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Affordable Housing

Ghana to commence construction of 100,000 affordable housing project

Ghana is set to commence construction of 100,000 housing units project which is in line with Akufo-Addo’s plan to provide affordable housing for the low and middle-income earners in the country.

A Memorandum of Understanding (MoU) was reached between Sidre EPCM Yatirim Turism A.S, a Turkish company and HS Kodana Comapny Linited to signify the start of the project.

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Housing deficit

Speaking during the signing ceremony,Deputy Minister of Housing, Freda Prempeh, said Ghana needs at least 100,000 housing units each year to address its housing deficit, which is in the range of two million.

The housing sector is highly unregulated and, thus, owners operate within no established framework and set prices as they deem fit contributing to the widening housing deficit in the country.

Mr. Freda also noted that the Ministry of Works and Housing was in consultation with the Ministry of Finance to issue the two parties with the requisite guarantee of international consequence via a bank or any financial institution agreeable to all stakeholders relating to each year’s delivery of housing units in the country.

 

The 100,000 units are to be constructed across the 16 regions of Ghana over the next four years. The Turkish company is to kick-start the project this year with about 5,000 units.

Ghana’s housing sector is highly unregulated. Homeowners and landlords operate within no established framework and set prices as they deem fit contributing to the widening housing deficit in the country.

The costs are influenced by several factors including location, size, amenities and proximity to facilities such as malls and hospitals among others.

READ MORE:  Hong Kong plans artificial islands for housing

Source: Construction Review Online

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