The government has underscored the critical role of the private sector in addressing Ghana's growing housing deficit. It stated that quality housing is a fundamental pillar of human dignity and national development.
It has pledged to make good on its promise to provide policy direction and create an enabling environment for investments through the participation of private developers, which remains indispensable to bridge the housing deficits in the country.
This was revealed by the Minister of Works and Housing, Kenneth Gilbert Adjei, in a speech read on his behalf by the Acting Director of the Ministry, Chris Pobee Abbey, at the official launch of the Moonbow Labone Premium Residential developments last Tuesday at the Kempinski Hotel Gold Coast City in Accra.
He said the government recognises challenges bedevilling the housing sector and believes that addressing the challenges requires strong collaboration between the private and public sectors. “While we continue to provide policy direction and create the enabling environment for investments, the participation of private developers remains indispensable," the minister's speech emphasised.
He added that partnerships were essential if the nation was to build vibrant communities and increase access to quality housing across the country.
The minister further disclosed that the Ministry was currently reviewing a national housing policy to remove long-standing barriers to housing delivery, while expanding access to financing through the National Home Ownership Fund in partnership with development partners such as Shelter Afrique.
"Projects such as Moonbow demonstrate growing confidence in our economy and the future of Ghana's housing market; they provide vital opportunities for professionals, young families, and investors to access quality living spaces that meet their expectations," the speech stated.
Assurance
The co-founder and CEO of VAAL Real Estate, Alaa Zayed, described Moonbow as a lunar rainbow that appeared at night. He presented the project as a symbol of hope, reminding guests that darkness does not have the final word.
According to him, Moonbow adds to VAAL Real Estate's growing portfolio, with three projects already delivered in Ghana ahead of schedule and four others progressing.
“ The company continues to demonstrate that its work is defined not by promises alone but by tangible results,” he stated.
He reiterated the durability and finesse of projects undertaken by VAAL Real Estate in the country, adding that it was the best the nation harboured and the greatest return on investment in residential infrastructure in the country.
Partnership
The evening also featured a moving address from Lady Justice Barbara Ackah-Yensu, a former Justice of the Supreme Court and a partner in the Moonbow project. She recounted her journey into the partnership, revealing initial apprehension borne of stories of partnerships gone sour.
Her decision to proceed was anchored on a recommendation from a trusted confidante, whom she met in Uganda. She said her admiration for VAAL's professionalism, integrity, and unwavering commitment to excellence left a lasting impression.
"I had heard two great stories of partnerships that began with great promise and ended in disappointment, so I made up my mind that if I was going to take the step, it would only be with a partner whose integrity was beyond expectation," Lady Justice Ackah-Yensu explained.
She noted that her meeting with the leadership of VAAL Real Estate confirmed her faith, with the company treating her as a partner and offering mentorship that gave her peace of mind. She concluded by declaring the partnership truly made in heaven.
Timeliness
The Sales Manager at VAAL Estate, Nazir Halabi-Ahma, introduced an innovative concept he termed "Return on Time" (R.O.T), arguing that while Return on Investment (R.O.I) is a standard metric, Moonbow was designed to offer residents the invaluable gift of time.
According to him, the project was strategically located at the edge of Labone on Santaclaus Avenue, just off the Ring Way, and in proximity to key amenities such as the American Embassy, Bank Hospital, and Bistro 22; the development promises to shield residents from Accra's notorious traffic.
"This turns your daily routine into an asset; morning rush hour doesn't apply to you; evening rush hour also doesn't apply to you," Mr Halabi-Ahma explained.