Land replacement for some affected companies – National cathedral project

Management of Waterstone Realty Limited’s attention has been drawn to parliamentary proceedings of 28th June 2022 and further media publications about compensation for the compulsory acquisition of legally acquired land for the construction of the National Cathedral.

Waterstone Realty Limited was incorporated in 2013 with the main objective of Real Estate Development and Management. In May 2018, The Government of Ghana notified Waterstone Realty of its intention to build a National Cathedral on a plot of land located at Ridge in Accra. The demarcated site for the project included legally acquired properties of Waterstone Realty.

Waterstone Realty Limited vacated the property in July 2018 for the demolition exercise, the project site was cleared and an official sod-cutting ceremony was held in March 2020 with a commitment from Government to duly relocate affected companies and the necessary compensation paid.

Since then, Waterstone Realty Limited has been engaging different government agencies, including the Ministry of Land and Natural Resources, the Ministry of Works and Housing, and the Attorney General’s Department for its relocated land and to find a satisfactory resolution to all other issues.

We wish to state that, in August 2020, the Land Commission allocated a 1.26 acre of land located at Ridge Residential Area in Accra. However, the allocated land is currently occupied by National Security and Waterstone Realty has not been able to take vacant possession of this duly allocated land. Efforts to seek redress through the above-mentioned government agencies have proved futile.

Whilst we acknowledge that this effort will have partly paid for our losses since 2018, we have not been able to use the asset provided. It is important to note the adverse impact on our business operations over these four (4) years, which has included the use of assets demolished providing rental income and at the time of demolition, collateral for loans to assist our operations.

We are optimistic that just like other affected institutions of the National Cathedral project, Waterstone Realty will be duly compensated as soon as possible to avert any further negative impact on our business and employees.

Contact: Habibu Abdul-Hafiz

Email: [email protected]

Phone contact: +233 (0) 559 702 313