Migration in Ghana: Thematic Document 2009

Transcription

1 This publication has been co-financed by the EU Migration in Ghana: Thematic Document 2009 Labour Migration, Remittances and the Development of the Real Estate Sector in Ghana Federal Office for Migration FOM

2 The opinions expressed in the report are those of the authors and do not necessarily reflect the views of the International Organization for Migration (IOM). The designations employed and the presentation of material throughout the report do not imply the expression of any opinion whatsoever on the part of IOM concerning the legal status of any country, territory, city or area, or of its authorities, or concerning its frontiers or boundaries. This report is a working paper and, thus, does not necessarily comply with IOM House style guidelines. IOM is committed to the principle that humane and orderly migration benefits migrants and society. As an intergovernmental organization, IOM acts with its partners in the international community to: assist in meeting the operational challenges of migration; advance understanding of migration issues; encourage social and economic development through migration; and uphold the human dignity and well-being of migrants. This publication was made possible through the financial support provided by the European Union, the Swiss Federal Office for Migration (FOM) and the Belgian Development Cooperation. The opinions expressed herein are those of the author and do not necessarily reflect the views of the European Union, the Swiss Federal Office for Migration (FOM), nor the Belgian Development Cooperation. Publisher: International Organization for Migration 17 route des Morillons 1211 Geneva 19 Switzerland Tel: Fax: hq@iom.int Internet: International Organization for Migration (IOM) All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the publisher. 75_09

3 Labour Migration, Remittances and the Development of the Real Estate Sector in Ghana Prepared by Charles K. Brown

4 Foreword With the financial support from the European Union, the Swiss Federal Office for Migration and the Belgian Development Cooperation, IOM is implementing the Migration in West and Central Africa: National Profiles for Strategic Policy Planning Project in several West and Central African countries (Democratic Republic of Congo, Côte d Ivoire, Ghana, Mali, Mauritania, Niger, Nigeria, and Senegal) to promote a coherent and proactive policy approach to migration in support of strategic policy planning at the national and regional levels. The National Migration Profile reports are a key result of this research and capacity building project and will serve as a useful policy tool for monitoring trends and identifying areas in need for further policy development. But being primarily a monitoring tool also means that the National Profiles provide only limited guidance on what type of policies can be developed in a given area (i.e. policy methodologies and approaches). This Thematic Paper Series shall address this particular issue by helping policy makers and practitioners to define their action priorities and policy options in areas that are of particular relevance to the country s policy context. Under the guidance of and with input from inter ministerial Technical Working Groups (TWGs) and thematic Sub Working Groups (SWGs) that were established in each target countries during the project, three Thematic Papers were drafted by local experts for each target country. The aim of these papers is to enhance the capacity for policy development through identifying good practice and assessing the evidence base for policy development on policy issues of particular concern to the government. Abye Makonnen Regional Representative Mission with Regional Functions Dakar, Senegal Frank Laczko Head of the Research and Publications Division IOM Headquarters Geneva, Switzerland Migration in Ghana: Thematic Paper

5 Table of Contents Executive Summary Introduction Remittances The Size of Remittance Flow in Ghana Regional Distribution of Inward Remittances Payment Systems and Distribution Mechanisms Legislations Governing Remittances in Ghana The Impact of Remittances The Real Estate Sector in Ghana The Growth of the Urban Population The Demand for Housing in Urban Areas The Operations of Private Estate Developers The Involvement of Return Migrants in the Real Estate Sector Remittances as a Development Tool in the Real Estate Sector in Ghana Conclusion...24 References...25 Annex I...27 Annex II...28 Annex III...29 Annex IV...33 Migration in Ghana: Thematic Paper

6 Executive Summary The available statistics indicate that the level of private unrequited transfers (remittances) to Ghana has been increasing significantly from US $201.9 million in 1990 to US $1,833.8 million in There is also evidence to show that private transfers have been much bigger and more stable than Official Development Assistance (ODA) and Foreign Direct Investment (FDI) over the period. Furthermore, remittances have been increasing more than proportionately compared to Gross Domestic Product (GDP) and each of Ghana s major exports of cocoa, gold and timber over the period However, the current estimates from the Bank of Ghana indicate that the volume of remittances has been decreasing since January 2009 because of the global financial crisis. The regional distribution of inward remittances indicates that the United States and Canada are the most important source of inflows, followed by the United Kingdom, the European Union, other countries, the rest of Africa and ECOWAS. Ghanaian migrants use a variety of mechanisms to send remittances. These include banks, credit unions, small and large money companies, hand delivery by the actual sender or by a third party, and other lesser regulated mechanisms. While the main uses of remittances in Ghana are for the daily living expenses of the receiving households, a percentage of these funds is used for the construction and buying of houses and the purchasing of plots of land for future construction and development. The trend in the growth of total and urban population in Ghana indicates that the population of the urban population has increased from 32 per cent in 1984 to 43.8 per cent in 2000 and it is projected to exceed 50 per cent of the total population by 2010 (GSS, 2005). This growth trend has resulted in a high demand for housing in the country. While the annual housing requirement is estimated at 140,000 units, current production is only about 35,000 units per annum. The heavy demand for urban housing has increasingly led to uncontrolled sprawl, overcrowding, proliferation of squalid slum settlements, soaring rents, squatting and building of unauthorized structures. The result is that urban authorities find themselves unable to cope with the demand for basic services. In the past, successive government interventions and response to the housing problem were to directly construct houses or give loans from public coffers to build houses, or subsidize state agencies to build for the public. However, consistent with the government s new policy of private participation in housing development, many incentives now exist within Ghana s investment code for those who wish to invest in housing to do so. Migration in Ghana: Thematic Paper

