Digitalizing Land Registration Will Boost Mortgage Market- Bawumia
The Vice President, Dr. Mahamudu Bawumia has announced that government will ensure land titles are digitally registered in the country next year.
This he said will help boost the mortgage market and also strengthen the banking sector.
The vice president disclosed this at the 21st National Banking Conference organized by the Chartered Institute of Bankers, in Accra on Tuesday.
Dr. Bawumia said “The world all over, using your property as security for a loan is so critical to the development of any economy whether small businesses or large businesses.
“Mortgages are key way of raising finance so we are going to as government tackle this unwritten rule that will help strengthen the banking industry and the financial services in the country”.
According to Dr. Bawumia, mortgages are key ways of raising finance, and further expressed government’s readiness to put in place the mechanism to make that happen, promising to enhance ongoing programmes in the sector.
He believes that digitalizing all land titles will make the process of interrogating titles and registering much simpler.
“We believe that if that happens it strengthens the banking sector indirectly because you can have better titles so you’re not embedded in court processes”, Dr. Bawumia said.
The Vice Presidents statement comes after a recent announcement from the Lands Commission that it is near completion of a digital system that promises to cut delays and corruption in the land administration processes.
The upcoming digital system, dubbed the Ghana Enterprise Land Information System (GELIS), is one of the key interventions designed to reduce the turnaround time, bureaucracies and corruption in the system.
Source: Emmanuel Yeboah Britwum/ thePublisher