Foreigners are allowed to invest in the country in Ghana, but the nature and extent of the interests they are allowed to hold are limited. Under the 1992 Constitution, any person who is not a Ghanaian citizen may not own real estate or property of higher interest in the land of Ghana.13 Any agreement purporting to confer a right of ownership on a non-citizen is void14 Foreigners and legal persons, whether or not they are wholly owned by Ghanaian citizens, can therefore only hold emphyteutic leases and smaller shares of the land. Commercial rental terms are usually between two and five years, although longer terms are allowed. Rent is usually valued based on rented area and commercial rents currently range from $20 per m² per month to $45 per m² per month. Due to the devaluation of Ghana Cedi, many commercial landlords will set the rent in US dollars (although the Foreign Exchange Act 2006 (Act 723) does not allow this), but rents must be paid in Cedi equivalent in Ghana. Rents are usually payable quarterly or semi-annually in advance, but it`s not uncommon for landlords to ask for a year or more in advance. The Ghana Building Code, 2018, which is imposed by the Department of Operations of the Departmental Assemblies, allows applicants to obtain an annual permission for skilled craftsmen to make modifications to an existing building or structure. The Building Code establishes detailed rules for different types of residential, industrial, educational and commercial developments. Standards for the construction of temporary structures, shopping malls, underground buildings, special amusement buildings, film projection rooms, storage rooms and medical facilities are provided for, among others, in the Building Code. It also regulates waste management on construction sites, conservation of natural resources, rainwater management, landscape irrigation, outdoor wells and management of vegetation, soil and erosion protection. Eligible interest under the Land Title Registration Act includes allodial, ownership and lease shares relating to land situated in registration districts.8 Registration under the Land of Title Registration Act confers irrefutable title9, i.e. a title free from any adverse claim, but subject to the charges indicated in the register and to certain predominant interests provided for by law. In comparison, the registration of an act under the Cadastre Act does not confer title, but is only a publication of the deed and demonstrates the priority of instruments based on registration data.10 Ordinary land granted to individuals or families prior to the 1992 Constitution is now considered private land.
In this case, the buyer must go directly to the owner of the land. In addition, any person who is not a Ghanaian citizen may not simultaneously hold a stake in the inheritance law for a period exceeding 50 years.15 Such an agreement, deed or assignment, which purports to transfer an emphyteutic lease on land to Ghana for a period exceeding 50 years, is reduced to fifty years. There are no specific incentives for investors regarding land ownership in Ghana. Most shares of land (allodial shares, ownership shares, rental shares with an unexined term of two years or more and easements) 4 may be held with the Lands Commission either under the Land Title Registration Act 1986 (PNDCL 152) or the Land Registry Act 1962 (Act 122). . . .