7 As a result, the Ghana Real Estate Developers Association (GREDA) was established in 1999, with a membership of 450 across the country. GREDA, however, currently faces a number of challenges including: Inadequate funding; Land acquisition problems, such as multiple ownership and registration, fictitious documentation to titles, and difficult access to project sites; High cost of building materials; and, The global financial and credit crunch which is making it difficult for most of their clients, who are migrants, to pay the installments. In Ghana, some return migrants have seen real opportunity for capital gain in real estate investment. Some have therefore used their experience and expertise to go into the real estate business as estate developers. Others provide the initial capital outlay as start up capital and supplement this with loans from the banks and financial institutions, using their property as collateral. Still others play the role of agents in the real estate sector. In addition to channeling financial resources, some return migrants or migrants who are outside the country have created networks which serve as business linkages, partnerships, trade and flows of investment into the real estate sector. Furthermore, a lot of the clientele of real estate developers are either return migrants or those outside the country who have been able to purchase the houses with their remittances sent back home. The following paper explores the ways in which the development potentials of remittances can be improved in order to increase the total flow, and identifies the policy opportunities and measures that will help to leverage the potential of remittances towards the real estate sector. These include: (i) (ii) (iii) (iv) (v) (vi) Lowering of transfer costs and offering of more attractive investment alternatives Refining the Bank of Ghana reporting system on remittances to capture a more disaggregated data by sex, regional distribution and occupational categories. Setting up an appropriate regulatory framework to monitor the movement and direction of inward remittances. Creating appropriate savings services for migrants and their families within and outside the country. An important starting point is to disseminate information about remittances services available to migrants in the host country and in Ghana in predeparture orientation sessions. Tailoring each savings product to suit the target income group, in recognition that migrants and their families constitute a diverse group. Instituting voluntary schemes which enable those migrants, who so choose, to send remittances to particular projects of their choice and/or for particular development purposes. (vii) In order to promote the investment of remittance funds in business enterprises and other productive ventures in the country, micro finance institutions should expand their micro and small business portfolios. (viii) Government and development agencies should provide appropriate services to enable the matching of funds for development projects. Migration in Ghana: Thematic Paper

8 (ix) (x) (xi) Creation and maintenance of effective links between migrants and the Ghanaian missions abroad. In this connection, the missions should pay greater attention to the welfare of migrants. In the absence of a migration policy in Ghana and the lack of awareness of the government s efforts to encourage Ghanaians abroad to return home, the Government of Ghana should fully implement the Migration for Development in Africa (MIDA) project to facilitate the mobilization of migrants and their resources for development in Ghana. Strengthening of inter ministerial collaboration to ensure that all ministries and agencies involved in labour migration make adequate inputs into the development of policies that govern migrant remittances so as to ensure that the interests of different migrant groups are addressed. Migration in Ghana: Thematic Paper

9 1. Introduction In recent years, international migrant remittances have become prominent, exceeding US$232 billion in 2005, with US $167 billion flowing to developing countries. This amount has doubled in the last five years (World Bank, 2006). This amount, however, reflects only transfers recorded in the balance of payments. Unrecorded flows through informal channels are believed to be at least 50 per cent higher than recorded flows (Ratha, 2005) Recent papers in development economics and finance have begun to assign an important role to remittances as key ingredients in the growth prospects of developing countries and having a potential positive impact as a development tool for these countries (Addison, 2004). Recent global estimates show that, in developing countries, migrants remittance flows now surpass Official Development Assistance (ODA) receipts (Ratha, 2003). Not only are remittances large but they are also more evenly distributed among developing countries than capital flows, including Foreign Direct Investment (FDI), most of which goes to a few large emerging markets (Ratha, 2005). There has been much discussion on the economic costs and benefits of remittances to a receiving country. The general understanding among various economic thinkers is that remittances can impact the economy through savings, investment, growth, consumption, and poverty and income distribution. The importance of remittance flows becomes critical in economies with credit market imperfections as is the case in most developing countries (Addison, 2004). However, it has also been pointed out that reliance on remittances may create a certain culture of dependence on remittance income, in that it may lead to a reduction in labour effort and educational advancement among recipients, which will, in turn, impair efforts to escape from poverty (Addison, 2004). Remittances are generally defined as that portion of migrants earnings sent from the migration destination to the place of origin. Although they can also be sent in kind, the term remittances is usually limited to refer to monetary and other cash transfers transmitted by migrant workers to their families and communities back home (Addison, 2004). In Ghana, standard measures on remittances are based on the items in Balance of Payment Reports, and normally captured in the form: i) Workers remittances money sent by workers residing abroad for more than one year; ii) Compensations of employees gross earnings of foreigners residing abroad for less than a year; and iii) Migrant transfer net worth of migrants moving from one country to another (Addison, 2004). A new reporting format, introduced in 2004, has led to a significant improvement in the balance of payments estimation of remittance flows into the Ghanaian economy. The refinements made on the reporting format offer a breakdown and identify sources of transfers. Statistics are provided on a monthly basis, and the aggregation of such flows from all the banks and non bank financial institutions, which operate money transfer schemes, provides an estimate of inward unrequited transfers. Migration in Ghana: Thematic Paper

10 The trend in the growth of the total and urban population in Ghana indicates that the proportion of the urban population has increased from 32 per cent in 1984 to 43.8 per cent in 2000 and it is projected to exceed 50 per cent of the total population by 2010 (GSS, 2005). This growth trend has resulted in a high demand for housing in the urban areas, with a resulting strain on the provision of urban housing to accommodate the extra population. In addition to the government s efforts to provide housing accommodation for public sector employees and other nationals through special housing schemes, private estate developers, agents and financiers have also embarked on various schemes to help solve the housing needs of the population. In this regard, return migrants and workers remittances can play an important role in the development of the real estate sector in Ghana by providing the needed experience, expertise and finances. Given the inability of the government to continue to provide housing accommodation for public sector employees and other nationals, and the government s policy of private participation in the national development effort, with particular reference to the real estate sector, remittance investment in this sector could provide the needed capital outlay and create employment for the local people. Migration in Ghana: Thematic Paper

11 2. Remittances 2.1 The Size of Remittance Flow in Ghana Three methods of measuring remittance flows in countries currently exist. These are: i) The balance of payments estimates; ii) Micro or household surveys of recipients of such flows (such as inference from the Ghana Living Standard Survey (GLSS); and iii) Through banks or financial institutions in origin countries (usually focusing on resource transfer institutions). According to some analysts, the recorded private remittance figures, generated by these three methods of measuring remittance inflows, reflect only the tip of the iceberg, meaning a small portion of total remittances sent, since they do not include remittances sent through informal channels, such as hand carriage, families, money couriers or network of informal transfer agents (Addison, 2004). In this paper, the size of the remittance flow is based on BOP estimates made by the Bank of Ghana. As explained above, however, the BOP estimates do not capture the total amount of remittances in Ghana. It is therefore to be understood that the figures presented in this report on the size and volume of remittance inflows almost certainly underestimate the actual flows. The balance of payments data indicate that there has been an increase in remittance inflows into the country. The data in Table I show that unrequited transfers to the Ghanaian economy increased from US$ in 1997 to US$1, in This increase has been relatively steady, except for a drop in flow in 2002, which then picked up again in 2003 and has been growing steadily since. Table I Volume of Remittances (US$ Million) ( ) Year Volume/Amount , , , , , Source: Aubyn, 2008 Migration in Ghana: Thematic Paper

