Exorbitant interest rates pushes GREDA to seek ownership of own finance house

It has become imperative that the Ghana Real Estate Developers Association (GREDA), operate its own financial house known as the GREDA Development Company in the face of exorbitant interest rates banks slap on members when they contract loans.

This is according to former president, Kwakye Dopoah-Dei who was the president of the association between 2012 and 2018. He stressed owning their on finance house was the way to go for survival as none of the current banks meets members’ needs.

He said the complaints of members made it clear action had to be taken assuring that the processes to secure the license to operate from the Securities and Exchange Commission and Bank of Ghana have been commenced with hopes to become operational in 2019.

GREDA is currently under the leadership of businessman and Chief Executive Officer (CEO) of PS Global Limited, Mr. Patrick Ebo Bonful, who holds that the frustration mortgage finance institutions go through to recover properties from defaulting clients, was one of the challenges requiring urgent attention.

GREDA is an Association of Real Estate Developers established under the Laws of Ghana (Company Code, Act 179, of 1963) as a Private Company limited by guarantee to provide a central organisation for real estate developers as well as seek solutions to the practical problems in the property market.

By: Michael Eli Dokosi/goldstreetbusiness.com