HomeNewsNew housing fund in Ghana to get government support

New housing fund in Ghana to get government support

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The Minister of Works and Housing, Mr. Samuel Atta-Akyea, has backed plans to set up a national housing fund in Ghana to offer decent and reasonable mortgages, slum upgrading and support for small-scale local building material manufacturers.

Also read:Housing shortage in Ghana needs US$34b to tackle

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The National Democratic Congress (NDC) administration opened a National Housing Policy in 2015, with a proposal to set up a national housing fund in Ghana; and Mr. Atta-Kyea, acting in response to inquiries from Parliament’s Appointments Committee, said he was in support of the proposal.

He said the founding of such a fund could be pulled to offer long-term financing for both financiers in the sector and home buyers.

Mr. Atta-Akyea grumbled about the lack of a devoted bank in the nation to support the housing desires of the population.

He gave a reassurance that he would guarantee that the housing fund was founded and also implied the prospect of pulling the seed finances of the housing fund to set up a bank for the housing sector.

The housing minister hopes that this will bring in professionalism into the running of the fund.

Also read:Ghana Real Estate Developers Association lauds housing fund policy

As part of his plan to tackle with the housing deficit in the nation, he said he would promote various streams of mortgage financing proposals to offer long-term financing to the buyers.

He said the housing shortage, which presently stood at 1.7 million housing units, was a worry to the government.

Mr. Atta-Akyea said the problems in land acquisition and high prices of building materials were the blight of the housing sector.

Mr. Atta-Akyea also praised the efforts of the preceding government at finishing some of the affordable housing projects began under the former Kufuor administration.

He said he would, consequently, make a case before Cabinet for the conclusion of the residual affordable housing units before starting any new housing projects.

He mentioned the present fiscal constraint as a challenge to the conclusion of the residual projects, but gave the pledge that he would utilize the private sector as a vehicle to attain his goals for the sector.


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