12 Another point of analysis worth outlining is the comparison of the size of remittance flows with Overseas Development Assistance (ODA) and Foreign Direct Investment (FDI). These variables are considered in terms of their importance in Ghana s Gross Domestic Product (GDP). Table 2 and Figure I show that for the assessment period ( ), remittances have been far above ODA and FDI during the period, thus highlighting the importance of remittances in Ghana s economy. The data in Table 2 and Figure I further indicate that remittances have been increasing steadily, while ODA and FDI have experienced fluctuations. Table 2 Size of Remittance Flows, ODA and FDI (US$ million) ( ) Year Type of Flows Remittances ODA FDI , , , , , , , Source: Bank of Ghana, 2008 Figure 1: Size of Remittance Flows, ODA & FDI (US$ Million) Source: Bank of Ghana, 2008 REMITTANCE ODA FDI Migration in Ghana: Thematic Paper

13 The importance of remittances as a source of foreign exchange for Ghana can easily be seen when remittances are compared with Ghana s major exports cocoa, gold and timber. As indicated in Table 3, remittance inflows have surpassed the earnings from these major exports over the tenyear period, with a steadier growth from 2002 to 2007 (Figure 2). Table 3 Ghana s Major Export Products and Remittances ( ) Year Major Exports and Remittances Cocoa Gold Timber Remittances , , , , , , , , , , Source: Bank of Ghana, Figure 2: Ghana s Major Exports and Remittances (US$ Million) COCOA BEANS PRODUCTS GOLD TIMBER AND TIMBER PRODUCTS REMITTANCE Source: Bank of Ghana, Migration in Ghana: Thematic Paper

14 As a percentage of key macro economic variables, remittances have gained economic importance over the years. As depicted in Table 4, remittances as a percentage of GDP increased from 3.24 per cent in 1990 to per cent by As a percentage of total exports, remittances rose from per cent to per cent over the same period. This observation suggests that, over the period, remittances have been increasing more than proportionately compared to GDP, exports and imports. However, the current estimates from the Bank of Ghana indicate that the volume of remittances has been decreasing since January 2009 as a result of the global economic crisis. Table 4 Remittances as a Percentage of key Macroeconomic Variables ( ) Year Remittances as a Percentage of Domestic Savings Exports Imports GDP Source: Bank of Ghana, 2004 Another line of argument is that, since remittances are part of current transfers, which is a function of income, it is likely to be less volatile compared to capital flows. Using a simple historical volatility equation in the case of Ghana, Addison (2004) indicates that, with an annual historical volatility coefficient of 0.21, remittances appear less volatile compared to ODA, with a volatility coefficient of 0.60, and FDI, with a volatility coefficient of 0.61, over the period Regional Distribution of Inward Remittances The regional distribution of inward remittances indicates that the United States and Canada are the most important source of inflows. As indicated in Table 5, during the period , inflows from United States and Canada constituted the largest portion of remittance inflows to Ghana. This was followed by the United Kingdom, the European Union, Others, the rest of Africa 1 See Appendix I for the volatility equation. Migration in Ghana: Thematic Paper

15 and ECOWAS respectively. Although inflows from the United States and Canada have been decreasing in percentage terms (63.88% in 2006, 59.01% in 2007 and 54.85% in 2008), the region is still the largest contributor to inward remittances to Ghana. Table 5 Regional Distribution of Inward Remittances (In Percentages) ( ) Most frequent and Year other nationalities US & Canada UK Europe ECOWAS Rest of Africa Others Total Source: Bank of Ghana, Payment Systems and Distribution Mechanisms Ghanaian migrants use a variety of mechanisms to send remittances. These include: banks, credit unions, small and large money companies (i.e. Money Gram and Western Union), hand delivery by the actual sender or by a third party and other lesser regulated mechanisms (Addison, 2004). The choice of which method to use for transmission depends on a number of factors, such as: the legal status of the migrant, the cost of sending money through the official channel and government regulations. Following the opening and liberalization of the Ghanaian economy in 2004, the number of Money Transfer Operators (MTOs) transmitting remittances to Ghana has continued to increase. Sending money home from the origin country of emigration entails certain costs, including transfer fees and commission charged to convert the remittance into the local currency. Information obtained from domestic financial institutions, representing the foreign MTOs, indicates that these costs have decreased over time as remittance flows into Ghana have increased. Transmission by smaller (national) transfer companies currently cost between US$1.50 and US$3.00 for each US$ The same service, however, attracts charges ranging between 1.5 and 2.5 per cent of the value in the case of banks and between 2.0 and 3.5 per cent in the case of major MTOs (Addison, 2004). 2 Remittance receipt payments in foreign currency attract charges ranging between 2.75 and 3.25 per cent of the face value. Some banks charge scaling fees that range between US$10 and US$500. These charges are considered rather high given the fact that transaction fees have already been paid by the remitting customer. It should however be noted that inward transfer proceeds, credited to customers foreign accounts, do not incur any charges at most banks. Whereas banks use interbank foreign exchange rate for the conversion of remittance proceeds, other financial houses use Forex Bureau exchange rates which are higher, thus making them the preferred channel for remittance transfers for some market participants. Migration in Ghana: Thematic Paper

