On Wednesday, October 7, 2026, President John Dramani Mahama announced that he 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 in Ghana. The announcement was made during the maiden National Conference on Housing Finance in Accra.
President Mahama emphasized that Ghana's housing challenge is not only about the number of houses available but also the ability of households to secure financing on affordable terms. He noted that traders, artisans, farmers, transport operators, and other self-employed workers face difficulties in accessing mortgage financing due to the lack of payslips or conventional banking records required by mortgage providers. This has resulted in a significant housing deficit of 1.8 million units in Ghana.
To address this challenge, President Mahama urged financial institutions to develop alternative ways of assessing repayment capacity, including savings histories and verifiable business cash flows. 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.
The President highlighted that the next phase of the NHF must extend financing to a wider section of the population while keeping houses within the financial means of intended beneficiaries. To achieve this, the government aims to increase the number of people becoming homeowners each year. The President also announced a new NHF programme, Easy Rent, to address the burden of large upfront rent payments.
Under the Easy Rent programme, the NHF will pay the rent advance for a worker, who will then repay the amount monthly. This initiative is intended to ease the pressure substantial rent advances place on household finances. President Mahama recalled his own experience of paying a housing agent fee, which almost depleted his finances when he started life with his wife, Lordina.
The proposed Easy Rent programme complements the government's existing National Rental Assistance Scheme, which provides rent advances to qualifying tenants who repay through monthly instalments. This programme aims to support young Ghanaians who face difficulties in paying rent advances, which can consume savings that could otherwise be used for children's education or family businesses.
The President's directive to allocate GH¢1 billion for the NHF in the 2027 Budget demonstrates the government's commitment to addressing Ghana's housing challenge. The NHF's efforts to provide affordable housing and rent financing options are expected to have a positive impact on the lives of many Ghanaians.
Key points
- President Mahama directs Finance Minister to allocate GH¢1 billion for National Housing Fund in 2027 Budget.
- Ghana faces a housing deficit of 1.8 million units.
- The NHF's Mortgage Scheme offers cedi-denominated mortgages at 8.4 per cent.
