The effect of ground rent and unexpired lease term on property values in Ghana

Purpose: Although several factors influence property value determination depending on the market, relevant studies in Sub-Saharan Africa (SSA) often fail to analyse the impact of factors, such as unexpired term of leasehold interest and ground rent, which are also germane to market transactions and value determination. This study examines the effect of unexpired term of leasehold interests and ground rent on the valuation of residential properties in Ghana. Design/Methodology/Approach: A questionnaire instrument was used to collect the views of a sample of professional real estate valuers on the relevance of these and other factors that affect value. In addition, the valuers were tasked to value a residential property located in Accra, Ghana. OLS and Quantile regression models were thereafter used to analyse the data to determine the effect of the subject variables on value. Findings: The study finds a significant relationship between valuers’ views on the relevance of unexpired term of leasehold interest and the value placed on residential properties. Further, the respondents who viewed ground rent as an important factor in estimating values placed significantly lower values than those who viewed it as less important. Research Implications: The findings suggest that the respondents may have split opinion on the existing anecdotal evidence that market participants ignore the unexpired term of leasehold interest, an issue that should be settled in theory. The findings also highlight the diversity of opinion on some of the fundamental factors that affect value and the need to build consensus to prevent excessive variation in value estimates among valuers. Originality: The study makes a significant contribution in terms of extending the existing literature by analysing the impact of unexpired term of leasehold interests and ground rent on residential property values based on empirical data, issue(s) which have often been ignored by existing studies. Findings from the study also provide insights into additional possible causes of valuation errors in Ghana and SSA, which are useful for policy formulation and practice. Keywords: Effect, ground rent, leasehold, residential, unexpired lease term, valuatio

"We are not the only ones to blame': District Assemblies' perspectives on the state of planning in Ghana

Planning has failed to exert effective influence on the growth of human settlements in Ghana. As a result, the growth of cities has been chaotic. The district assemblies, which are the designated planning authorities, are commonly blamed for this failure, yet little attention has been given to district assemblies perspectives of what factors lead to failures in planning. This paper attempts to fill this gap. Drawing on fieldwork in Ghana, it argues that, from the perspective of district assemblies, five major challenges inhibit planning, namely: an inflexible land ownership system, an unresponsive legislative framework, undue political interference, an acute human resource shortage, and the lack of a sustainable funding strategy. The paper concludes with proposals for reforming the planning system in Ghan

Cybercrime and Risks for Cyber Physical Systems

Cyber Physical Systems (CPS) is the integration of computation and physical systems that make a complete system such as the network, software, embedded systems, and physical components. Major industries such as industrial plants, transport, national grid, and communication systems depend heavily on CPS for financial and economic growth. However, these components may have inherent threats and vulnerabilities on them that may run the risk of being attacked, manipulated or exploited by cyber attackers and commit cybercrimes. Cybercriminals in their quest to bring down these systems may cause disruption of services either for fame, data theft, revenge, political motive, economic war, cyber terrorism, and cyberwar. Therefore, identifying the risks has become imperative in mitigating the cybercrimes. This paper seeks to identify cybercrimes and risks that are associated with a smart grid business application system to determine the motives and intents of the cybercriminal. The paper identified four goals to mitigate the risks: as business value, organizational requirements, threat agent and impact vectors. We used the Analytical Hierarchy Process (AHP) to determine the importance of the goals that contribute to identifying cybercrime and risks in CPS. For the results, a case study is used to identify the threat and vulnerable spots and the prioritized goals are then used to assess the risks using a semi-quantitative approach to determine the net threat level. The results indicate that using the AHP approach to identify cybercrime and risk on CPS provides specific risk mitigation goals

Assessing Depreciation For Valuation Purposes – A Decompositional Approach

In valuing property one method that is commonly adopted in situations where market evidence is non-existent is the Depreciated Replacement Cost method. As the name suggests, this involves estimating the replacement cost as new of the property, which is the subject matter of the valuation, and making allowances for accrued depreciation. The allowance made for depreciation is important as it allows for the estimation of value that reflects the current state of the property. The estimation of depreciation for valuation purposes has been the subject for a number of empirical studies. There is however no consensus within the valuation profession as to which approach to estimating accrued depreciation addresses the key elements that are of concern to the valuer viz; age, condition and functional obsolescence. The paper proposes one such approach that incorporates all these elements in the estimation of accrued depreciation for valuation purposes. The approach first considers the individual causes of depreciation separately and uses different methods to estimate accrued depreciation for each of the causes of depreciation. Total accrued depreciation is then estimated by first taking account of curable physical depreciation and then age and functional obsolescence. The approach proposed presents a basis for a more comprehensive discussion and a subsequent adoption of a common methodology valuers can rely on to estimate depreciation

The role of task complexity in valuation errors analysis in a developing real estate market

The real estate valuation literature on sub-Saharan Africa (SSA) shows a growing concern over valuation errors, especially wide variation in valuations. Although there have been increased business and investment activities in the last decade or more in the region, these valuation errors pose a challenge to the maturity of SSA real estate markets as valuations promote transparency and support efficient operation of property markets. Based on archival and survey data, as well as insights from the task complexity discourse, this study examines the extent of variations in valuations and the effect of complex valuation tasks on the levels of the variations in Ghana. The study finds high levels of variations in valuation opinions of 33.6–63% for the archival and survey data, respectively. These levels of variations are substantially higher than have been reported in the literature for advanced markets suggesting that the concerns of valuation errors in SSA may be well grounded. Consistent with theory, it is further established that variations in valuation opinions may be more pronounced in comparatively more complex assignments. These findings have several implications including possible loss of confidence of market players in valuations, heightening of market uncertainty and increase in transaction costs

