GREDA ANNOUNCES DECREASE IN GHANA’S MORTGAGE PRODUCT

GREDA worries about the reduction in available mortgage for potential home owners

Ghana Real Estate Developers Association (GREDA) has raised concern over the decrease in loan repayment. This rising number of loan defaulters is forcing banks to reduce their mortgage products. Which will eventually affect the sector in the medium to long-term.

President of GREDA Patrick Ebo Bonful said “The banks are pretending that they are giving mortgages and we are also pretending that that problem doesn’t exist. Most of the banks have stopped giving out mortgages to the public for years”.

According to Bonful, the situation may get worse if  government does not step into the housing market to regulate activities. Mortgage finance is crucial for solving the nation’s housing deficit. 

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