Acquiring property – whether it’s a minimalist energy-efficient residence, a lofty skyscraper or corner shop – is a guaranteed life-changing phenomenon. While the transaction process, with professional support from a property lawyer or conveyancer, may last for well over a month, it has the potential to move an entire household up the social ladder for generations to come.
So, if you’re a breadwinner of your family, this is a reasonable route to economic independence, or self-sufficiency, and a good return on the precious time invested labouring for a comfortable life.
A new residence in a prime location may, for instance, plant an established family in a different environment with fresh social and economic opportunities. Alternatively, given the large pockets of arable land across our scenic Republic, acquiring a fruitful location, depending on the rights and restrictions on the land, would produce cash for entrepreneurs riding the progressive wave of agribusiness.
While there isn’t a shortage of sellers or budding estate agents listing property for sale, the process of conveyancing is still quite tiresome. Eventually, it’s got to be done wholly electronically to save time and its associated costs.
Nonetheless, a property-owning social democrat would always invest with the greater interest of the larger community in mind, when confronted with a decision to acquire property. But a prerequisite for purchasing property is ready cedis or creditworthiness. There are, however, a variety of lenders who may offer such services. But the criteria may vary depending on one’s financial position, such as income.
D K T Djokoto & Co is determined to see lenders make finances more accessible for the average Ghanaian citizen, so each citizen owns property – and this is why the market needs favourable repayment and interest-only mortgages. But more importantly, individuals must build up creditworthiness in order to take advantage of the opportunities offered by the free market. If there is less household debt throughout our Republic, it will relax oversight by financial institutions and, ultimately, by the central bank. This would create conditions for a more liberal financial system in Ghana.
Also, as a Republic, we ought to migrate from a system of unregistered lands to that of registered lands, so occurrences such as forgery are significantly reduced. This would further boost the confidence of lenders about protecting their security through mortgages. It simultaneously strengthens the property owning social democrat with a more effective and safer form of collateral.
A more robust system that records the register of each title is desirable. This way it’ll also be more convenient for investors to understand the benefits and burdens attached to each piece of land. We should aim for up to 80 per cent of registered lands within the next two decades, especially for rural Ghana.
>>>the author, an Aŋlɔ royal, is managing partner at D. K. T. Djokoto & Co, a multi-disciplinary boutique a firm which, since 1950, has provided sincere guidance on commerce, real estate, public relations, and political strategy to selected traditional royal houses, blue-chip businesses, high net-worth individuals and governments.