President John Dramani Mahama has directed the Minister of Finance to allocate GH¢1 billion in the 2027 Budget as the government’s contribution to a proposed GH¢3 billion National Housing Fund (NHF).
The President said the funds will be placed in a revolving facility to support housing development, increase access to affordable homes and help more Ghanaians become homeowners. He made the announcement on Wednesday, October 7, 2026, when he opened the maiden National Conference on Housing Finance in Accra.
According to President Mahama, the government’s GH¢1 billion contribution will form part of a broader effort to mobilise long-term financing for Ghana’s housing sector.
“I have directed the Minister of Finance to allocate one billion Ghana cedis in next year’s budget as government’s contribution to the three billion revolving fund for the National Housing Fund.”
Ghana’s Housing Deficit Stands at 1.8 Million Units
President Mahama said Ghana’s housing crisis goes beyond the availability of physical houses, stressing that many households also struggle to secure affordable housing finance.
He noted that traders, artisans, farmers, transport operators and other self-employed workers often have regular sources of income but may not have payslips or conventional banking records required by mortgage providers.
The President therefore urged banks and other financial institutions to consider alternative methods of assessing borrowers’ ability to repay loans, including savings records and verifiable business cash flows.
Figures presented at the conference indicate that Ghana currently faces a housing deficit of about 1.8 million units, increasing the need for sustainable housing finance and greater investment in affordable housing.
NHF Mortgage Rates Reduced
The National Housing Fund’s Mortgage Scheme currently provides cedi-denominated mortgages at an interest rate of 8.4 per cent, down from 13.5 per cent.
Developer financing under the scheme is currently priced at 10.4 per cent, providing additional support for housing developers.
President Mahama said more than 1,000 people have already received support to own homes through interventions involving the National Housing Fund and partner financial institutions.
He stressed that the next stage of the programme should expand affordable mortgage financing to more Ghanaians while ensuring that housing costs remain within the financial capacity of beneficiaries.
NHF Introduces ‘Easy Rent’ Programme
President Mahama also announced a new Easy Rent programme under the National Housing Fund to help workers deal with the high cost of rent advances in Ghana.
Under the proposed arrangement, the NHF will pay the rent advance on behalf of an eligible worker, who will subsequently repay the amount through monthly instalments.
The initiative is aimed at reducing the financial pressure caused by large upfront rent payments, which often consume a significant portion of household savings.
The President recalled his own experience when he moved out of his father’s home to start life with his wife, Lordina. He said additional charges paid to a housing agent at the time nearly depleted their finances.
He noted that many young Ghanaians face similar challenges, with substantial rent advances potentially taking away savings that could otherwise be invested in children’s education, small businesses and other household needs.
The proposed Easy Rent scheme will complement the government’s existing National Rental Assistance Scheme, which provides rent advances to qualifying tenants who repay through monthly instalments.
Government Pushes Affordable Housing Finance
The GH¢1 billion allocation is part of broader government efforts to improve Ghana’s housing sector by expanding access to long-term financing, supporting affordable housing projects and encouraging greater participation from financial institutions and private developers.
President Mahama has previously said the government intends to increase Ghana’s housing stock, expand affordable homeownership and address the challenges created by high rent advances and limited access to mortgage financing.
The National Housing Fund is expected to play a central role in developing sustainable financing solutions that can help more low- and middle-income households access decent and affordable housing.
Source: newsthemegh.com