16 2.4 Legislations Governing Remittances in Ghana The primary legislations which govern remittances in Ghana are: i) The Dealings and Transfers in Foreign Exchange and the Foreign Exchange Act of 2006 (Act 723); ii) The Ghana Investment Promotion Centre Act of 1994 (Act 478); and iii) The Ghana Investment Promotion Centre (Promotion of Tourism) Instrument of 2005, (L.I. 1817). The Foreign Exchange Act of 2006 (Act 723) provides for the exchange of foreign currency, for international payment transactions and foreign exchange transfers. It also regulates foreign exchange businesses. The Act gives the Bank of Ghana responsibility for its implementation and authorizes it to issue licenses in relation to the carrying on of business in foreign exchange. It further lays out the conditions relating to the conduct of foreign exchange business and authorizes the Bank to make further rules on conditions required to carry out the business of foreign exchange transfers. In this regard, the Bank issues, from time to time, notices which are published in the Gazette and newspapers. Section 15 of Act 723 provides that each payment in foreign currency to or from Ghana between a resident and a non resident shall be made through a bank. It also provides that each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorized dealer. Finally, the Bank of Ghana is empowered under Section 17 of the Act to make rules to prescribe information required by the Bank from a person licensed to carry out foreign exchange business or foreign exchange transfers between residents and non residents in connection with the conclusion of a transaction that involves foreign currency; the maintenance of bank accounts within or outside Ghana, and the settlement of the payment by a resident or non resident. The Ghana Investment Promotion Centre Act of 1994 (Act 478) makes provisions for personal remittances of expatriate personnel employed or engaged in an enterprise to which the Act applies. The Act states that the expatriate personnel shall be provided banking facilities, through authorized dealer banks, for making remittances abroad, where the remittances do not exceed the total official wage of the expatriate personnel. The Ghana Investment Centre (Promotion of Tourism) Instrument of 2005 (L.I. 1817) is the legislative instrument to the Ghana Investment Promotion Centre Act and deals mainly with tourism and issues associated with foreign exchange and transfers. In summary, Ghana has made strides in improving the macro economic environment for growth generally and in facilitating remittance inflows. It has repealed the Exchange Control Act of 1961 (Act 71) and the Exchange Control Amendment Law of 1986 (Law 149) which were seen to hinder remittance inflows. It has enacted the Foreign Exchange Act of 2006 (Act 723) and has introduced a centralized data collection and reporting system on inward remittances, which has resulted in better tracking of inflows and increased utilization of formal channels of remittances. Migration in Ghana: Thematic Paper

17 i 2.5 The Impact of Remittances Several studies have highlighted the transfer of remittances and its role in improving livelihoods in migrants households (Ratha, 2005; Orozco, 2002; Van Doorn, 2001). These studies show that the transfers which are usually targeted at individuals and family and household members to meet specific needs of the recipients, tend to reduce poverty. In poorer households, they may finance the purchase of basic consumption goods, housing and children s education and heath care. In wealthier households, they may provide capital for small businesses and entrepreneurial activities. Studies conducted by the World Bank in the 1990s suggest that international remittance receipts helped lower poverty (measured by the proportion of the population below the poverty line) by nearly 11 percentage points in Uganda, 6 percentage points in Bangladesh, and 5 percentage points in Ghana (Ratha, 2005). The Ghana Living Standards Surveys (GLSS 3 and 4) report that remittances significantly improved household and individual welfare (GSS, 2000). However, the bulk of remittances is mainly allocated to private consumption purposes and recurrent expenditure, such as living expenses, school fees, hospital bills, marriage, funerals, repayment of debt and repayment of the cost for migrating abroad. It is also estimated that between 17 per cent and 25 per cent of remittances is used for small businesses, housing development and other investment purposes (Quartey, 2006; Black et al., 2003). Thus, migrant remittances enhance the growth of the private sector through its impact on the financing of small and medium scale enterprises. At the macro level, remittances can create a positive impact on the economy through various channels, such as savings, investment, growth, consumption, poverty alleviation and income distribution (Addison, 2004). In Ghana, one major impact remittances have had on the economy is the effect on the current account of the BOP. Remittances have helped in raising national income by providing foreign exchange and raising national savings and investment as well as by providing hard currency to finance essential imports, thereby curtailing any BOP crisis. Indeed, Bank of Ghana s estimates of the BOP suggest that remittance inflows have surpassed the earnings from each of Ghana s major exports of cocoa, gold and timber (Table 3) In Ghana, the growth effect of remittances has led to an increase in savings and subsequently to investment. Since remittances come in as a component of foreign savings, they supplement national savings by increasing the total pool of resources available for investment. It is evidenced in Ghana that remittance receiving households usually save a portion of their money, which serves as insurance against future contingencies as well as for investments (GSS, 2004). With regard to investment, remittances and return migrants bring into the country new capital to finance investment and social projects, including school buildings, clinics and other infrastructure. Migrants also send money for the purpose of setting up small scale businesses on their behalf. Migration in Ghana: Thematic Paper

18 Apart from the income generated, employment opportunities are created for the youth and the unemployed in the respective localities. The distributive effect of remittances is seen as an important dimension of the development potential of remittances. The argument is that remittances will augment the income levels of the poor and eventually lift them out of poverty (Barham and Boucher, 1998). The results of the Ghana Living Standards Survey (GLSS 5) indicate that remittance flows have been responsible for the reduction in rural poverty in Ghana (GSS, 2006). While the contributions of remittances may be huge with positive growth effects, the very act of the citizens migrating can also create some negative growth effects. It has been argued, for example, that, if the emigrant is a highly skilled worker, as it is the case of the general exodus of medical professionals and other skilled personnel in Ghana, then the adverse growth effect of emigration is bound to be huge. Furthermore, overdependence of remittances may create a dependency syndrome which may undercut the recipients incentives to work and, thus, slow down economic development. Finally, migration (and resulting remittances) may have human costs in the sense that migrants sometimes make significant sacrifices, such as separation from home, and incur risks to find work in another country. In the end, they may find themselves in exploitative working conditions. In conclusion, the permanency of remittance flows as well as the macroeconomic or development effects will depend on the extent which these adverse effects are minimized or removed completely. Migration in Ghana: Thematic Paper

