The Ministry of Works and Housing and Water Resources has inaugurated three Governing Boards for the Real Estate Agency Council, Public Servants Housing Loan Scheme and State Housing Company Limited, respectively.

The Board of the State Housing Company Limited is to prioritise the mobilisation of innovative financing mechanisms for key national housing initiatives.

It is also to work closely with management and the Ministry to develop practical and sustainable financing strategies for the Pokuase-Afiaman Housing Project, the Dedesua Affordable Housing Project in the Ashanti Region, and the broader District Housing Programme, which seeks to deliver quality homes across all districts in the country.

“These projects are not only central to our housing goals, but also have the potential to generate significant employment, support local industries, and deepen economic inclusion,” Mr Kenneth Gilbert Adjei, the Minister of the sector, said.

He admonished the Board to explore creative public-private partnerships, tap into long-term institutional capital, and leverage the growing interest in green and climate-resilient housing finance, adding that the time had come for the company to position itself not just as a developer of homes but as a leader in affordable housing innovation on the continent.

Mr Adjei, inaugurating the Public Servant Housing Loans Scheme Board, said the Board was to assist public servants to construct new residential property, refurbish existing residential property, and pay off loans on property already acquired.

It was also to purchase existing residential property through mortgage financing by reaching out to public servants through effective public relations and efficient service delivery systems.

The Minister said he was aware that the absence of a governing Board for the past eight years made it virtually impossible to institute various measures and processes that would expand the Scheme’s operations.

“For instance, several schools of thought have argued that the scheme could reconsider its interest rate to adopt one that would possibly position the Scheme to attract external funding towards expanding its operations.

“This will require a significant change in the legal and regulatory frameworks that have governed the Scheme’s operations. Accordingly, I urge you to prioritise advancing policy reforms by critically reviewing the mandate to consider the amendment of the PSHLSB Decree (N.R.C.D 319),” he added.

Mr Adjei noted that it was essential to modernise the Board’s operations, potentially including a home rental scheme and reviewing interest rates to attract external funding.

For the Board of the Real Estate Agency Council, the Minister asked them to be a “model, modern, and innovative real estate agency regulatory body.”

“This is an ambitious, yet achievable goal. Your mission is to regulate this ecosystem through licensing, standard setting, robust policies, and effective regulatory frameworks – all for the sustainable development of our beloved Ghanaian economy,” he said.

He entreated them not to let the core values of the Council – Professionalism, Integrity, Customer Focus, Transparency, Equity, and Innovation be merely words on paper, but bedrock of every decision they made, every policy they formulated, and every action they took.

He charged the Board to maintain a public register, set performance standards, promote education, establish continuing education programmes, and monitor compliance.

Mr Gerald Baffour Awuah Bonsu, the Chairman of the Public Servants Housing Loan Board, said the housing loan played a crucial role in supporting public servants and their work must align with the President’s vision to “Reset Ghana” by improving systems and delivering real impact.

“We will stay focused on building sustainably and affordably with local materials, as we expand access to decent housing for the people who deserve our nation,” he said.

Mr Ralph Roland, the Chairman of the State Housing Company Limited Board, pledged to restore the company with his team, to its central role in Ghana’s development.

With boldness, integrity and accountability, and the quest to achieve their mission, he believed confidence would be restored in the housing sector.

The Board, Mr Roland said was aware of the challenges of the sector and would design innovative strategies to tackle the housing deficit while creating decent houses for citizens.