Ghanaian satirist and TV personality Kwaku Sintim Misa (KSM) has shed light on the struggles faced by landlords as a result of the rapid depreciation of the Ghana cedi.
In a video posted on his YouTube channel, KSM expressed his support for landlords who require advanced payment for rent spanning two years or more when leasing out their properties.
KSM urged viewers to empathize with landlords and understand the challenges they encounter. He emphasized the financial burden faced by property owners, especially when the value of the cedi fluctuates significantly.
Clarifying further, he said the continuous depreciation of the currency makes it impractical for landlords to maintain a consistent rental rate, as the value of money diminishes rapidly.
To him, the disparity in value between consecutive months due to currency depreciation poses a significant challenge for landlords, making it essential for tenants to recognize the financial strain faced by property owners in such circumstances.
“Take yourself to be a landlord. You spend money to put your house together. Somebody wants to rent a place. You have done all your valuation and everything says that this room that you want to rent should be 500 cedis a month.
Which landlord will tell you, ‘every month, pay me 500’? No. Because next month, that same 500 can do only a fraction of what the previous 500 did. So it doesn’t make business sense… the depreciation is so disgusting to the extent that between this month and next month, the value changes so much.
“When they take the money in bulk, they can really use it to do something so that they can turn around their money. Otherwise, they lose,” he said.
KSM, however, condemned those landlords exploiting the situation to charge exorbitant rates and worsening the plight of renters.
“But some of you landlords are taking advantage of the pain in the system to exploit your fellow man. I know how difficult it is to operate in an insane economy, but I think the sad thing is that once we see that there’s an avenue to exploit, we do that. Because the rates that you charge for your apartment are exorbitant,” he said.
Prioritizing the mending of the nation’s economy over other initiatives was emphasized by him as he urged leaders to take action. By doing so, he asserted that it would address the challenges of exorbitant rental expenses and landlords’ insistence on advance rent payments.
“Whoever wants to lead this country, the starting point is not to create 1 million jobs in ICT or build housing for all the youth.
“The starting point is how are you going to build this economy to the point that the cedi I’m holding today will have the same value three months down the line?
“That is your task. I beg you. If the economy is in shape, when we have a strong economy, when you have a resilient economy, when you have an economy that is predictable in terms of the value of the currency, a landlord can comfortably say ‘pay monthly’,” he said.
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