Ghana seeks US $436m to deliver 100,000 affordable homes

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The government of Ghana is seeking to raise US $436m worth of investment to deliver at least 100,000 affordable homes across the country, as part of the agreement, under UNOPS Social Impact Investment Initiative (S3I).

Ms. Freda Prempeh, the deputy Minister of Works and Housing confirmed the reports and said that UNOPS has already committed US $10m as seed money for the project execution expected to be complete in six to ten years.

Also read: US $5m Zimbabwe’s housing project to commence soon

Affordable housing project

UNOPS Executive Director, Mr. Grete Faremo stated that the project would provide thousands of Ghanaians with improved access to sustainable housing while it boosts livelihoods and the local economy.

Ms. Freda added that the ministry aims at moving away from traditional building methods and incorporate new technologies. The building material would use environmentally friendly construction techniques that would make the home building more attainable.

More than 3,000 jobs will be created during the construction process with the energy efficient rooftops used being manufactured locally. The 100,000 homes would benefit the local community while alleviating the 1.7 million housing deficit in Ghana.

Upon completion of the development, the project value would scale up to US $5b.  Ghanaians would acquire the affordable housing units through mortgage financing. The ministry of works and housing have confirmed talks with banks and financial institutions to provide beneficiaries mortgage facilitation.

UNOPS Social Impact Investment Initiative (S3I)

The UNOPS Social Impact Investment Initiative (S3I) is under the mandate of the UN General Assembly. Similar projects are being executed in Kenya and other parts of the world.