the strong relationship built while they came on board with GHL Bank’s vision of becoming the foremost bank for wealth creation. 

He recounted the inroads made by the goal to become the mortgage specialist at the inception of them company and how it had achieved this goal after over eleven years. He said, ‘Today we are saying that we will be the foremost bank for wealth creation. Just as we have done over ten years ago, we will soon give meaning to our vision to become the foremost bank for wealth creation in Ghana and beyond so be confident with us’.  

Aside the knowledge sharing, developers were given firsthand experience to use the new e-banking platforms of GHL Bank; Wealth 360 and internet banking which is to be launched shortly to further entrench the position of GHL Bank as a digital bank. 

GHL Bank recently opened two new branches in Tema Community 1 and Takoradi Market Circle to expand its reach to more Ghanaians. The bank is scheduled to hold the second of the bi-annual Housing Fair this October 2018 for home buyers and sellers to meet while creating the open market place for all vendors and stakeholders within the real estate value chain.