19 3. The Real Estate Sector in Ghana 3.1 The Growth of the Urban Population The trend in the growth of the total and urban population in Ghana indicates that the proportion of the urban population has increased from 23.1 per cent in 1960 to 43.8 per cent in 2000, as indicated in Table 6. It is projected to exceed 50 per cent of the total population by 2010 (GSS, 2005). Again, the growth trend shows that the proportion of urban dwellers is rising rapidly. For example, the intercensal growth rate for the urban population of 4.6 per cent, recorded between 1984 and 2000, outstripped the total population growth rate of 2.7 per cent recorded over the same period (GSS, 2003). Table 6 compares the total and urban population and their respective growth rates during the period 1960 to In 2000, there were 364 urban settlements in Ghana, with a high concentration of the urban population in ten major settlements of administrative, industrial and commercial importance. In particular, there is a growing concentration of population in three cities, namely: Accra, Kumasi and Sekondi Takoradi. Indeed, more than one third of all urban residents in Ghana live in these three cities. Of the ten regions, the Greater Accra Region is the most urbanized, with about 90 per cent of its population residing in urban areas in 2000 (GSS, 2002). Table 6 Trend in Growth of Total and Urban Population, Year Total Population 6,725,815 8, ,296,081 18,912,079 Intercensal Growth Rate Urban Population 1,553,663 2,473,641 3,934,745 8,283,490 Intercensal Growth Rate % of Total Population Source: GSS, Census Reports: 1960, 1970, 1984 and The Demand for Housing in Urban Areas Rapid population growth and increasing urbanization have made housing one of the most critical problems currently facing Ghana (GOG, 2007). The total stock of occupied residences increased from 649,700 by 35 per cent between 1960 and 1970, and by 41 per cent between 1970 and The 2000 Population and Housing Census recorded the total stock of houses for the country as 2,181,975, about two thirds (65.9%) of which were in the rural areas. While the rural stock increased by 53.1 per cent from 1984, the urban stock increased by per cent within the same period. The stock of houses in 2000 represents an increase of 77.5 per cent over the recorded stock in 1984, much more than the increase in population (53.8%) over the same period. The annual housing requirement is estimated at between 110,000 and 140,000 units. However, current production is only about 35,000 units per annum. It is estimated that the country has a total backlog of above 500,000 units (GOG, 2007). Migration in Ghana: Thematic Paper

20 The seriousness of the housing problem in the urban areas is vividly illustrated by the situation in Accra which, in 1990, was estimated to have an annual deficit of 17,000 housing units (GOG, 1994). The heavy demand for urban housing has increasingly led to uncontrolled sprawl, overcrowding, proliferation of squalid slum settlements, soaring rents, squatting and building of unauthorized structures. The result is that urban authorities increasingly find themselves unable to cope with the demand for basic services, such as water, sanitation, sewage and drainage. Thus, the urban housing crisis is directly interlinked with increased population pressures. In the past, successive government response to the housing problem was to directly construct houses or provide loans to individuals for housing construction, or subsidize state agencies, such as the State Housing Company (SHC) and Tema Development Corporation (TDC) to build for the public. There were also state sponsored initiatives, such as the Roof and Wall Protection Loans Schemes and the Rural Housing Cooperatives. With time and changing economic conditions, such assistance became unsustainable. Many incentives now exist within Ghana s investment code to encourage investment. They include: tax holidays, zero rating of all equipment and machinery brought in, and unrestricted transfer of loan and interest repayments as well as dividends, fees and royalties (GOG, 2007). Housing finance is also available to potential homeowners. The government has established the Home Finance Company (HFC), now HFC Bank Ltd, to provide mortgage finance to Ghanaians to enable them to buy homes. As of December, 2002, HFC Bank Ltd had provided over 3,000 mortgages. The legal and regulatory framework for the governance of housing in Ghana is provided in bits and pieces in a number of statutes. They include: Town and Country Planning Ordinance (CAP 84) of 1945; Local Government Act (Act 462) of 1993; National Development Planning Commission Act (Act 479) of 1994; National Building Regulations, 1996 (L.I. 1630); and Environmental Assessment Regulations, 1999 (L.I. 1652). Together, these statutes play a key role in establishing the platform for good housing governance, and set the parameters for relationships and defined roles in the housing sector. However, there is no single Act that serves as the pivot for housing governance in Ghana. The provisions made in the statutes are not comprehensive enough to respond to the demands of housing development or to ensure effective housing governance (GOG, 2007). Currently, there are a large number of governmental agencies directly involved in the provision of housing and infrastructure in the country. However, this institutional framework for housing within government and in the parastatal sector is fragmented, inconsistently funded and is characterized by a lack of clear role definition and defined lines of accountability (GOG, 2007). Furthermore, the constraints militating against Ghana s ability and capacity to resolve the housing problem have been identified as: High land cost and accessibility; Lack of access to credit and housing finance; Migration in Ghana: Thematic Paper

21 High cost of building materials; Lack of effective regulatory and monitory mechanisms; Inadequate infrastructural development; and Inefficient housing development approval procedures (GOG, 2007). 3.3 The Operations of Private Estate Developers Consistent with the government s policy of private participation in the national development effort, with particular reference to housing development, the Ministry of Works and Housing invited estate developers to a series of meetings at the Ministry in February, As a result of these meetings, the Ghana Real Estate Developers Association (GREDA) was established and formally inaugurated on 28 th October, 1988 with 34 members. As of June, 1999, membership stood at 450 across the country, with the current active membership of 150. GREDA is registered under the Companies Code of 1963 (Act 179) as a Private Company Limited by Guarantee. The main objectives for the formation of GREDA were to: (i) (ii) (iii) (iv) (v) (vi) (vii) provide a central organization for real estate developers; provide a united front in making recommendations to government on ways of promoting real estate development and in seeking solutions to the practical problems in the property market; promote the development of residential estate, to increase the stock of housing units, thereby ensuring adequate provision of affordable housing for all classes of the population; pool resources together towards greater economies of scale in real estate development and also ensure that products of members conform to national building standards and planning laws; promote the use of local inputs and finance research into the suitability of local building materials in the country, in the spirit of the search for appropriate technology; liaise with financial institutions in developing an effective mortgage house ownership scheme for prospective owners and also impress on the institutions the need for longterm financing in real estate development; and establish links with real estate institutions and allied bodies at home and abroad with the aim of promoting the development of the industry (GREDA, 1999). GREDA currently faces a number of challenges. These include: Inadequate funding; Land acquisition problems, such as multiple ownership and registration, fictitious documentation to titles, and difficult access to project sites; High cost of building materials; The global financial and credit crunch which is making it difficult for most of their clients, who are migrants, to pay the installments; and The unwillingness of some of their members to provide information on their operations (Ag. Executive Director, GREDA, 2009) Migration in Ghana: Thematic Paper

22 3.4 The Involvement of Return Migrants in the Real Estate Sector In Ghana, some return migrants have seen the provision of housing as a real investment opportunity. Some use their experience and expertise and go into the real estate business as estate developers. Others provide the initial capital outlay as start up capital, and supplement this with loans from the banks and financial institutions, using their property as collateral. Still others play the role of agents in the real estate sector. In addition to channeling financial resources, some return migrants or migrants who are outside the country have created networks which serve as business linkages, partnerships, trade and flows of investment into the real estate sector. On the demand side, it can be said that a lot of the clientele of real estate developers are either return migrants or those outside the country who have been able to purchase the houses with their remittances sent back home. In this connection, it can be said, since the remittances are channeled into the real estate sector, they are spent on locally produced goods and services and then they will likely generate jobs for the local people. Migration in Ghana: Thematic Paper

