John Dramani Mahama, the president, has ordered Cassiel Ato Forson, the minister of finance, to set aside GH¢1 billion in the 2027 Budget for the government’s portion of the GH¢3 billion revolving National Housing Fund.
The allocation, according to President Mahama, will offer dedicated funding for housing and back efforts to increase access to affordable housing nationwide.
He stated that the government’s donation will be placed in the National Housing Fund and used to support housing projects on a revolving basis.
“I have instructed the Minister of Finance to earmark 1 billion Ghana cedis in next year’s budget as the government’s share of the 3 billion revolving fund for the National Housing Fund.”
The President stated that the housing fund would be a component of larger initiatives to build sustainable financing methods that can meet the country’s housing requirements.
He therefore urged stakeholders in the housing industry to explore responsible financial technology solutions, employer-supported programs, and mortgage refinancing and securitization as further means of increasing access to housing finance.
President Mahama emphasized the need to evaluate the different financing options according to their capacity to lower housing finance expenditures, increase accessibility, and maintain sustainability.
“Our housing plan must offer a variety of possibilities,” he stated.
He pointed out that some families could get mortgages with the right help, while others might be better off with different plans, like rent-to-own.
“With appropriate assistance, certain families may be able to secure a mortgage. Others will fare better with rent-to-own agreements.”
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