Ghanaian business magnate and University of Cape Coast Chancellor, Sir Sam Jonah, has expressed concern over the surge of luxury real estate projects in Accra, suggesting many are funded by questionable sources.
Speaking on Starr Chat with Bola Ray, Sir Jonah said upscale developments in Airport Residential, Cantonments, and Labone are unlikely to be bank-financed. “Some of these apartments are empty. If banks had lent the money, they’d have moved to recover it,” he said.
He noted that Ghanaian banks are too weak to fund such projects, given high interest rates of 25–35%. “No credible developer would build multimillion-dollar apartments and leave them vacant for years,” he added, hinting that the boom may be driven by untraceable funds.
