How Real Estate Is Changing The Face Of Ghana's Development
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- Опубликовано: 24 мар 2022
- #RealEstateInGhana #nappiebriggs #streetwise
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When we purchase tiles from Italy or anywhere else abroad, they aren’t delivered directly to our site by the vendor (as they would be if we were building in Rome). They go to a ship and the ship delivers them to Tema port where we pick them up. Because of the international supply chain, we don’t have the chance to inspect the order at our site and reject the tiles that have broken.
The rule of thumb we use is that every “touch” results in a loss of two to five percent. By the time we offload in Ghana and deliver to our site, there will have been four touchpoints. So we are lucky if we end up with 85 percent of the materials that we paid full price for - and that is before installation and petty breakage.
Furthermore, under the current tax regime, we pay approximately 50 percent duty and VAT on materials when they arrive in Ghana. So were those materials to cost $100,000 we pay $50,000 to clear them, $5,000 in shipping and logistics charges, and an additional $5,000 in bank transfer charges and local financing costs (if borrowing to purchase). That means that the exact same materials we would use in Italy for $85,000 end up costing $160,000 in Ghana - almost double the cost.
The simple answer to the question then is this: Ghana real estate prices are high mainly because materials are expensive.
There is no quick and easy solution. In our opinion due to the dominance of the hard-to-tax informal sector in our economy, governments have relied heavily on import duties rather than income tax as a means of taxation. Whether we like it or not, this has a direct effect on the price of goods, including real estate.
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Hello Nappy, I was just in Ghana last month. There is no price regulation enforcement in Ghana. The Ghanaian manufacturers should capitalize on this opportunity to publicize the affordability of our products to attract more buyers. Take for instance, most of the Spanish tiles and Ghanaian tiles are priced at the same cost. We need to do better on price reduction on Ghanaian products to attract more demand for its quality and affordability and this would also lead to creating more jobs for the economy, than relying heavily on imports. Thank you for this good content. Love it.
Bruh!!! You definitely right on that, I haven’t been to Ghana yet, but I definitely share your sentiments. I believe that we should do something about the price of the materials that are made in Ghana so as the affordability gap will grow. Also with regards to pricing it the same as other markets is definitely not good. If we want to encourage buy made in Ghana products like you said something has to be done. Of course we have to compete with the international market but then also we have to make sure we satisfy the local market too.
Thank you so much Aziz, you are definitely right, i had an opportunity to buy couple of made in ghana shoes from one of our cities that makes them, they really be selling it so much expensive to an extent that locals can’t even purchase! So with that I really agree, if price margins are really made moderate here and not compared to the prices abroad, sometimes too the taxes the manufacturers pay here also makes them put too much money as profit on their products! It’s kind of crazy but yea we should look at both sides ( manufactures here in ghana and the government taxes on companies) thank you bro your moment is welcomed 🙌🏿🙌🏿🙌🏿
Yes bro it’s kind of crazy out here the government take import duties on even some made in ghana products! Example is the made in ghana cars from kantanka, I am aware they pay import duty taxes on every single car that was made here on the mother land, which will make the manufacturer increase the price of each he produces and then it will be almost the same price as the one coming from the west! This makes it sudden, why because people will rather go for the ones coming from the west to africa !
@@nappiebriggs yeah!!! You definitely right about that! Hopefully you’ll one day contest for president or go into parliament and change certain things 👍🏽👍🏽
Thank you Nappy and Peter for your awesome response. I think the Ministers and the MPs needy to sit down and reevaluate some of these taxes they impose on local manufacturers when they present their cases to the President. This hyperinflation season is ripping my heart apart. I grew up in Ashaiman, in a compound house. I migrated to the US 20 years ago, only to come back to see some of the same people living in the same one room. With Ghana turning into America and homes and other products being sold in dollars. I am having sleepless nights of how the less privileged in the country can afford to even sustain in this extreme state of cost of living. I pray that we all do something about this situation. I personally think it’s very extreme. What are your thoughts?
Making homes from 100% Ghanaian materials is definitely the way to go. 🏘🏠🏡
Yes sir🙌🏿🙌🏿🙌🏿 you definitely right
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Great Job 👏 Nappie, was waiting for a content like this as this is a field of interest to me. Thanks 🙏
Thank you so much bro I’m happy you love this I will keep up with it, 🙌🏿🙌🏿
@@nappiebriggs most definitely bruh!!! We always keep supporting . 👍🏽
@@peterlarbi9531 yes king always appreciate to the T
You are a very pleasant beautiful man
Great one there let’s go! Bro
Yes sir 🙌🏿🙌🏿 let’s gooooo
first to watch hhhaahha
Hahahah thank you so much for coming through boss 😎😎
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It is against the law in Ghana to buy anything in dollars
There should use more local products available instead of importing. Don't be fooled by some of the developers.
Ghanaians should do away with this old style architecture. It does not give the houses a nice look no matter the price.
Greetings from Nigeria....
Thank you so much for this suggestion as well! Most of these houses have really old style you are right! 👍🏿👍🏿
Hey Nappy, can we talk?
Yes bro, email me on nappiebriggs50@gmail.com
Thank you so much. I will email you shortly.
Not very pretty. Huge houses fitted on to a plot leaving no room for a garden. No greenery to soften the aesthetics.