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Desire for abnormal profit killing
housing sector - Minister
Accra, Jan. 30, GNA - Mr Hackman Owusu-Agyemang, Minister of
Water Resources, Works and Housing, on Tuesday observed that
the desire to make huge profits in the housing sector was a
major contributory factor to the growing high cost of houses
in the country.
He said profits between 20 per cent and 40 per cent that
some players in the industry were making was on a high side
adding that if they would be a little reasonable with
housing rates, it would be in the larger interest of all.
The Minister expressed this sentiment when he swore-in a
seven-member new Board of the Architectural and Engineering
Services Limited (AESL) in Accra.
The AESL, which is the largest consulting architectural and
engineering services company in the country, is to
complement government's efforts towards making housing
affordable to the ordinary Ghanaian.
Mr Owusu-Agyemang said: "Some of the bases for the cost of
construction are questionable and it is time to take a hard
look at the cost of buildings in the country.
"Profits in the sector are too high and something can be
done to bring down the cost of construction."
He announced that an Engineers Council Bill, which sought to
regulate the engineering aspects of buildings in the
country, was in the offing and would soon be sent for
Cabinet’s for approval.
Mr Owusu-Agyemang called for a re-look at the way
contractors in the housing industry were graded and
advocated an upgrade of the mode of classification.
Mr Ernest Banning, Chairman of new AESL Board, noted that
they were taking over at a very challenging time in the
sector and pledged to contribute their quota towards
sanitizing the industry.
He said AESL would always strive to uphold quality work and
value for money.
GNA
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