The President of the Ghana Real Estate Developers Association (GREDA), Dr. James Orleans Lindsay, has renewed calls for a swift and significant reduction in interest rates, stressing that such a move is crucial for stabilising the housing sector and stimulating broader economic growth.

Speaking at the 2025 GREDA Awards and Dinner Night, Dr. Lindsay described the high interest-rate environment as one of the most pressing obstacles facing developers and prospective homeowners.

According to him, the cost of borrowing has pushed construction expenses upward and placed mortgages far out of reach for many Ghanaians.

“Our sector cannot unlock its full potential until interest rates are brought down to realistic levels,” he said. “We need urgent, decisive action, not gradual adjustments. A rapid reduction will not only support developers but also empower ordinary citizens who dream of owning a home.”

Dr. Lindsay emphasised that a more favourable financial climate would attract new investments, support local construction companies, and help bridge Ghana’s widening housing deficit.

He warned that delays in adjusting rates could further stifle growth and hinder ongoing efforts to expand affordable housing.

The 2025 GREDA Awards and Dinner Night celebrated excellence within the real estate industry, honouring companies and individuals who have demonstrated innovation, quality, and leadership.

However, the president noted that despite the successes highlighted during the event, developers continue to operate under challenging economic conditions.

He concluded by urging policymakers, financial institutions, and industry stakeholders to collaborate in crafting solutions that prioritise long-term sustainability and affordability.

“Reducing interest rates swiftly is not just an economic decision,” he added. “It is a social necessity that aligns with our national development goals.”

The ceremony brought together top developers, investors, government representatives, and industry professionals, all of whom echoed the need for supportive policies to drive growth in Ghana’s real estate landscape.