Gov’t to boost affordable housing with Pension Act amendment

Gov’t to boost affordable housing with Pension Act amendment
Source: Ghana | Myjoyonline.com | Austin Brakopowers | Austin.powers@myjoyonline.com | Instagram: @realbrakopowers
Date: 13-08-2017 Time: 10:08:55:am
Housing Minister, Samuel Atta Akyea interacting with fairgoers

Housing Minister, Samuel Atta Akyea says government is determined to roll out the affordable housing programme with an amendment of portions of the Pension Act.

He said government will ensure that between 30 and 40 percent of the money in the Pension fund is set aside for banks to leverage on to pay investors.

Speaking to Myjoyonline.com at the M&C Properties/Multi TV Habitat Fair 2017 Saturday, the lawmaker said the legislative changes will attract more investors into the housing sector.

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“When investors can be paid for jobs done, there is no amount of housing unit that they can’t roll out,” the Minister said.

Ghana has entered the throes of housing crisis as demand for decent housing far outstrips supply.

Data from the 2000 and 2010 Population and Housing Census estimated housing demands by citizens at 55.5 percent, representing a staggering 1.7 million housing deficit.

Experts have warned cities in Ghana will stretch beyond breaking point if housing and associated infrastructure needs such as roads and clean water are not provided.

Former President John Kufuor's government rolled out the Affordable Housing programme in 2005 to address the challenge.

Also last year, former President John Mahama inaugurated 1,500 housing units at Ningo in the Greater Accra Region as part of phase one of the affordable housing project.

The completed units commissioned in 2016

The project which is expected to produce 5,000 housing units is aimed at halving the deficit in 2016 but this has not been achieved.

Touring the venue of the ongoing M&C Properties/Multi TV Habitat Fair 2016, Mr Atta Akyea revealed the intention of government is to complete the housing projects started by the previous administrations between 2017 and 2018.

“We [government] have been inundated with affordable housing experts, internationally and locally and so many people will come and invest provided there are requisite financial instruments and arrangement on return on investment,” he said.

He said the changes in the Pension Act will bolster the confidence of investors to consider pre-financing housing projects across the country.

“If an investor is cocksure that after he has pre-financed housing s/he is going to be paid you will have so many investing,” he added.

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