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 GH¢3 billion National Housing Fund (NHF). This fund will be used on a revolving basis to finance housing projects and expand access to affordable housing. The announcement was made during the maiden National Conference on Housing Finance in Accra on October 7, 2026. The President emphasized the need for an increase in the number of people becoming homeowners each year to address Ghana's housing deficit.
Ghana's housing challenge is not only about the number of houses available, but also the ability of households to secure financing on terms they can afford. President Mahama cited difficulties faced by traders, artisans, farmers, transport operators, and other self-employed workers who have regular incomes but lack payslips or conventional banking records required by mortgage providers. He urged financial institutions to develop alternative ways of assessing repayment capacity, including savings histories and verifiable business cash flows.
According to figures presented at the conference, Ghana has a housing deficit of 1.8 million units. The President said the scale of the deficit requires an increase in the number of people becoming homeowners each year. The NHF’s Mortgage Scheme currently offers cedi-denominated mortgages at 8.4 per cent, down from 13.5 per cent, while developer financing under the scheme stands at 10.4 per cent. More than 1,000 people have so far been supported to own homes through interventions involving the Fund and partner financial institutions.
President Mahama said the next phase must extend such financing to a wider section of the population while keeping the houses within the financial means of intended beneficiaries. He also announced a new NHF programme, Easy Rent, to address the burden of large upfront rent payments. Under the programme, the NHF will pay the rent advance for a worker, who will then repay the amount monthly.
The President recalled that when he left his father’s house to begin life with his wife, Lordina, the additional fee paid to a housing agent almost depleted their finances. He said many young Ghanaians face similar difficulties, with rent advances potentially consuming savings which could otherwise be used for children’s education or family businesses. The proposed Easy Rent programme comes alongside the government’s existing National Rental Assistance Scheme.
The Easy Rent programme aims to ease the pressure substantial rent advances place on household finances. President Mahama emphasized that the initiative is intended to support workers who face difficulties in paying large upfront rent payments. This programme will work in conjunction with the existing National Rental Assistance Scheme, which provides rent advances to qualifying tenants who repay through monthly instalments.
The President's directive to allocate GH¢1 billion for the National Housing Fund in the 2027 Budget is part of efforts to address Ghana's housing deficit. The fund will provide affordable housing options for Ghanaians, particularly those who have difficulty accessing mortgage financing. The President's initiative aims to increase access to affordable housing and reduce the financial burden of rent payments on households.
Key points
- President John Dramani Mahama directs Finance Minister to allocate GH¢1 billion for National Housing Fund in 2027 Budget.
- Ghana has a housing deficit of 1.8 million units, with many households struggling to access affordable housing.
- The National Housing Fund’s Mortgage Scheme offers cedi-denominated mortgages at 8.4 per cent, with over 1,000 people supported to own homes through interventions involving the Fund.
