Dedesua: President John Dramani Mahama has asserted that every Ghanaian deserves the right to own a house, emphasizing that housing is not a privilege but a fundamental right for all citizens. He made these statements during a sod-cutting ceremony for the Green City Project in Dedesua, located in the Ashanti Region, highlighting the urgent need for effective strategies to address the nation's housing deficit.
According to Ghana Web, President Mahama stressed the importance of housing for every individual, irrespective of gender, tribe, or social class. He pledged his government's commitment to developing social housing that is both affordable and accessible. To tackle the persistent housing shortage, the Mahama administration has introduced a new housing financing framework supported by a GHS3 billion revolving fund.
This initiative aims to make homeownership feasible for urban workers through long-term repayment plans, with an emphasis on affordability and tenant protection. The President also revealed a significant low-cost housing initiative designed to broaden access to decent and affordable housing for public sector workers and the wider Ghanaian population.
The government, in collaboration with organized labor and financial institutions, is implementing this scheme to ensure that professionals such as nurses, teachers, and doctors can secure quality housing under favorable terms. The Green City Housing Project at Dedesua is set to provide over 1,000 housing units, utilizing the innovative financing model.
The project involves the creation of the GHS3 billion revolving fund through a partnership among the government, organized labor, the private sector, and key financial institutions. Under this arrangement, the Social Security and National Insurance Trust (SSNIT) and Republic Bank Ghana will work with the government and labor unions to establish the fund.
This fund will offer credit to state housing developers like the State Housing Company and the Tema Development Corporation to build housing units across the country. 'Companies such as the State Housing Company (SHC) and the Tema Development Corporation (TDC) will receive credit from this fund to construct houses. Banks will then provide mortgages for workers to purchase these homes, payable over 15 to 20 years,' President Mahama elaborated.
The model is designed to facilitate homeownership for public sector workers while enhancing Ghana's housing delivery system through structured financing.