President of the Ghana Real Estate Developers Association (GREDA), Patrick Ebo Bonful, has announced plans to launch the GREDA Real Estate Investment Trust (GREIT) as part of efforts to tackle demand-side challenges in the housing sector.

Speaking at the GREDA CEO’s meeting on Tuesday, February 27, 2024, Bonful highlighted the Trust's aim to provide essential investments to bridge the gap created by insufficient home mortgage finance. He emphasized the need for legislative changes, including the review of the Home Mortgage Finance Act 2008, to incorporate non-bank financial institutions and non-deposit taking corporate organizations in providing home mortgage financing.

"I'm happy to inform you that plans are well underway to birth GREDA Real Estate Investment Trust (GREIT) to address the demand side challenges or help fill the gap created by inadequate home mortgage financing," disclosed Bonful.

He pointed out the challenges faced in delivering affordable housing options, particularly for low and middle-income individuals, citing high land costs, land litigation, and limited availability of spaces in urban and peri-urban areas. Additionally, the rising costs of building materials and labor contribute to the difficulty in providing affordable and sustainable housing options.

Bonful called on governments and policymakers to prioritize affordable housing delivery by allocating funding and resources towards housing initiatives. Currently, Ghana's housing deficit stands at 1.8 million units, prompting GREDA and other stakeholders to advocate for urgent action from the government to address the situation.

The GREDA Real Estate Investment Trust (GREIT) initiative signifies a proactive approach by GREDA to address housing challenges and contribute to bridging the housing gap in Ghana. As the housing deficit persists, stakeholders continue to advocate for collaborative efforts between the public and private sectors to provide affordable housing solutions for all citizens.