Business

Estate developers laud government’s decision to aid rent advance payments

The Ghana Real Estate Developers Association (GREDA), has lauded government’s decision to institute a National Rental Assistance Scheme to aid rent advance payments in the country.

According to him, the Scheme will go a long way to affect turnover in the housing sector by stimulating demand for rent-to-own housing schemes and by extension help the sector to grow.

Caretaker Minister for Finance, Osei Kyei-Mensah-Bonsu, while delivering the 2021 budget on Friday said the scheme will begin with seed money of GHS100 million.

“The scheme will crowd-in additional investment from the private sector to provide low-interest loans to eligible Ghanaians to enable them pay rent advance.”

“And also enhance further the quality of life of Ghanaians, to support domestic entrepreneurs and businesses, and to deepen access to public services,” Mr. Kyei-Mensah-Bonsu added.

Speaking to Citi News, Mr. Patrick Ebo Bonful, the president of the association said the move will also help curb the myriad of problems facing the country’s housing sector.

According to him, this will also help create more employment for Ghanaians.

“This will enable more people to patronize rent own schemes which are being offered by companies in our sector to the general public and by so doing it will help us to solve the housing deficit challenges.”

“It will also help us to be able to build more house and generate more employment and more income to stimulate growth to solve the myriad of problems in housing and rental issues.”

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