A Ghanaian man based in the United States has raised concerns about the legitimacy of wealth in Ghana’s real estate market after a recent investment attempt in his home country.
He questioned how some Ghanaians could afford high-priced properties given the country’s average income levels.
In a video shared on social media platform X, he described his experience investing in real estate upon returning to Ghana.
He mentioned that he was offered a 39-year lease for $130,000 with a monthly charge ranging from $150 to $350. Despite his initial excitement, he realized that it would take at least 20 years to recoup his investment under ideal conditions.
“So, when I did my mathematics, I still realized that even if I invest $130,000 in this property right now, it is going to take me about 20 years to get my money back just looking at the positive side of things,” he stated.
His concerns deepened when he observed that most of the apartments in the area were owned by Ghanaians living in the country who paid cash for these properties.
“But guess what, all the rest of the rooms, the four, three, and two bedrooms were all sold out, mainly purchased by Ghanaians living in Ghana here, and they paid cash for those properties. And foreign companies keep coming and building because Ghanaians are buying them,” he noted.
He posed a rhetorical question reflecting his skepticism: “It is obvious if you live in Ghana and you look at the average earning of a Ghanaian, there is no way anyone living in Ghana making money from the system genuinely should be able to afford those properties. It is not possible.”
A Ghanaian man who lives in the US says most Ghanaians do not make money genuinely, following a recent personal experience where he tried to invest in the real estate business after returning to Ghana. pic.twitter.com/8dxeiQWKMx— EDHUB🌍ℹ (@eddie_wrt) June 23, 2024