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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Geographies of investment: how do the wealthy build new houses in Accra, Ghana?
Author:Grant, RichardISNI
Periodical:Urban Forum
Geographic term:Ghana
Subjects:urban housing
foreign investments
housing policy
External link:https://link.springer.com/article/10.1007/BF02681230
Abstract:The Accra (Ghana) new-housing environment witnessed explosive growth, registering a 108 percent increase in housing stock between 1984 and 2000. This paper examines investments in Accra's housing at the upper end, employing data from the Ghana Investment Promotion Centre (GIPC) on foreign direct investments, Bank of Ghana data on requited funds, and data from a questionnaire survey of 180 households held in Accra in 2004. The paper reports on questions such as how do people pay for houses; where does the money come from; and where do residents come from. It sketches the housing environment in Accra prior to the introduction of liberalization policies; examines the general context of liberalization policies; details international investments in the housing sector; and examines house buyers and their occupations. It shows that 43 percent of the houses in private estates, and 30 percent of those in individual builder areas, are owned by returnees and/or by foreigners/foreign companies. It appears that the liberalized economy creates opportunities for outsiders to buy affordable houses, and it enables some locals to engage in economic activities beyond the borders and to utilize profits from these investments to finance new house constructions. Bibliogr., notes. [ASC Leiden abstract]