Extend affordable housing projects to regions "Housing Minister urges private firm"

The Minister of Works and Housing, Francis Asenso-Boakye, has urged SuCasa Properties, a real estate company, to extend its affordable luxury housing projects beyond Accra to other regions in the country. 

During a courtesy call by SuCasa Properties to secure government support and partnership towards the provision of affordable luxury housing infrastructure, Mr Asenso-Boakye urged the company “to extend your project to the outskirt of Accra to the other regions".

The minister further noted that his ministry was considering a partnership where the developer would produce two-bedroom houses at the Nsawam enclave at a cap of US$30,000, with the State absorbing 40 per cent of the development cost through the provision of the government’s unencumbered lands.

SuCasa Properties Limited, as a demonstration of a commitment to the national affordable housing agenda, recently inaugurated phase one of the  No.1 O’Grantson Communities at East Legon Hills — a 2,000-housing unit development.

The event also served as the sod-cutting ceremony for phases two and three of the project.

SuCasa’s Chief Executive Officer (CEO), Michael O’Grantson-Agyapong, said the company had plans to expand into other regions, and welcomed the minister's challenge.

“SuCasa is already positioned for other regions in our own business forecast and projections,” he noted.

Experience

Mr O’Grantson-Agyapong presented a new campaign by his outfit called the SuCasa Real Estate Experience to the Minister.

The campaign, he explained, involved a global tour to organise real estate conferences, exposing investment opportunities in Ghana for foreign direct investment and diaspora engagements.

He elaborated that the investment opportunity awareness creation would be organised in partnership with relevant stakeholders, including the Ministry of Trade and Industries and its affiliated agencies.

He added that the expo was part of the government's public private partnership initiative engagements for economic growth and development to build confidence and trust in the diaspora community to invest prudently in Africa with reputable developers in a seamless manner.

World Bank data

This comes as data from the World Bank shows that remittances to sub-Saharan Africa grew by 5.2 per cent to $53 billion in 2022, highlighting the potential impact of diaspora investments in Africa's economic development.

Given that this is approximately 10 per cent of the countries’ annual income, their total annual income could be estimated to be $530 billion, a figure higher than the highest single GDP of any country in Africa.

This indicates that cash flow from the diaspora community invested in Africa could potentially help to turn African economic fortunes around for the better.