Industry News

Mr. Emmanuel Botchwey, the Executive Chairman of Regimanuel Gray Ltd, has urged stakeholders in the country’s housing industry to swiftly embrace vertical development to match the rapidly increasing urbanization. Speaking at the Ghana Real Estate Developers Association (GREDA) CEOs Breakfast Meeting in Accra, Mr. Botchwey emphasized the importance of preparing for immediate future housing demands driven by the country’s youthful and rapidly urbanizing population.

Under the theme, “GREDA showing leadership in housing delivery in Ghana for the next decade; opportunities and challenges,” Mr. Botchwey highlighted the urgency of the situation by pointing out Ghana’s current population structure, with a significant proportion below 20 years. He emphasized that this demographic trend will witness greater numbers poised to enter the housing market within the next decade.

According to Mr. Botchwey, Ghana’s current population makeup, with approximately 38% of the population falling within the 15-35 age bracket, indicates a looming surge in housing demand as these individuals transition from parental homes to seeking accommodation of their own. To address this challenge he stressed the importance of adopting vertical housing solutions, for the masses, to optimize land usage and accommodate the burgeoning population.

“We have about a decade to fully embrace vertical housing development due to our current population structure,” Mr. Botchwey asserted. “Developers need to economize on space and first-time homeowners must be willing to embrace reduced floor areas, to manage the stock of land available for future housing needs effectively.”

Mr. Botchwey, who is spearheading the development of the Regimanuel Satellite City near East Legon Hills in Accra, is set to allocate about 30% of the project’s land to high-rise apartments. With a master plan encompassing 17,000 homes, the inclusion of high-rise developments underscores a strategic approach to support the supply of housing for the population. 

Population Structure and Urbanization Trends

Ghana’s population structure reflects a youthful and rapidly urbanizing demographic, characterized by a significant proportion of young individuals. Over the past five censuses, the population pyramid has shifted from predominantly children under 15 to a growing cohort of young people aged 15-35 years. According to the Ghana Statistical Service, the country’s population is projected to double within 33 years, with over 50 million inhabitants by 2050.

(2021 population & housing census)(2021 population & housing census)

Moreover, urban areas accommodate approximately 60% of the young population, highlighting the rapid urbanization trend. As Ghana’s urban centers continue to expand, the demand for housing, particularly among young urban dwellers, is poised to escalate, necessitating innovative solutions to address the housing deficit and ensure sustainable urban development.

Ghana’s leading mortgage provider, GHL Bank (formerly Ghana Home Loans) has signed a Memorandum of Understanding with Regimanuel Gray Limited to collaborate in the delivery of homes and serviced plots to alleviate the acute housing situation in the country.

The signing ceremony took place at the offices of Regimanuel Gray Ltd at La, Accra, and was attended by senior executives of both GHL Bank and Regimanuel Gray Ltd.

In a significant move, Regimanuel Gray Ltd recently commenced the sale of serviced plots at Katamanso on the Accra – Oyibi road. This unique arrangement allows prospective homeowners to design and build their dream homes on plots serviced by world-class infrastructure delivered by Regimanuel Gray Ltd.

Under the terms of the collaboration, GHL Bank shall offer a special land purchase mortgage to prospective buyers of these serviced plots. GHL Bank shall finance up to 80% of the cost of the land and offer a repayment schedule of up to 10 years at negotiated interest rates. Once the homeowner has acquired the plot of land, GHL Bank shall then provide construction loans for the homes to be built. The homeowner may then repay the mortgage in accordance with a pre-agreed schedule.

Speaking at the signing ceremony, Mr. Kojo Addo-Kufuor, Executive Director of Business, GHL Bank, stated that this programme “gives prospective homeowners the best of both worlds”. He added that “being able to build your dream home, designed to your preference, on Regimanuel-quality infrastructure is a great and unique offer that should excite the market”.

“This MoU is clear evidence of GHL Bank’s commitment to mortgages, home ownership, and real estate developers, at a time when we have transitioned from a mortgage specialist to a universal bank”.

Signing on behalf of Regimanuel Gray Ltd., Mrs. Regina Botchway, Vice-Chairman of the company reiterated that the collaboration is in recognition of the shared aspirations of both companies to move the acquisition of homes and serviced plots much closer to Ghanaians and foreign residents.

She said “we at Regimanuel Gray Ltd are proud to have been one of the forbearers to develop the vision and leadership of home ownership and acquisition. GHL Bank is one of the best partners in the market to work with to help push this agenda”.

The Regimanuel Gray New Territory Project at Katamanso is on a land size of about 1,300 acres and is a master planned to include 17,000 houses, commercial areas, schools, religious centres and sports facilities.

The first cluster at Adom Gate, consisting of about 500 expandable houses of different varieties is almost complete.