The government of Ghana has announced its plans to focus on land registration system next year in an effort to address mortgage issues in the country.
The proposed move is based on what the government regard as disturbing statistics of mortgage returns and its negative impact on the mortgage market as well as the financial sector of the economy.
Making the disclosure at the 2017 National Banking Conference, the Vice President Dr. Mahamudu Bawumia said; “one of the big things that we are going to do next year is, we are shifting our focus to land and land registrationâ€.
He noted that the somewhat poor land registration system in the Ghana is,†a real bane to the country’s banking and financial service industryâ€.
He questioned how an economy could have a thriving mortgage market or a strong financial services industry if there was no effective means of ascertaining land deeds.
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The Vice President however, did not disclose specific measures that will be adopted in addressing the issue, but there are indications that government will be leveraging on technology. As it did with the introduction of the paperless or electronic clearing system at the ports, the government will be launching a digital land registration system to facilitate land registration in Ghana.
On other developments in the financial service industry, rural banks have been asked to increase their current capital base from GHS 1 to 2 million by January 2018 or risk facing forced consolidation measures by the Bank of Ghana.
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