President John Dramani Mahama has announced a significant allocation of GHS1 billion in the 2027 Budget towards a revolving National Housing Fund. This fund aims to expand access to affordable and decent housing for Ghanaians. The President made this announcement at the opening of the National Conference on Housing Finance in Accra, which was organised by the National Housing Fund Limited in collaboration with the Ministry of Works, Housing and Water Resources.
The conference, held to commemorate World Habitat Day, brought together stakeholders to discuss innovative financing for Ghana's housing future. President Mahama emphasized that the Government's contribution to the fund would not be the sole source of financing. He encouraged pension funds, insurers, development finance institutions, and diaspora investors to provide capital through structures that protect their interests while supporting viable housing projects.
The President highlighted the importance of a blended finance approach, which could help mobilize resources for the fund. He also noted that carefully targeted public and concessional financing could help attract private investment and manage risks. The National Housing Fund Limited, which has transitioned from the National Home Ownership Fund Limited, will play a crucial role in supporting housing delivery and expanding affordable housing options.
President Mahama reiterated the Government's commitment to delivering decent and affordable housing at scale. This will be achieved through the effective use of government and institutional land banks, support for private investment, and the revival of stalled housing projects. The President mentioned that the housing programme at Saglemi is expected to deliver 1,500 housing units by next year.
Additionally, a district housing programme is being piloted in eight districts by the Ministry of Works, Housing and Water Resources in collaboration with the National Housing Fund. President Mahama assured that the Government would accelerate the district housing programme in the next financial year. Other initiatives, such as the Tema Development Corporation's Oxygen City in Ho and the State Housing Company's Green City at Dedesua, will also contribute to the country's housing stock.
President Mahama emphasized that economic stability is critical to expanding housing finance. He noted that lower inflation and more favourable lending conditions could improve prospects for construction and mortgage finance. The President also stressed that housing development must go beyond constructing houses and create integrated communities with essential infrastructure and social facilities.
The President called for housing to be incorporated into the planning of industrial enclaves under the Government's economic transformation agenda. He also highlighted the need for efficient land administration, planning, and infrastructure provision to support housing development. The National Housing Finance Conference is expected to become an annual event to review progress and agree on practical solutions to Ghana's housing challenges.
Key points
- President Mahama allocates GHS1bn for a revolving National Housing Fund to expand access to affordable housing.
- The fund will be sourced from a combination of government and private sector contributions.
- The Government aims to deliver decent and affordable housing at scale through effective use of land banks and private investment.