23 4. Remittances as a Development Tool in the Real Estate Sector in Ghana In Section 2 of the paper, evidence was adduced to show the extent of the flow of remittances in Ghana. The following section explores how remittances can be used as a development tool in the real estate sector in Ghana. The importance of monetary and fiscal discipline to entrench stability and improve confidence in an economy is well established. The consistent implementation of prudent policy is critical to making improvements in the economy and the enhancement of transfers generally. In recent discussions on remittances, policy makers have placed emphasis on how remittance services can be made more cost effective, accessible, reliable, quick and transparent, and also how the development potential of remittances can be enhanced (Aubyn, 2008). Remittances contribute most to development when there is an investment climate and an infrastructure which enable their productive use. The key economic variables to this end include a stable exchange rate, low inflation, the absence of excessive bureaucracy and corruption, reliable power supplies, decent roads and communications, as well as institutions that are accountable, representative and capable of responding to the opportunities which are provided by remittances. One way of enhancing the role of remittances in development is to increase their volume. It must be understood that the flow of remittances is primarily a function of the migrants, the amount of money they earn, and their propensity to remit. But beyond this, there are ways of encouraging migrants to remit by providing incentives and other attractive vehicles for investment. Various schemes have been devised to encourage the flow of remittances. They include: A scheme in which the migrant sending country promotes financial instruments targeted at its overseas migrant workers and offers higher interest rates for foreign currency accounts; The use of special incentives and tax breaks (i.e. Philippines and India); The issuance of bonds either as attractive investment vehicles or as future collateral (i.e. Banco de Brazil); The three plus one matching funds scheme, in which every dollar remitted is matched with three more, one from the municipality, one from the state and one from the federal government (i.e. Mexico); and A scheme in which the migrant hosting state encourages remittances through the provision of guarantees to back the issue of bonds by the use of tax incentives, such as treating person to person remittances as charitable and, therefore, taxdeductible donations (House of Commons, 2004). Other incentives include: lowering transfer costs (that is, lower fees and more favourable exchange rates); reducing transaction costs; and offering more attractive investment alternatives. In this connection, the Bank of Ghana may have to introduce a new exchange control law to reduce the cost of foreign exchange payments transactions. The objective should be the reorientation towards streamlining procedures to facilitate transactions with an emphasis on monitoring for analytical and balance of payments purposes rather than control. Migration in Ghana: Thematic Paper

24 Furthermore, in order to leverage remittance funds towards development activities and to monitor the effects on the local economy, there is the need to set up an appropriate institutional and regulatory framework that will monitor the movement and direction of inward remittances in order to gain a proper understanding of their impact on the economy. The Bank of Ghana has introduced a centralized data collection and reporting system on inward remittances which has resulted in better tracking of inflow and increased utilization of formal channels of remittances. However, there is the need to further refine the BOG reporting system on remittances to capture a more disaggregated data. For example, the data on regional distribution comes in percentages, which do not allow one to see the regional volumes. In addition to the above incentives, the creation of appropriate savings services for migrants and their families internationally could help encourage the flow of remittances and their productive use. These services may include: repatriable foreign currency accounts; foreign currency denominated (remittances) bonds; and savings certificates denominated in foreign currency (Addison, 2004). Information should then be disseminated on the remittances services available to migrants in the host country and in Ghana, utilizing such fora as predeparture orientation sessions. Furthermore, in order to promote the investment of remittances in business enterprises and other productive activities in Ghana, micro finance institutions should expand their micro and small business portfolios, while government and development agencies provide services such as training, business advice and marketing assistance for micro and small entrepreneurs to enable the matching of funds for development projects. One way of enhancing the development impact of remittances is by improving access to financial services. In developing countries, this is about improving the financial infrastructure and access, including the rural poor s access to financial services, so that remittances can be easily received, banked and circulated within the local economy, rather than simply received and spent. The establishment of partnerships between relevant institutions, including: remittance service providers, microfinance organizations, banks, credit unions and existing postal and other retail networks, to help expand remittance services without requiring large fixed investments to develop payment networks (Ratha, 2005). In Ghana, a number of banks and postal services have entered into alliances with some major MTOs. For example, almost every bank in Ghana now is either a MoneyGram or Western Union agent. This arrangement has introduced many people to financial services for the first time and increased the demand for an efficient financial sector. However, as has been suggested by Ratha (2005), partnerships should be non exclusive, since exclusive partnerships between post office networks and money transfer operations have often resulted in higher remittance fees. While remittances are essentially private transactions by which migrants support their families, households and sometimes their communities of origin, governments can play a role in creating an environment in which remittances can be used productively. The challenge is to ensure that remittances set in train a cycle of development, rather than underdevelopment. One approach is for the government to seek to channel remittances into more productive uses, which might have an impact on the Millennium Development Goals (MDGs). In this regard, the government can institute voluntary schemes which will enable migrants to send remittances to particular projects of their choice and/or for particular purposes. Migration in Ghana: Thematic Paper

25 The positive macroeconomic or development effects of remittances can become more prominent if migrants form associations and their commitments to their home country become institutionalized. In Ghana, the Ghana Savings Bond, also known as the Golden Jubilee Bond, was issued in 2007 to foster savings and investment by Ghanaian migrants and migrant associations. The Bond was to serve as the means to facilitate the relationship between Ghana and Ghanaians in the Diaspora. There is the need to strengthen inter ministerial collaboration to ensure that all ministries involved in labour migration have input into the development of policies that govern migrant remittances. Such an effort would help to ensure that the interests of different migrant groupings are addressed. In developing remittance services, policy makers must bear in mind that migrants and their families constitute a diverse group, ranging from middle class to wealthy, white collar professional workers to the unskilled, illiterate and poor labourers. Therefore, each savings product should be specifically tailored to suit the target income group. Furthermore, there is the need to acknowledge and address the grievances of Ghanaian migrants. The following are some common complaints among migrants: Government and its institutions are not interested in finding out where they are, under which conditions they live and work to earn the money they send as remittances. Ghanaian missions abroad do not show much interest in their plight, with the result that they feel unwelcome at the missions. Delays are often experienced in clearing goods from the ports as well as harassment and extortion of monies by officials of the Customs, Excise and Preventive Service (CEPS) and the Ghana Immigration Service (GIS) at the points of entry (Quartey, 2008). Certainly, this situation runs counter to the government s appeal to Ghanaians abroad to return home to help with the development of the country. In an effort to leverage remittance funds towards the real estate sector, cognizance should be taken of the potential risks associated with remittance investment in the sector and how these could be minimized or eliminated completely. In particular, care should be taken to avoid such practices as fraud and embezzlement of remitted funds, and land acquisition problems, such as multiple ownership and registration, fictitious documentation of titles and difficult access to project sites. In effect, emphasis should be placed on the security of remittance funds and the adequate provision of the required inputs, such as land, finance and building materials. Finally, the implementation of the Migration for Development in Africa (MIDA) project, an initiative sponsored by the International Organization for Migration (IOM) to facilitate mobilization of migrants and their resources for development, should be promoted. It is hoped that a full support of the programme will augment the total number of 300 Ghanaians who have so far returned home under the programme (Ministry of Interior, 2008). Migration in Ghana: Thematic Paper

