The association aims to raise shares among its members and establish a Real Estate Investment Trust (REIT) through its newly formed company, ‘GREDA Investment Limited.'
Patrick Ebo Bonful, President of GREDA, revealed the organization's proactive approach, stating, “We will no longer wait for the government.”
The newly established GREDA Investment Limited serves as a special-purpose vehicle to generate funds for land acquisition and infrastructure development.
Mr Bonful outlined GREDA's vision for the REIT, explaining, “The next step is for GREDA to own a Real Estate Investment Trust to help with the demand side of our business. The first one that is going to be launched will come within the next three to six months and will be selling shares first to members, and later we'll go to the external market and get more funds to achieve this objective.”
He emphasized the association's commitment to internal fundraising, intending to build a solid foundation before seeking external investors. The move aims to ensure that GREDA maintains control over its vision and objectives without being swayed by external interests.
Once launched, the GREDA Investment Trust is expected to address property acquisition challenges by providing assistance to potential buyers.
Mr Bonful explained, “When buyers need help, they go to the Trust; they will give you the right platform – where you will either sign up with them for a rent-to-own scheme or you get a straight-up mortgage or credit arrangement with that institution.”
Nii Kommey Okine, a founding member of GREDA, commended the association for its contribution to reducing the national housing deficit by 33 percent. Despite the progress, he urged GREDA to adapt to the evolving housing market and focus on building capacity to attract investors and joint venture partnerships.
GREDA, recognized by the government for real estate activities, aims to play a significant role in Ghana's housing delivery by promoting private sector participation and collaboration with government and other bodies.
The association seeks to harness the potential of housing for socio-economic development and stability in the country.