The Ningo Prampram Member of Parliament, Sam George has cast doubt on the legitimacy of many real estate businesses in Ghana.
Speaking in an interview on JoyNews’ Newsfile on Saturday, July 22, he explained that the real estate business is a cover-up for money laundering.
According to him, people use the estate as a means to clean ‘dirty money’ acquired through illegitimate means.
“Real estate business in Ghana is money laundering. If our authorities want to deal with it, they will deal with it,” he said.
He added that “the cost of real estate in Ghana is not justifiable by any stretch. You keep seeing all these new high-rise buildings going up and they are selling them for half a million, a million dollars and they keep buying and buying amongst themselves.
Explaining further how the system works, he said, “I have dirty money to clean, I put up a real estate property, you have dirty money you come and buy the property from me and then automatically your money becomes clean, then tomorrow you also start building your own then I come back and buy and we are just cleaning the money.”
He added that the money generated from the business is later used to finance political campaigns.
The lawmaker’s claims come after the Chronicle newspaper reported that two house helps – Patience Botwe, 18, and Sarah Agyei, 30 – are currently facing one count of conspiracy to commit a crime and five counts of stealing, involving amounts of US$1 million, €300,000, and millions of Ghana Cedis.
The Sanitation Minister, Cecilia Dapaah and her husband reported the theft to the police in June this year, after Mr Daniel Osei Kuffour [husband], caught one of the accused [Patience Botwe] red-handed in their room with a duplicate key, leading to her arrest.
Reacting to this, Mr George said that “Looking at the way the monies have been reported in the case, you then realise that what the Minister apparently may be doing per my own deduction is building a storehouse for herself tomorrow, and another one for her political expediency,” he added.
He cited the Assin North by-election as a clear example of why politicians will hoard money.
According to him, the populace feels the only time they can get a share of the national cake is during elections.
This, he said is because the political class has created a gulf between themselves and the populace, adding that “we have arrogated to ourselves the l’argent [Money] of the state.”
“So, we have corrupt businessmen and corrupt business interests that will corrupt politicians, fund them but that money doesn’t necessarily sit with politicians, it has to trickle down for you to get office so it is an endless cycle.”