Real estate developers say they are still losing huge money due to the poor land tenure system in Ghana, in spite of the government’s much touted land administration project implemented to correct anomalies in the system.

The Land Administration Project (LAP) was to streamline land management in the country by ensuring proper documentation of land titles and registration to avoid the continuous multiple sale of land and the use of land guards to protect lands, nonetheless, some of these problems still persist.

Industry players say the system scares off potential investors because the existing ones are losing so much money to either land guards or some greedy chiefs who sell lands to more than two people with the support of some officials of the Lands Commission.

Speaking in an interview with Adom News, the Managing Director of Lakeside Estate Limited, Prince Joseph M K Ayiku said the problem of land acquisition in the country continues to be a problem and there have been instances where investors spent their hard-earned cash but ended up losing it to either multiple selling or being chased away by land guards.

He said there was an investor who came to Ghana to acquire a property but when he did a search it proved that it belonged to the seller but at the point of registering, another owner surfaced up and the investor left the county.

“Things like this do not speak well for the industry and the country as an investment destination,” he said.

The Lakeside Estate Boss is therefore appealing to land administrators to deal with these situations to restore investor confidence in the country’s land administration and real estate industry.

Prince Joseph Ayiku also noted that real estate developers have hard to import most of the material they use for their work because local manufacturers are unable to meet quality standards other industry requirements.

“We would have loved to use locally made products to boost the local economy but quality is a big problem,” he said.

He said: “we once bought a product from a local manufacturer but after the installation, we had lots of challenges with the customer so we had to change all the doors and because of that we decided to import them to save our investment.”

Prince Joseph Ayiku appealed to local manufacturers to do their best to improve upon the quality of their products so that developers can have confidence in their products instead of importing.

Source: Ghana/Adomonline.com/Listowell Kwadwo Fordjour 

Poor land administration:Investors losing huge money

Source: Ghana/Adomonline.com/Listowell Kwadwo Fordjour
Date: 04-12-2014 Time: 10:12:40:am

Real estate developers say they are still losing huge money due to the poor land tenure system in Ghana, in spite of the government’s much touted land administration project implemented to correct anomalies in the system.
The Land Administration Project (LAP) was to streamline land management in the country by ensuring proper documentation of land titles and registration to avoid the continuous multiple sale of land and the use of land guards to protect lands, nonetheless, some of these problems still persist.
Industry players say the system scares off potential investors because the existing ones are losing so much money to either land guards or some greedy chiefs who sell lands to more than two people with the support of some officials of the Lands Commission.
Speaking in an interview with Adom News, the Managing Director of Lakeside Estate Limited, Prince Joseph M K Ayiku said the problem of land acquisition in the country continues to be a problem and there have been instances where investors spent their hard-earned cash but ended up losing it to either multiple selling or being chased away by land guards.
He said there was an investor who came to Ghana to acquire a property but when he did a search it proved that it belonged to the seller but at the point of registering, another owner surfaced up and the investor left the county.
“Things like this do not speak well for the industry and the country as an investment destination,” he said.
The Lakeside Estate Boss is therefore appealing to land administrators to deal with these situations to restore investor confidence in the country’s land administration and real estate industry.
Prince Joseph Ayiku also noted that real estate developers have hard to import most of the material they use for their work because local manufacturers are unable to meet quality standards other industry requirements.
“We would have loved to use locally made products to boost the local economy but quality is a big problem,” he said.
He said: “we once bought a product from a local manufacturer but after the installation, we had lots of challenges with the customer so we had to change all the doors and because of that we decided to import them to save our investment.”
Prince Joseph Ayiku appealed to local manufacturers to do their best to improve upon the quality of their products so that developers can have confidence in their products instead of importing

- See more at: http://www.ghana-news.adomonline.com/business/2014/December-4th/poor-land-administrationinvestors-losing-huge-money.php#sthash.3p6u3lPn.dpuf