Still Building, Not Bankrupt” – SuCasa Defends Reputation
Amid allegations and public debate, SuCasa Properties assures customers of financial stability, legal compliance, and steady progress on flagship housing projects, including O’Grantson Communities.
Real estate developer SuCasa Properties has reaffirmed its financial stability and commitment to completing housing projects, following months of allegations, customer concerns, and public debate over its operations.
At a press conference in Accra, SuCasa’s Public Relations Officer, Daniel Kofi Awuku-Asare, addressed what he described as “misconceptions, disinformation, and unfair attacks” on the company and its directors.
He stressed that SuCasa remains solvent, compliant with the law, and focused on its mission of delivering affordable homes to Ghanaians.
Investigations and Legal Compliance
Mr. Awuku-Asare noted that the company and its directors have cooperated fully with every inquiry from law enforcement bodies, including the Criminal Investigations Department (CID) and the Economic and Organized Crime Office (EOCO).
He remembered a high-profile case where the CEO faced fraud charges, but the High Court dismissed the case, stating there was “absolutely no element of defrauding by false pretense.” He mentioned that copies of the ruling had been shared with the media.
Although EOCO has kept the company under review for more than a year, SuCasa insists no evidence of wrongdoing has been found. “In this current environment where there is zero tolerance for fraud, we are confident the eventual outcome will vindicate SuCasa,” Mr. Awuku-Asare stated.
Project Timelines and Customer Defaults
SuCasa acknowledged that delivery timelines for some housing projects had been delayed but argued that this should not be misinterpreted as fraud.
The company linked part of the delays to customer defaults, explaining that economic hardships, inflation, and currency depreciation had affected clients’ ability to keep up with payments.
“Just as customers expect us to deliver, SuCasa also depends on timely payments to keep projects moving,” Mr. Awuku-Asare said.
Despite the setbacks, SuCasa reported significant progress at its flagship O’Grantson Communities project, with Phase 1 fully occupied, Phase 2 half occupied where some homeowners have moved in despite arrears and Phase 3 scheduled for its first tranche of delivery by December 2025.
Refunds and Industry Practices
The company also clarified its refund policy, stressing that like the vast majority of developers in Ghana, it operates an off-plan model in which funds are directly reinvested into construction.
Refunds, it explained, can only be processed once a cancelled property is resold to another buyer.
This position, SuCasa noted, has been upheld in court. In a recent class action involving 38 claimants, 27 were dismissed for breaching their own contractual obligations, while 11 were recognized as creditors. Even so, SuCasa is appealing aspects of the ruling, insisting that the company is not insolvent.
“Insolvency is defined as inability to pay, not unwillingness. SuCasa is not insolvent and will demonstrate that before the courts,” the PRO affirmed.
Fighting Defamation and Restoring Reputation
A significant portion of SuCasa’s response centered on what management described as “a deliberate campaign of disinformation and defamation.” The company condemned false claims of money laundering, fraud, and bankruptcy, warning that it will no longer remain silent.
“Silence has emboldened disinformation. That ends today,” Mr. Awuku-Asare said, adding that SuCasa is considering legal action against individuals whose statements it considers reckless and damaging, including recent remarks suggesting the company is bankrupt.
Industry Standing and Partnerships
SuCasa also highlighted its role in the broader housing sector, noting that in 2023 it was named the official private sector real estate partner of the Government of Ghana under the Diaspora Engagement Policy Framework Initiative. A Memorandum of Understanding, the company said, cements this status.
On industry matters, SuCasa expressed optimism about its renewed relationship with the Ghana Real Estate Developers Association (GREDA) under its current leadership, pledging support for bolder reforms to help address Ghana’s housing deficit, which stands at an estimated 1.8 million units.
Customers’ Support and the Road Ahead
Despite the controversies, SuCasa reported that over 100 new customers have publicly aligned with the company, rejecting false narratives and affirming confidence in its ability to deliver.
“We are solvent. We are delivering. And we remain determined to build affordable, quality homes for Ghanaians. Our trust with customers will never be broken.”
Legal Assurance
Livingston Dey, Esq., Chief Legal Officer of SuCasa Properties, added that Accra’s housing challenges make the company’s work even more vital. “In the capital city, many people still sleep on the streets, while others are crowded into single rooms.
Some citizens attempt to build their own houses, but they face enormous hurdles—land acquisition, registration, permitting, construction, mobilization of workers, security, infrastructure, and above all, financing.
These problems often appear overwhelming, but SuCasa has stepped forward in the face of these difficulties, delivering top-class buildings as you see here.
And when challenges arise, we ensure everything is done strictly in accordance with the law. We want to assure the public that SuCasa conducts all its activities in line with legal specifications.”
Source: Isaac Kofi Dzokpo