President John Dramani Mahama has announced a GH¢1 billion government allocation in the 2027 Budget to support the National Housing Fund (NHF) and expand access to affordable housing across Ghana.
The announcement was made during the opening of the National Conference on Housing Finance, organised by the National Housing Fund under the theme, “Adequate Housing for Innovative Financing for Ghana’s Housing Future.”
Deputy Minister for Works and Housing, Hon. Gizella Tetteh-Agbotui, represented the sector minister at the conference and joined President Mahama for the opening ceremony.
GH¢3 Billion Revolving Housing Fund
The President said the GH¢1 billion allocation will serve as the government’s contribution to a proposed GH¢3 billion revolving National Housing Fund.
The initiative is expected to provide financing for housing projects and improve access to affordable housing and homeownership for Ghanaians.
The conference brought together stakeholders to discuss challenges affecting housing delivery and housing finance in Ghana, particularly as rapid urbanisation continues to increase demand for safe, secure and accessible homes.
Ghana’s Housing Deficit and Financing Challenges
President Mahama noted that Ghana’s housing crisis extends beyond the country’s estimated 1.8 million housing deficit.
According to the President, the cost and structure of housing finance also remain major obstacles because existing financing arrangements often fail to reflect the income levels of many Ghanaian households.
He stressed the need for innovative housing finance solutions that can make homeownership more financially accessible to ordinary Ghanaians.
National Housing Fund Supports More Than 1,000 Homeowners
President Mahama disclosed that more than 1,000 people have already received support to own homes through interventions involving the National Housing Fund and partner financial institutions.
He urged the Fund to expand its reach and ensure that more Ghanaians can benefit from affordable housing financing.
The President said widening access to the NHF would help keep housing costs within the financial means of intended beneficiaries while addressing the growing demand for affordable homes.
Government Pushes Affordable Housing Agenda
The latest housing finance initiative forms part of the government’s broader efforts to tackle Ghana’s housing deficit, affordable housing shortage and homeownership challenges.
With rapid urbanisation increasing pressure on housing infrastructure, stakeholders at the conference are expected to explore innovative financing models capable of mobilising funding for housing development.
The GH¢1 billion allocation is therefore expected to play an important role in strengthening the National Housing Fund, financing housing projects and improving access to affordable homes for Ghanaian families.
Source: newsthemegh.com