Why houses are not selling in Ghana

I am a Ghanaian who was born and raised in England and I have been to Ghana many times. Every time I go to Ghana, I see the problems that Ghanaian businessmen have. The problem is, their property development strategies are poor.

A lot of houses have either been built in Ghana or people started building and haven’t completed the houses and had to end up abandoning the houses because they didn’t have enough money to complete them. This is due to poor planning and greed. A Ghanaian will build a house with the mind that he will get rich quickly by building and selling for quadruple the price or renting it out to tenants for ridiculously expensive prices.

A Ghanaian will build a house for 250,000 Cedis (40,000 dollars) and Expect to sell it for 300,000 US dollars or rent it out for 2000 dollars at a two-year advance collecting 48,000 dollars upfront. He himself will not buy a house for 300,000.

They don’t consider the fact that the Ghana economy is hard and it is not like UK and America where people can easily apply for a job and earn 2,000 dollars a month. Many people in Ghana do not have that sort of money, and a rich Ghanaian will never pay big monies to live in a small house that somebody else has built. The rich people in Ghana would rather use their own money to build houses so they can live there forever and pass it down to their children and grandchildren.

The new trend in Ghana is also “affordable housing”, but businessmen and developers in Ghana are also not succeeding from that because the rent prices and sale prices are still too high and people in Ghana can’t afford it. I don’t think we know what the word “affordable” means.

Somebody from abroad will also not buy or rent a pre-built property in Ghana as they also do not plan to stay for long.

Everything I discussed here is the reason why many beautiful houses are sitting there in Ghana and nobody is buying and renting. We need to stop being greedy and put ourselves in people’s shoes and make our prices more affordable. There is nothing like quick riches.

Written by Nathan Buckman
Nathan Buckman has written a book called “True Colours” which explains this further and you can find it on Amazon.

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