The United States and Ghanaian registered company Goldstar Air, awaiting a safety certificate from the Ghana Civil Aviation Authority after aircraft inspection to start operation, will employees acquire the houses of their choice through the airline’s strategic home mortgage.
The international airline has signed a strategic mortgage agreement deal with two companies to provide Goldstar Air employees’ home ownership, as part of benefits the airline is offering to employees.
Goldstar Air offers these opportunities for employees to implement the airline’s 24-hour innovative solutions. The airline will create a more equitable company where every employee will have job security and, a decent life, and can own their dream houses right after school and have well-paying jobs.
The airline’s strategic mortgage agreement will allow Goldstar Air to assist employees willing to own their choice of houses by providing the necessary assets to enable them to acquire their real estate properties and take steps to facilitate the payment of monthly installments for the price of properties through deduction from their salaries.
This homeownership benefit will help the employees finish their mortgage repayment in time to have peace of mind and consider other lifetime needs. Younger generations who may need help saving for a home in today’s market, have the answers with Goldstar Air.
The employees of Goldstar Air will avoid the down payment associated with mortgage and rather have monthly income to offset this home ownership, with a matching contribution.
Goldstar Air’s 24-hour service will also be initiating a biweekly (2 weeks) employee pay structure in Ghana, which will align with other destinations’ salary structure to avoid employment discrimination and be the first of its kind in the aviation sector in the country.
The international airline will always recruit talented and ambitious employees for management and leadership positions. With hard work and dedication, it is possible to move up through the ranks of our airline, ultimately landing higher pay with great responsibility, with the many benefits and opportunities to grow and develop professionally.
Ghana is facing a significant housing problem, with an estimated shortage of around 1.8 million units. This translates to about 6 million people out of a population of approximately 33 million in need of housing, a figure that continues to grow with the country’s rapid urbanization and population increase.
The shortage has led to overcrowded living conditions, the proliferation of informal settlements, and inflated renting costs, which further marginalize low- and middle-income earners. The housing crisis not only impacts individuals’ well-being but also hinders economic growth and social stability. This ongoing issue requires the urgent need for strategic solutions and investments.
The global real estate market size was valued at USD 3.69 trillion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2030. The market is expected to grow at a healthy pace during the forecast period, owing to the rising population and a desire for personal household space. As of 2021, the commercial real estate space was estimated to be the most important element driving industry expansion.
Goldstar Air’s 24-hour service will be a valuable contributor to Ghana’s economic prosperity and provide a rapid worldwide transportation network, making it essential for global businesses to generate economic growth, create jobs, and facilitate international trade and tourism.
According to the Chairman and Chief Executive Officer of Goldstar Air, the airline has signed a mortgage agreement with Argonaut Property Group and E, Wells Realty and Consultancy Limited in Washington DC, United States to facilitate all relocation housing needs, including permanent and temporary housing tailored to meet the specific needs for all executive-level management as well as airline staff in North America and Ghana.
Argonaut Property Group based in the United States is uniquely positioned to handle all Goldstar Air real estate needs through strategic partnership with E Wells Realty and Consultancy, a real estate firm based in Accra, Ghana. In addition to residential sales and leases, Argonaut has a robust commercial property unit, and the unit specializes in transacting multifamily properties and various commercial properties, working closely with investors.
Benefits were first introduced in the United States in the late 1800s when companies started to offer retirement plans, life insurance, disability benefits, and pensions.
Goldstar Air employee benefits will be an integral part of today’s workforce and an important factor in attracting and retaining talent. Employee benefits will differ from industry levels and new types of benefits will be created each year to win top talent.
The airline benefits will be offered to employees as a package in an offer letter before they accept the position and use unique and generous benefits as a strategy to attract and retain high-quality talent.
The overall health and well-being of Goldstar Air employees is one of the most valuable aspects of our 24-hour business strategy that the airline will invest in as an employer. Healthy employees are more engaged, and more productive, and will be able to do their best work, creating an overall happy, healthy, and efficient workplace.
Goldstar Air recognizes the importance of employee training and the value of investing in the development of our employees’ skills and knowledge. The airline will be providing reimbursements or even paying for employees to take classes, online courses, or even go back to school to help the employee grow personally, and it will also help the airline grow and succeed by developing our workforce.
The airline will offer more financial security by offering a good retirement plan for employees, and financial compensation or supplementary income and overall well-being, in addition to their regular bi-weekly pay, this will be a long-term, fruitful advantage to both the employer and employee.
Generally, people find it difficult to discuss financial issues, so the airline will cultivate a positive company culture of financial well-being, de-stigmatize the subject, and create a supportive environment. This will contribute to better well-being for our employees and greater financial stability, as well as helping them to be more productive in the workplace.
