Sir Sam Jonah Blows Lid Off Ghana’s Dirty Real Estate Secret
Renowned Ghanaian business magnate and Chancellor of the University of Cape Coast, Sir Sam Jonah, has blown the lid off the nation’s burgeoning high-end property market, alleging that the majority of luxury real estate developments are being funded through dishonest and illicit sources.
In a candid interview on Starr Chat with Bola Ray, Sam Jonah pointed to the proliferation of empty high-rise apartments in Accra’s elite neighbourhoods as definitive proof of unchecked illicit financial flows.
According to Sir Sam Jonah, the luxury property market has become a haven for money laundering and other illicit activities, with many developers using dirty money to finance their projects. He argued that the sheer number of empty apartments in affluent areas such as Cantonments and Labone is a clear indication that the properties are not being purchased for legitimate purposes.
He emphasized ,“If you walk around my area, Airport Residential, Cantonments or Labone, [look at] all the high-rise buildings going up. I mean, everywhere in the world, developers go to the bank to take loans for those developments.”
“Some of these apartments are all empty. Do you think that if money were collected from banks, banks would not have moved in?” Mr.Jonah questioned.
Instead, Sir Sam Jonah believes that these properties are being used to launder money and conceal the proceeds of crime. He noted that many of the developers behind these projects are unable to explain the source of their funding, and that the lack of transparency in the sector has created an environment conducive to illicit activity.
The Ghana Real Estate Developers Association (GREDA) has responded to Sir Sam Jonah’s comments, stating that while some developers may be engaging in illicit activities, the majority of the sector is legitimate and transparent. GREDA has called for greater collaboration between the government and the private sector to address the issue and prevent the property market from being used for money laundering.
Source – Lead News Online/Leticia Okpoti
