Experts seek new land reform policy, abrogation of land use ActThey said the present land policy and administration procedure has become a huge bottleneck, hampering the development of the mortgage sector, wealth creation and overall economic development.
The reasons for this include non-titling of real estate assets, lack of real estate titles and the inability of owners using titles to raise bank loans for other investment opportunities. He said: “It is sad that under our present land policy, an individual or family with a plot or an acre of land cannot use the land as security for a loan to invest in a business. Our vast land resources remain dormant or dead capital due to lack of title, while the landowners remain in poverty due to lack of ability to create wealth with what they already have.”
Eleh suggested a holistic reform of the land tenure system. “This process will go a long way not only in resolving the impediments created by the operation of the Land Use Act but will also foster economic development and wealth creation,” he said.
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