Mr. Bannerman emphasized that the airline’s delightful opportunities for all our employees, including junior staff three months’ salary savings can enable them to purchase imported used cars and make their movement to and from work easier and maintain high-level operations and deliver good services and our biweekly pay schedule makes it easier to reduce debt or save money in the months you receive an additional paycheck. Employees can later get some for their family members within the shortest possible time.
Some employees who will earn per diem can also save some and buy motorbikes to avoid traffic to work. Airlines are all about customer service, so it will be no surprise that Goldstar Air will emphasize taking care of our employees.
This airline’s initiatives for our employees will also boost the sales of car dealers and real estate agents in Ghana and add to the airline’s over one million indirect job creation.
Home mortgages allow a much broader group of citizens the chance to own real estate, as the entire purchase price of the house doesn’t have to be provided upfront. But because the lender holds the title for as long as the mortgage is in effect, it has the right to foreclose on the home (seize it from the homeowner and sell it on the open market) if the borrower can’t make the payments.
A home mortgage will have either a fixed or floating interest rate, paid monthly along with a contribution to the principal loan amount. In a fixed-rate mortgage, the interest rate and the periodic payment are generally the same each period. In an adjustable-rate home mortgage, the interest rate and periodic payment vary. Interest rates on adjustable-rate home mortgages are generally lower than fixed-rate home mortgages because the borrower bears the risk of an increase in interest rates.
Either way, the mortgage works the same way: As the homeowner pays down the principal over time, the interest is calculated on a smaller base so that future mortgage payments apply more toward principal reduction than just paying the interest charges.
The dream of owning a home might more accurately be described as the dream of paying off a mortgage. A mortgage is the biggest single debt most folks will ever owe, and it likely takes a big bite out of your budget each month. So, it might seem like a no-brainer to get rid of your home loan as quickly as possible.
Economic developers consider airlines vital to generating local and economic growth. Ghana’s economy is currently facing challenges, according to major credit rating agencies, such as Moody who has downgraded Ghana’s rating to Ca with a stable outlook, citing high debt levels and liquidity challenges. Similarly, Fitch Ratings has downgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC’ from B-2, while Standard & Poor’s (S&P) also has downgraded Ghana’s foreign and local currency credit ratings to ‘CCC+/C’ with a negative outlook. The downgrades are attributed to Ghana’s High debt levels.
Ghana’s debt-to-GDP ratio is high, making it challenging for the country to manage its debt, and faces liquidity challenges, making it difficult to meet its financial obligations. Ghana’s fiscal deficit is a concern, with the country struggling to balance its budget and the economy is also facing external pressures, including a strong US dollar and global economic uncertainty.
However, it’s worth noting that Ghana’s economy has shown strong growth prospects, with the IMF and other organizations praising the country’s management of the economy during the pandemic. The government has also implemented fiscal consolidation reforms to reduce the deficit and promote economic growth.
Ghana’s Gross Domestic Product (GDP) growth rate slowed to 2.9% in 2023 but is projected to recover to 5% by 2026. The inflation rate decreased from 53.4% in January 2023 to 23.2% in December 2023, while the poverty rate increased to 31.4% in 2023, up from 27.4% in 2022.
The country’s fiscal deficit decreased to 4.6% of GDP in 2023, down from 10.7% in 2022, while public debt remains high, with a debt-to-GDP ratio of over 80%. International reserves increased, helping to stabilize the currency, while the Ghanaian cedi depreciated by 45% against the US dollar in 2022 but has been less volatile since.
The Bank of Ghana increased interest rates to combat inflation, while the World Bank and International Monetary Fund (IMF) also have provided support to Ghana through various programs, including a $3 billion Extended Credit Facility program yet the cost of living is still very high let alone saving to own a decent house.
Ghana at this time around will need Goldstar Air with its numerous innovations to come in and turn the economy around with the Ho Industrial Zone viability which will be an economic generator for the Volta Region and Ghana. Hajj flights to and from the Kingdom of Saudi Arabia will open more doors to Volta and Upper West regional capitals, connecting rural and smaller communities to global commerce, helping businesses expand, and attracting new companies to the area.
Tamale will serve as a pivotal hub for our airline’s maintenance, cargo, and training school and plans are underway to operate international passenger flights to and from the Sahel region and Hajj flights to and from the Kingdom of Saudi Arabia.
Goldstar Air will initially operate flights from Kumasi to Rome, Madrid, Hamburg, London, Dusseldorf, and Milan, and Hajj flights to and from the Kingdom of Saudi Arabia.
Also, flights from Accra shall include destinations such as Washington, Dubai, Lagos, Toronto, Monrovia, Conakry, Abidjan, Guangzhou, Dakar, Banjul, Rhode Island, London, and Freetown and pending cities such as Miami-Florida, Atlanta-Georgia, Chicago-Illinois, Glasgow-Scotland, Houston-Texas and many.
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