Board Members, dignitaries in a group photograph
The State Housing Company (SHC) 2023 annual report has revealed that the country’s housing deficit has witnessed a 33% reduction from 2.8 million (2010) to 1.8 million (2023).
According to the report, this is partly due to the real estate boom and a 72.8% increase in residential structures within the period.
“SHC experienced tremendous progress both operationally and financially despite a challenging economic terrain, both locally and globally, post pandemic,” the report stated.
It further revealed that total expenditure on construction activities rose from GH¢14,137,980 in 2022 to GH¢26,128,347 in 2023, an increase attributed to the surge in construction projects, as evidenced by the growth in the number of houses constructed.
“Construction experienced a boost from GH¢6,332,485 in 2022 to GH¢12,194,140 in 2023, representing an increase of GH¢5, 861, 655,” the report stated.
The company recorded a total income of GH¢120,621,416 in 2023, an increase of 47% compared to the previous year’s total income of GH¢82,071,914.
This increase was also attributed to a rise in various operating income, notably leasehold income, ground rent and revenue from sale of houses, which together constituted 80.8% of the total income.
These increases were driven by the company’s intensified efforts to enhance revenue generation, as well as vigorous operational expansion, the report stated.
Speaking with journalists, Managing Director, SHC, Kwabena Ampofo Appiah, said the company has seen a revenue increase of over 370%, indicating strong performance and growth potential, adding, “the company is paying back around GH¢1.3 million to the government as dividends, in addition to taxes paid on profits.”
Mr. Appiah acknowledged that housing prices can be prohibitive for some individuals, but emphasised that the SHC aims to maintain the quality in its offerings.
He mentioned the government’s initiatives, such as the National Mortgage Scheme, which are designed to assist homebuyers in accessing lower mortgage rates and the introduction of a credit scoring system to help buyers secure better mortgage rates based on their financial responsibility.
Mr. Appiah expresses optimism for SHC’s future, aiming for the company to become a significant player in the African housing market within the next decade.
By Prince Fiifi Yorke