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EconomyFri, 19 Nov, 21

Construction Chamber Content With Aspects of 2022 Budget

Construction Chamber Content With Aspects of 2022 Budget

The Ghana Chamber of Construction Industry has commended government for some initiatives in the 2022 Budget Statement and Economic Policy; policies of which the chamber opined it has been passionately advocating for the government to consider.

Prior to the budget presentation the Chief Executive of the Chamber, Emmanuel Cherry, speaking to Real Estate Times Africa (RET Africa) proffered some policy initiatives his outfit wish government to address. Reacting to the budget in interview with RET Africa, Mr. Cherry said although provisions were not made for the discounting of the Interim Payment Certificate (IPCs) as they proposed before the budget, the government has taken steps to address some other concerns including but not limited to payment of the IPC arrears owed them. He noted that further engagements are required with respect to the IPCs discounting proposal.

“The discounting of the IPCs has not been actualised as we anticipated, there was no provision of such nature in the budget. But its rather the payment of the IPCs that government has taken some steps through the Roads’ Minister to offset those liabilities.

“So, in a nutshell, I will say that it’s the payment of the IPCs that something has been done but the discounting aspect not yet. And that is a policy issue that we need to engage further. We will be engaging the Bank of Ghana, Ministry of Finance and the Ghana Bankers’ Association to see how we can go about it,” he said.

The Chamber also commended government for capitalising the Development Bank Ghana (DBG) with US$250 million; of which US$200 million has already been paid according to the Minister for Finance. The Minister also disclosed that certificate of operations for the bank has been granted by the Bank of Ghana among other things. The Chamber implores that the DBG operations should be Fast-tracked so that in the absence of their IPCs been discounted, a long-term funding avenue like the DBG will be utilised by members to access the needed funding.

Also, the Chamber welcomed government announcement of the steps taken to commission the Ministry of Works and Housing to kickstart processes of setting up land banks for developers including initiating the policy of rent-to-own. Cherry said his outfit has been advocating for such land banks and has on several fora made passionate appeals for government to consider same.

He concluded by noting that “in a nutshell, something good came out from our discussions earlier in this budget.”


Source: Mohammed Bomanso Issah (Real Estate Times Africa)

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