Minister for the Works and Housing, Samuel Atta Akyea, has said one-third of Ghanaians (approximately 10 million Ghanaians) are not living in decent homes.
This, according to him, is as a result of the country’s 2 million housing deficit.
“One-third of Ghanaians are not living in decent houses and this is because of Ghana’s 2 million housing deficit. On average there are 5 people living in a household and given the country’s housing deficit, it implies that some 10 million Ghanaians are not living in decent houses,” he stated.
The Minister made the assertion during the commissioning of newly built 204 housing units at Tema Community 22 by President Akufo-Addo on Monday.
Speaking further at the commissioning, the Minister noted that with a huge infusion of monies into the National Housing Mortgage Fund (NHMF), the model 204 housing units constructed at Tema Community 22 under the National Mortgage and Affordable Housing Real Estate Investment Trusts (REITs) Schemes, could be replicated across the country.
“With a huge infusion of monies of about Ghs 33 billion, this model housing units can be replicated across the country and the NHMF can boast of One Constituency Four Flats,” he said.
“This is only a teaser for Ghanaians that we really want to affect the country when it comes to affordable housing and the president will not oversee corruption practices in housing projects like the Saglemi Housing project but will make sure every coin that will aid in the provision of affordable housing for Ghanaians is used for the intended purpose,” he added.
The National Housing and Mortgage Fund (NHMF) was set up to pilot two schemes; the National Mortgage Scheme (NMS) and the Affordable Housing Real Estate Investment Trusts (REITs) (Rent-to-own) Scheme.
Under the National Mortgage Scheme (NMS), mortgages are being underwritten at rates of 10 -12 per cent by the participating banks namely, GCB Bank Limited, Stanbic Bank Ghana Limited and Republic Bank Ghana Limited.
The two schemes have reduced mortgage rates by over 60 per cent, compared to the average market rate of 28 per cent. The Affordable Housing REITs is promoting the rent-to-own scheme with only monthly rent payments and after a period, the occupant has the option to own it.
The rent-to-own scheme will eliminate the burdened two (2)-year rent advance system and is designed to give low income workers the opportunity to rent and eventually own homes.
