The Volta Regional Association of Real Estate Developers has called on financial institutions to introduce more mortgage packages to help deal with Ghana’s housing deficit. 

The Association explained that mortgage financing would provide more flexible terms to people who wish to own or purchase housing units, thereby reducing the country’s housing deficit. 

Speaking at the official opening of the Ho Branch of CAL Bank, an Executive Member of the Association, Rev Bright Adonai, eulogized the contribution of financial institutions to the growth of businesses. 

He, however, believes there is a need for a paradigm shift in investing in the real estate industry – which had contributed to the development of Ghana – in this era of global economic downtrend. 

“We are expectant that the banks will provide a new perspective applied to an industry of great relevance such as the real estate industry particularly, in the current national and global economic conditions to help us achieve our aim of contributing immensely to the region and the nation’s development”, he said. 

According to the Ghana Statistical Service (GSS), the nation’s housing deficit stood at 1.8 million, in 2021, recording a 33 per cent reduction from the previous 2.8 million. 

This was attributed to builders not building enough to meet demands, thereby, pushing home prices to record levels. 

However, the Minister of Works and Housing, Francis Asenso-Boakye, said the government aims to introduce policies that would reduce the cost of owning a decent accommodation in Ghana by 40 per cent.