Let’s Break the Law: Transaction Costs and Advance Rent Deposits in Ghana’s Housing Market

Article


Kufuor, K. 2018. Let’s Break the Law: Transaction Costs and Advance Rent Deposits in Ghana’s Housing Market. Global Journal of Comparative Law. 7 (2), pp. 333-354. https://doi.org/10.1163/2211906X-00702005
AuthorsKufuor, K.
Abstract

A feature of the Ghana private rental accommodation market is that landlords usually demand advance rent of, in some instances, up to 5 years before signing a tenancy agreement. This is in violation of the 1963 Rent Act and recent initiatives are in the direction of curing this problem in the interest of protecting prospective tenants. However while advance rent is a financial burden this is offset by transaction costs in the housing market. Hence, in this paper and influenced by New Institutional Economics, I argue that it is possible for tenants and landlords to continue to bargain outside the shadow of the law to secure mutually beneficial tenancy agreements.

KeywordsNew Institutional Economics; transaction costs; relational contracts; landlords; tenants
JournalGlobal Journal of Comparative Law
Journal citation7 (2), pp. 333-354
ISSN2211-906X
2211-9051
Year2018
PublisherBrill | Nijhoff
Accepted author manuscript
License
File Access Level
Anyone
Digital Object Identifier (DOI)https://doi.org/10.1163/2211906X-00702005
Publication dates
Online14 Aug 2018
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https://repository.uel.ac.uk/item/88vy1

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