President Mahama has announced a new housing financing framework anchored on a three-billion-cedi revolving fund aimed at supporting affordable housing delivery.

Speaking at the sod cutting ceremony for the Green City Housing Initiative in Kumasi on Saturday, May 9, the fund, he explained, would be established through a partnership involving government, organised labour, SSNIT, Republic Bank and the private sector.

“So what is going to happen is government, organised labour, SSNIT and Republic Bank are going to create a three-billion revolving fund,” he said.

He explained that institutions such as the State Housing Company (SHC) and Tema Development Corporation (TDC) would access financing from the fund to construct homes, while banks would provide long-term mortgages to workers over 15 to 20 years.

President Mahama further announced that the houses and mortgages under the scheme would be indexed in cedis rather than dollars.

“This is a Ghanaian solution designed specifically for our Ghanaian reality,” he stressed.

He said the move would protect homeowners from exchange rate fluctuations that previously caused mortgage costs to rise sharply.

Affordable Housing for Workers

The President disclosed that government is implementing a low-cost housing scheme targeted at public sector workers, including teachers, nurses, doctors and civil servants.
“Nurses, teachers, doctors and civil servants must have access to safe and dignified homes,” he stated.

He also said the Saglemi Affordable Housing Project, initiated under the previous NDC administration, was being prioritised for completion.