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Business News of Tuesday, 8 August 2017


Housing ministry to pass new laws to sanitize sector

The Works and Housing Ministry has disclosed it has initiated processes to get Parliament to pass four legislations to regulate activities in the housing sector.

The move will see the passage of two new Bills and the amendment of two others.

The two new Bills are the Real Estate Agency Bill as well as the Condominium Bill.

The Deputy Works and Housing Minister, Freda Prempeh who disclosed this to Citi Business News said they will among others compel estate developers to abide by set standards in the provision of housing units.

“With the Real Estate Agency Bill we started in the last (6th) Parliament, unfortunately, we were not able to pass it and what happens in Parliament is that if we are not able to pass a Bill and we move into the next Parliament, you will have to start the process again.” In addition, Madam Prempeh says the Building Codes, as well as the Rent Act, will be amended. The amended Building Codes will pin building contractors down to the application of safety standards to avert avoidable disasters such as building collapse or fire outbreaks.

Meanwhile, the Rent Act is expected to direct the way forward in reducing the challenges facing potential home owners regarding the high rent charges which has also crowded some out of acquiring decent accommodation.

“We are also working to review the Building Codes and Rent Act as well; all these are to regulate the industry so that people do not do things on their own especially when putting up a structure, we have come to realize that some of the contractors do things on their own without taking into consideration the right or the proportions that they have to do as mixtures or others,” the Deputy Minister emphasized.

Though the Ministry intends to complete the whole process within the next four years, Madam Prempeh believes their eventual passage should sanitise Ghana’s real estate subsector.

“So if we have all these regulations in place, then I think that we will not be heading towards any form of disaster even though natural disaster cannot be prevented, we have to plan ahead,” she concluded.