26 5. Conclusion A major policy challenge is how to leverage remittance funds towards development activities, including the real estate sector in Ghana. The basic problem is that, fundamentally, remittances are private funds that should be treated like other sources of household income and not as a substitute for official development aid (Ratha, 2005). Because remittances are private funds, efforts to channel the flows to investment and other productive uses have often been problematic. However, through prudent policies and the creation and maintenance of the links between migrants and their countries of origin, it will be possible to tap into their potential by encouraging them to contribute human and financial capital to the development of their home communities. In the real estate sector, return migrants and workers remittances can play an important role in the development of the sector. Return migrants can use their experience and expertise as estate developers, agents and financiers, while remittances can be used as deposits, down payments and guarantees for houses and plots for future development. To enable them to play this role effectively, the government should identify and institute policy opportunities and measures that will help to leverage the potential of remittances towards the real estate sector. Migration in Ghana: Thematic Paper

27 References Addison, E.K.Y The Macroeconomic impact of remittances in Ghana, Research Department, Bank of Ghana, Accra. Aubyn, V.N.A 2008 National assessment of labour migration policies, legislation and practices: Report on Ghana, AENEAS 2006 project. Barham, B. and Boucher, S Migration, remittances and inequality: Estimating the net effects of migration on income distribution. Journal of Development Economics, Vol. 55. Black, R Soaring remittances raise new issues, Washington: Migration Policy Institute: Migration Information Source. Ghana Statistical Service 2006 The Ghana living standards survey (GLSS 5), Accra, Ghana. 2005a Population data analysis report, vol. 1: Policy implications of population trends, Accra, Ghana. 2005b Population data analysis report, vol. 2: Policy implications of population trends, Accra, Ghana population and housing census, Accra, Ghana. Government of Ghana 2007 Summary of draft national housing policy, Ministry of Water Resources, Works and Housing 1994 National population policy (revised edition), National Population Council. GREDA 1999 Brief profile of GREDA, Ghana Real Estate Developers Association, Accra. House of Commons International Development Committee 2004 Migration and development: How to make migration work for poverty reduction, Sixth Report of Session , vol 1, House of Commons: The Stationery Office Limited. Orozco, M Worker remittances: The human face of globalization, Working Paper Commissioned by the Multilateral Investment Fund of the Inter American Development Bank. Quartey, P International migration in Ghana: National profile for strategic policy Development. Report prepared under the IOM/EU Project: Migration in West and Central Africa National Profiles for Strategic Policy Development. Migration in Ghana: Thematic Paper

28 Ratha, D Remittances: A lifeline for development in Finance and Development, December, 2005, Workers remittances: An important and stable source of external development finance in global development finance: Striving for stability in development finance, Washington D.C.: The World Bank. Migration in Ghana: Thematic Paper

29 Annex I THE VOLATILITY EQUATION The volatility equation adopted for the study is specified as follows: б = n 1/(n 1) (1ny i / y i 1 μ) 2 y 1 n Where μ = 1/ n (1n y i / y i 1 ) y 1 б = Standard deviation, ie volatility; μ = Mean of sample of measurements; n = Number of time periods in a year; yi = Variable of instrument at time 1 Source: Addison, Migration in Ghana: Thematic Paper

30 Annex II BANKS AND FINANCIAL HOUSES ENGAGED IN MONEY TRANSFER ACTIVITIES IN GHANA Name of Institution Name of Foreign Agent Country Agent Operates from Ecobank (Gh) Ltd Western Union Financial Services France Unibank (Gh) Ltd Uniteller Financial Services USA and Canada Amalgamated Merchant Foreign Exchange UK SG SSB Bank Merchant Bank Prudential Bank Ltd. MoneyGram International Ria Financial Services Unity Financial Services Vigo Remittance Corp. Transcheq Services Ltd Lawrence Associates ECOWAS Choice Money Transfer Data Connect System Afrister SOS Express Kashkall Africa Ltd First Rimit Ltd Ghana Express International Comm. Bank Itagha Italy NIB Western Union Financial Services France Metropolitan and Allied Bank Trans Continental Financial Services UK Samba International UK Linksel Communication Canada Financial Houses 1st First African Remittance USA and UK African Financial Services Ltd. Trans Continental Financial Kumasi market UK Linkstel Communication Canada Express Funds International Express Group International UK Source: Bank of Ghana, 2004 UK USA Holland USA UK., Holland, and Belgium UK USA UK Canada Holland German UK Belgium, Burundi, Croatia, Ireland, Rwanda, Uganda UK Migration in Ghana: Thematic Paper

