President John Dramani Mahama has unveiled a large-scale affordable housing programme meant to improve access to decent, low-cost homes for public sector staff members nationwide.
The President said the initiative was being rolled out in collaboration with organised labour and financial institutions to help nurses, teachers, doctors and other civil servants secure quality housing on favourable terms.
He made the announcement on Saturday, May 9, at the sod-cutting for the over 1,000-unit Green City Housing Project in Dedesua, Bosomtwe District, Ashanti Region.
He noted that the programme is built on a new financing model that includes setting up a GH¢3 billion revolving fund. The fund will be established through a joint effort involving government, organised labour, the private sector and major financial institutions.
Under the plan, he said, the Social Security and National Insurance Trust (SSNIT) and Republic Bank Ghana will work with government and labour unions to set up the facility.
He went on to add that the money will be channelled to state housing developers including the State Housing Company (SHC) and the Tema Development Corporation (TDC) to construct homes across the country. “Companies like State Housing Company (SHC), Tema Development Corporation (TDC), and all the housing companies will be given credit from this fund to build houses.
And then the banks will give mortgages for the workers to buy the houses and pay over a 15 to 20-year period,” he said.The President said the structure is intended to make owning a home easier and more sustainable for public sector employees, while also boosting Ghana’s overall housing system through organised financing, he added.
