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Bennett Oghifo
Nigerians, and other foreigners, who are planning to acquire property in Ghana should know they are entitled to a leasehold of 50 years only, but it can be renewed if the holder desires.
Individuals and businesses can buy property in Ghana. If their interest is land purchase, then they may choose from the five types of land available. They can also buy a building or buildings and in all cases prepare their 50 years lease document in collaboration with their vendor and this will be taken to the Ghana Lands Commission for authentication and processing. The only document required during property purchase is the identity of the Nigerian or non-Ghanaian, for instance, a passport. Businesses with over 40 per cent non-Ghanaian ownership-structure are considered foreign. Officials of this Commission said it takes 140 days to complete documentation. They are working on reducing the time to process leasehold to 30 working days, but now it is between 90 days and 140 days.
Forgery of land ownership documents is a problem in the African property market, but as
Philip Jarman explains, new technologies such as blockchain are helping to eradicate the problem of land and property fraud by providing transparent, secure digitised processes.
Entrepreneurs love problems: solving them through innovative business models and the application of new ideas and technologies can bring huge societal benefits and generate revenue for those willing to take the risk.
Nowhere have the advancements of new technology been more pertinent in solving social issues than in Africa. With 54 countries spread over the world’s second-largest land-mass, an estimated 1.1bn inhabitants speaking more than 3,000 languages, Africa is a largely fragmented continent, making the implementation of traditional infrastructure challenging.