31 Annex III BRIEF PROFILE OF GREDA GHANA REAL ESTATE DEVELOPERS ASSOCIATION (GREDA) Formation Consistent with the Government s policy of private participation in the National Development effort under the Economic Recovery Programme (ERP) I and II, with particular reference to housing development, the Ministry of Works and Housing invited Estate Developers to a series of meetings, at the Ministry in February, As a result of these meetings, GREDA, an Association of Real Estate Developers, was established. The formal inauguration of the association took place on 28 th October, 1988 with 34 members. Today membership stands at 450 across country. Legal Status GREDA is registered under the laws of Ghana (Act 179 of the Companies Code of 1963) as a Private Company Limited by Guarantee. Object The objects for which the association was formed are: i. To provide a central organization for real estate developers. ii. To provide a united front in making recommendations to government on ways of promoting real estate development and in seeking solutions to the practical problems in the property market. iii. To promote the development of residential estate, to increase the stock of housing units thereby ensuring adequate provision of affordable housing for all classes of the population. iv. To pool resources together towards greater economies of scale in real estate development and also ensure that products of members conform to national building standards and planning laws. v. In the spirit of the search for appropriate technology, the association shall promote the use of local inputs and finance research into the suitability of local building materials in the country. vi. vii. To liaise with financial institutions in developing an effective mortgage house ownership scheme for prospective owners and also impress on the institutions the need for long term financing in real estate development. To establish links with real estate institutions and allied bodies at home and abroad with the aim of promoting the development of the industry. Eligibility for Membership Private Limited Companies are those eligible to join GREDA. Development as one of the objects of their Companies. They must have Real Estate Migration in Ghana: Thematic Paper

32 Organization A Board of Directors, known as the Executive Council, is responsible for directing the affairs of GREDA through policies and derives its authority from the general membership via Annual General Meetings (AGM). The Executive Council, consisting of thirteen (13) members elected at the Association s Annual General Meetings, meets monthly. It is assisted by several sub committees in its policy making. Management The affairs of GREDA are managed by a Secretariat which is headed by an Executive Director and assisted by competent Administrators, Accountants, Project Managers etc. The Secretariat, among other things, co ordinates, facilitates, monitors and evaluates the activities of members as well as implements decisions of the Executive Council. Philosophy Through its members, GREDA develops integrated community projects, using approved basic house types: 1 Bedroom, 2 Bedroom, 3 Bedroom and 4 Bedroom as well as Blocks of flats (for renting) making them affordable for Ghanaians. The schemes make efficient use of the land as well as cost saving methods. Design Approaches GREDA s layout and schemes are imaginative but responsive to the social and cultural needs of the Ghanaian. They also minimize the use of artificial lighting and ventilation. Provisions are made for the following: i. Road network with very practical and safe drainage systems, well defined pavements, culverts and kerbs ii. Efficient household waste (solid and liquid) disposal iii. More emphasis on the use of natural elements (sunshine, air, etc) for the comfort of homes thereby minimizing the use of artificial/electric appliances for same iv. Playgrounds (including general open grounds) v. Clinics, Pharmacies, etc. vi. Amusement Centres vii. Banks and others viii. Shopping Centres and Markets ix. Police Stations x. Petrol Service Stations etc. xi. Public Transport Terminal xii. Safe and Secure neighbourhoods xiii. Aesthetic Landscaping xiv. Churches The Housing Scene a. Demand Available statistics indicate a national shortfall of 250,000 housing units and a national annual need of 70,000 units. Migration in Ghana: Thematic Paper

33 b. Supply Housing Units provided by GREDA through its members are: i. Teshie/Nungua Site (Pilot Scheme) 500 ii. Community 20 (Pilot Scheme Row Houses) 480 iii. Others 1988 to date 10,954 Future It is GREDA s plan to acquire tracts of land on behalf of its members. These acquired lands would be serviced by SSNIT as well as other private companies. The serviced plots will then be allocated to members for development. GREDA s prospective Land Bank for proposed developments include the following: Acres i. Dunkonah I (West Accra) (already acquired) 600 ii. Dunkonah II (in negotiation stage) 1,400 iii. Kasoa Lands (West Accra/Central Region (already acquired) 1,600 iv. TDC (East Accra/Community 19) (already acquired) 200 TOTAL ACREAGE 3,800 Future Production Community 19 3,400 Units Dunkonah I 3,000 Units Dunkonah II 10,000 Units Kasoa I 3,000 Units Kasoa II 4,000 Units Ongoing Projects i. Teshie/Nungua ii. Community 20, Tema iii. Dunkonah I Links with Financial Institutions GREDA is working in collaboration with the Social Security and National Insurance Trust (SSNIT), Bank for Housing and Construction (BHC), Ghana Commercial Bank (GCB), the Home Finance Company Ltd (HFC), Agricultural Development Bank (ADB), Merchant Bank etc. Exhibitions GREDA organizes exhibitions dubbed The GREDA Housing Show to create public awareness of advances in the housing industry as well as marketing the products of its members. Since its establishment, GREDA has organized four (4) major Housing Shows, first in 1988, 1990, 1997 and There have also been two (2) mini Shows. For the same reasons, it also organized Roadshows in USA, Canada and South Africa. Others are scheduled for Britain, Holland, Germany, Italy and USA this July and August Joint Ventures GREDA welcomes heartily joint ventures from any part of the world. Migration in Ghana: Thematic Paper

34 REGIMANUEL GRAY LTD. One of such joint ventures is between REGIMANUEL LTD., a GREDA member company, and GRAY CORPORATION of America, USA. Today REGIMANUEL GRAY LTD. is one of the leading developers in Ghana. The latest addition is the union between T&T Properties Ltd. of Ghana and Ustay Construct of Turkey which has now become T.T Ustay Developers (Gh) Ltd. GREDA FOCUS LTD is another joint venture between GREDA and Business Focus of Malaysia for infrastructure services development in Ghana. GREDA is currently looking for joint ventures in the: i. production of building materials ii. construction finance For further information contact: The Executive Director Ghana Real Estate Developers Association (GREDA) P.O. Box TF 113 Trade Fair Centre, La, Accra Ghana Tel: /779282/ Migration in Ghana: Thematic Paper

35 Annex IV MEMBERSHIP CATEGORIES OF GREDA Category Criteria Examples of Developers A1 To belong to this category, member needs to provide 25 housing units or more per year with a minimum turnover of US500,000 per year. Emefs Real Estate Developer; Regimanuel Gray; Comet Properties Ltd; Devtraco Ltd; Hudraform Estate; Tracoaf Estate; State Housing. A2 A3 Member should provide 10 houses per year, minimum turnover of US250,000 per year. Member should provide up to 10 houses per year; minimum turnover of US100,000 Reserved for New Entrants Kasa Global Ventures; Medium Dwelling; Sweet Gold Global Ltd; Vanderpuye Orgle Estate. Addakus Construction Ltd; Abena Mansa Ent.; 3 P Estate Development Ltd. A4 B1 Reserved for Financial Institutions which provide financial support to the developers. B2 Reserved for supply companies Source: GREDA, 1999 Migration in Ghana: Thematic Paper

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