Patrick Bonful sworn in as GREDA president - Pledges to revamp estate business

A Businessman and Chief Executive Officer (CEO) of PS Global Limited, Mr Patrick Ebo Bonful, has taken office as president of the Ghana Real Estate Developers Association (GREDA), with a pledge to help resolve challenges facing real estate developers in the country.

He was sworn into office on October 27, this year, to replace Mr Kwakye Dopoah-Dei who was the president of the association between 2012 and 2018.

Mr Bonful and the new executive council of GREDA will serve the association for the next two years after which they will be eligible for re-election.

At the event, the association also awarded member companies, individuals and stakeholders for their meritorious services towards improving the housing industry.

Vision for GREDA

Outlining his vision after the swearing in, Mr Bonful said he would work with members and the government to address challenges ranging from finance, mortgage, access to land and revival of the GREDA Development Company Limted.

He said the frustration mortgage finance institutions went through to recover properties from defaulting clients was one of the challenges requiring attention.

Citing examples from other markets, he said “it is not difficult for mortgage finance institutions in Europe and America to recover properties from defaulting customers.”

“So, for the same reason, they are more than willing to provide mortgage finance to qualified applications.

This, in turn, makes it possible for real estate developers to sell more houses, thereby making more profit to pay corporate taxes to the state,” he said.

Land litigation

He stated that the real estate industry also needed deliberate efforts to help address problems that threatened the survival of the industry such as land litigation.

He mentioned ownership structure of land in the country as one big headache facing developers.

“We also need to work with all stakeholders to develop a mechanism that will put the ghost of this unnerving problem of land acquisition to bed once and for all,” he said.

Subsequently, he appealed to the government to take land from its allodial owners in lieu of cash in order to enable them to register all their interest in the lands across the country.

Mr Bonful stated that the association had made great strides over the past 30 years and was expected to make even greater strides under his leadership.

“Understanding the concept of synergy, we have come together to set out policies that will bring positive change and prosperity for our members in particular and for Ghana as a whole.

“Those that were before us understood the potency of the real estate industry to our economy. They also foresaw the impact we could make when we work with a common agenda,” he said.

GREDA Company

The president further pledged to push the agenda of GREDA Development Company and use it to realise the objectives of the association.

“I am, therefore, sending an open invitation to all my colleagues and stakeholders in our industry to help realise these modest objectives,” he said.