The Accra Metropolitan Assembly loses about ?42 billion annually due to the Assembly's inability to find funding for the valuation of property in the metropolis, says its Director of Finance.

The valuation exercise, which is to be conducted by the Land Valuation Board (LVB) was estimated to cost ?8 billion in 2001 but it was suspended due to lack of funds. AMA Director of Finance Kwanin Bosompem told the Times that "because of the four years lapse the amount is likely to go up." The exercise is expected to capture newly developed areas in the metropolis and extension to buildings and will include naming of streets and numbering of houses.

This will increase the current property rates between ?10 billion and ?12 billion annually to more than ?42 billion. The Revenue Inspector of the Valuation Section of the AMA, E.O. Asiama, said that the last time a valuation exercise was undertaken in Accra was in 1986 under the Accra District Rehabilitation Project sponsored by the World Bank. The valuation exercise which was to take place every five years was indexed in 1996, making use of the old Accra block plans drawn in 1977.

Under that system, the values of property were multiplied by index which gave the rates for the property, he added. Mr Asiama noted that the indexed exercise left out property located in newly developing areas as well as extension and new buildings in the Accra Metropolis. "Even for the valuation exercise in 1986, the map of Accra drawn in 1977 did not tally with many houses in the valuation list on the block plans of Accra," he stated.

The Metropolitan Budget Officer, Dr. J.F.T. Awaley said the assembly was seeking partnership from the private sector to co-finance the project which had been divided into four areas. He said more property would be captured under the exercise and increase revenue.