President Akufo-Addo cutting the sod for the construction of an affordable housing project at Pokuase. With him are Akosua Frema Osei-Opare (2nd from left) and Nii Otoo Kwame V (left).
All things being equal, Ghana is expected to reduce its housing deficit by some 8,000 margin between the next 14 to 18 months, courtesy, the affordable housing project.
It follows the successful sod-cutting ceremony by President Akufo-Addo at Pokuase, near Amasaman in Accra yesterday.
The Pokuase Affordable Housing Project is one of the first projects under the Akufo-Addo-led New Patriotic Party (NPP) government’s revamped National Affordable Housing Programme that aims to address the affordability gap and enhance access to housing for Ghanaians.
The multi-dwelling housing project, a public-private collaboration, will be developed on a 203-acre plot.
It will comprise a studio, one bedroom, two-bedroom and three-bedroom apartments.
Prices for the units is expected to start from $13,800.
Under the revised National Affordable Housing Programme, the government will subsidise the housing units with land and infrastructure and the private sector will raise funds to build the apartments on a cost recovery basis.
The initial project under the revised programme include the Pokuase project and another 6,000 housing units on a 200-acre land in Dedesua in the Ashanti Region.
Five developers, comprising both local and international companies have been selected to participate in the programme.
At a short ceremony, President Akufo-Addo said the project was a testament to the government’s unwavering commitment to address the pressing housing needs of workers in Ghana.
“This housing project embodies our dedication to prioritising housing as a fundamental need of our people…Together, we are breaking down barriers and creating pathways for our citizens, regardless of their circumstance, to access homes.
“Our commitment to ensuring housing security for all Ghanaians remains resolute and we will continue to explore innovative approaches to meet the diverse needs of the Ghanaian people,” he said.
He said the issue of rapid urbanisation was posing a major challenge to housing, exacerbating the affordability gap and hindering the implementation of effective housing initiatives in the country.
With a current urban population of 58 per cent, an urbanisation rate of 3.3 per cent, and with a housing deficit of 1.8 million units, he said the pressing issue of housing had become a critical developmental challenge for the nation.
The President said while only five per cent of the population could acquire homes without assistance, 60 per cent of Ghanaians required support facilitated by the state to access housing.
The remaining 35 per cent of the population, he said, will not be able to access homes even with government subsidies.
The support required by households falling into the 60 per cent bracket comes in the form of supportive subsidies and policies, and competitively priced mortgages.
That, he said, was why government initiated the revised National Affordable Housing Programme to create a favourable environment that reduces the risk associated with affordable housing and encourages private investment in the sector.
He said the framework was aimed at improving the overall ecosystem of housing delivery in the country by addressing both the supply and demand side of the housing market.
President Akufo-Addo said the project marked a positive collaboration between the government and the private sector.
The President announced that the government would facilitate well-structured mortgage plans for labour unions, workers and citizens.
He said the housing project embodied the government’s dedication to prioritising housing as a fundamental need of the people.
By Charles Takyi-Boadu, Presidential Correspondent