The Ghana Revenue Authority Cooperative Credit Union (GRACCU) Wednesday commissioned 40 housing units at Pampanso in Nsawam in the Eastern Region, with an additional 60, expected to be completed by the end of the year.
The houses are primarily for its staff but can be patronised by public servants and private individuals at a unit cost of GH¢75,000.00 for a two-bedroom house.
Mr. Kofi Anokye, the Chief Executive Officer (CEO) and Project Manager of Koans Estates, in handing over the facilities to the Union, said high interest rates from financial institutions inflated the cost of the project.
Individual purchasers, he said, would, however, have paid a higher price.
“We sold the product to the Union at about Gh¢75,000.00, including the land because they paid it in bulk. However, the same project would cost about $25,000 should someone come to us due to the high interest rates,” he said.
The second phase of project would include additional features, such as a hall. Owners would also have access to social amenities such as a clinic, a good road network and schools. It is estimated at GH¢90,000.00.
Mr Anokye urged the public to invest in land or houses from established real estate developers because they would reap high returns in the future.
Mr. Godwin Aaron Monyo, the Chairman of GRACCU, told the media that hitherto their members were unable to develop lands, which they purchased by themselves or by the Union, leading to encroachment.
The 18-year-old Union, therefore, thought it wise to not only buy the land for the members but to also assist them to develop it.
Mr. Isaac Crentsil, the Commissioner of the Customs Division of the GRA, in cutting the sod for the Second Phase, said the Management was proud of the Union for providing shelter not only for their members; but also for other public sector workers and the public.
He, however, appealed to the public to pay their taxes to enable the Government to subsidise such projects in the future.