Socio-Economic Inequity and Decision-Making under Uncertainty: West African Migrants' Journey across the Mediterranean to Europe

Understanding the nexus between poverty, inequality and decision-making under uncertainty in migrants’ journeys across the Mediterranean Sea to Europe remains a significant challenge, raising intense scholarly debate. Several suggestions have been offered on how to reduce migrants’ journeys across the Mediterranean Sea to Europe in several guises, including the formulation and implementation of proper social, political and economic policies in Africa. Despite all odds and challenges, migrants from Africa cross state boundaries and stay in transit state(s) for limited periods, en route the Mediterranean Sea to Europe. Underpinned by different migration theories and conceptual frameworks, our study applied a qualitative methodology to examine why migrants decide, under uncertainty, to cross the Mediterranean Sea from their countries of origin to the ultimate destinations in Europe. While focusing on the life experiences of purposively selected migrants from West Africa, the research seeks to address the underlying factors of irregular migration. The result of this empirical study clearly illustrates that limited access to opportunities, poverty and unemployment amidst precarious development challenges and the youth population bulge, exacerbate Africa’s migration crisis. The study finally brings into focus empirical observations and provides suggestions for stakeholders’ engagement in addressing African migration challenges

Penetrating abdominal injuries in adults seen at two teaching hospitals in Ghana

Background: The incidence of penetrating abdominal injuries (PAI) has increased in the West African sub-region.Objective: To determine the pattern and management outcome of penetrating abdominal injuries (PAI) in the two main teaching hospitals in Ghana.Study Design: A prospective and retrospective descriptive study.Setting: Komfo Anokye Teaching Hospital (KATH), Kumasi and Korle-Bu Teaching Hospital (KBTH), Accra.Methods: Relevant details of all adult patients admitted with penetrating abdominal injuries over a 11-year period were recorded at KATH and KBTH in Accra. The study in KATH was prospective pro forma based and that in the KBTH was a retrospective case review of all penetrating abdominal injuries.Results: There were 411 patients, mostly men (M: F-8:1). The peak age of patients was 20-29 years, 164 patients (39.9%). Abdominal stab wound injuries accounted for 251 (61.1%). Three hundred and thirty – one patients (80.5%) had an emergency laparotomy. Twelve patients required 16 emergency thoracotomies. The small bowel (23.2%), stomach (12.9%), colon (10.2%), the liver (10.0%), were the most commonly injured organs. In 92 patients (29.0%) no significant intra-abdominal injury was detected at laparotomyConclusion: Stab wounds are the main penetrating abdominal injuries seen mostly among young male adults in Ghana. Management was by a mandatory laparotomy after clinical assessment. The overall mortality was 4.4%. Selective non-operative management of abdominal stab wounds is possible

Response characteristics of a negative temperature coefficient thermistor

This article focuses on the thermistor as a device that is widely used for temperature measurement and control in most electrical and electronic devices and appliances. The research is based on the type of thermistor used in photocopiers with particular reference to Minolta Bizhub (model-210) photocopier. The resistance and temperature were recorded by the application of conventional heat to deduce the response curves of resistance versus temperature and resistance/time. Results obtained from the characteristics show that the thermistor employed in the photocopier is a negative temperature coefficient (NTC) device. Also, there was a time variation in the response of the thermistor resistance to temperature changes, which indicates that the thermistor under test functions as a temperature control device. The shape of resistance versus temperature curve appeared to be similar to that of a typical NTC thermistor characteristics

Re-Design of Mine Tailings Storage Facility for Adamus Resources Limited

AbstractThe suitability of a centerline or upstream design as a sustainable option for construction of future raises for the existing Life of Mine (LoM) downstream Tailings Storage Facility (TSF) at Adamus Resources Limited (ARL) was investigated using Slope/W in GeoStudio Software. Review of technical information, evaluation of the performance of the existing Stage 6 dam, and geotechnical investigations of available construction materials were undertaken in this research. Insights were gained about the TSF’s life cycle and current bearing capacity for intended future raises. Viable geotechnical parameters were established to define construction material specifications as well as input data for modelling the new designs. The British Standards Institute (BSI) standards were adopted for all the material testing protocols carried out at the Council for Scientific and Industrial Research-Building and Road Research Institute (CSIR-BRRI) laboratory in Kumasi. The scope of modelling covered the original downstream as well as the centerline and upstream options. The geometric design and stability analysis focused only on the southern and northern embankments of the TSF. The modelling outputs yielded reliable Stability Factors of Safety (FoS) for all designs investigated, above the regulatory criteria. Subsequently, a semi-quantitative multi-criteria evaluation was used to select the preferred option between the centreline and upstream alternatives. The results showed that technically, economically and by regulatory compliance, the centreline design is a better alternative and therefore recommended for adoption by ARL. Keywords: Tailings Storage Facility, Geotechnical Parameters, Stability Analysis, Modelling, Multi-Criteri

Economic and environmental impacts of mining activities in Ghana

Mining for many decades served as an important component of countries revenue source especially for developing countries that have been endowed with the mineral wealth. If properly managed, countries can grow their economies with proceeds from mining activities in the form of royalties and foreign exchange earnings for the export of mineral related products. Such benefits from the mining sector have in most cases been used as justification and a social license for exploration and exploitation of minerals in most communities. When you are citing the document, use the following link http://essuir.sumdu.edu.ua/handle/123456789/3106