President Mahama said the allocation will provide dedicated financing for housing and support efforts to improve access to affordable housing across the country.
He explained that the government’s contribution will be placed in the National Housing Fund and made available to finance housing projects on a revolving basis.
“I have directed the Minister of Finance to allocate 1 billion Ghana cedis in next year’s budget as government’s contribution to the 3 billion revolving fund for the National Housing Fund.”
According to the President, the housing fund will form part of broader efforts to develop sustainable financing mechanisms capable of addressing the country’s housing needs.
He therefore encouraged stakeholders in the housing sector to examine mortgage refinancing and securitization, employer-supported schemes and responsible financial technology solutions as additional avenues for expanding access to housing finance.
President Mahama stressed that the various financing instruments must be assessed based on their ability to reduce the cost of housing finance, expand access and remain sustainable.
“Our housing agenda must provide a range of options,” he said.
He noted that while some households could access mortgages with the appropriate support, others may be better served by alternative arrangements such as rent-to-own schemes.
“Some households can obtain a mortgage with suitable support. Others will be better served by rent to own arrangements.”
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