Economy

Housing Minster urges SuCasa to extend affordable luxury housing projects to regions

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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 in providing affordable luxury housing infrastructure, Mr. Asenso-Boakye stated, “I urge you to extend your project to the outskirt of Accra – to the other regions.”

Furthermore, the Minister noted that his Ministry is considering a partnership where the developer produces two-bedroom houses at the Nsawam enclave at a cap of US$30,000, with the State absorbing 40 percent of the development cost through the provision of the government’s unencumbered lands.

SuCasa Properties Limited, as a demonstration of its commitment to the national affordable housing agenda, recently inaugurated Phase-one or 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 – who led the team from SuCasa Properties – confirmed that the company has plans to expand into other regions of the country and welcomed the Minister’s request. “SuCasa is already positioned for other regions in our own business forecast and projections,” he noted.

Attracting FDIs via SuCasa Real Estate Experience

In addition, Mr. O’Grantson-Agyapong presented a new campaign by his outfit called the SuCasa Real Estate Experience to the Minister. The campaign, he explained, involves 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 will be organized by SuCasa Properties Ghana in partnership with relevant stakeholders including the Ministry of Trade and its affiliated agencies.

He added that the expo is part of the government’s Public Private Partnership Initiative engagements for economic growth and development, and aims to build confidence and trust in the diaspora community to invest prudently in Africa with reputable developers in a seamless manner.

“The global tour and expo, would offer the diaspora community, the opportunity to engage with and have first-hand information from property developers and the various offers they avail, without engaging with charlatans and all kinds of unscrupulous entities back home in Africa in their quest for home ownership,” he said, adding that the launch of the maiden edition of the SuCasa Real Estate Experience will come off in Accra by the end of March.

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

The courtesy call also served as an opportunity to formally express appreciation to the Minister for honoring their invitation to be the Keynote Speaker at the Sod Cutting Ceremony of the No.1 O’Grantson Communities.

According to data from the World Bank, remittances to Sub-Saharan Africa grew by an estimated 5.2percent to US$53 billion in 2022. Given that this is approximately 10percent of their annual income, their total annual income could be estimated to be US$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 turn African economic fortunes around for the better.

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