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Housing Project

Ghana sets aside US $51m for abandoned housing projects

The government of Ghana together with local banks have set aside US $51m to finance abandoned housing projects in the country.

During the state of the nation address, President Nana Akufo-Addo addressed the concerns on the abandoned projects stating that his administration will complete the WA, Tamale and Koforidua housing projects, started by the Kufuor administration in 2006.

The president also added that the US $180m Saglemi Housing Project, started under the National Democratic Congress (NDC) government is high on their priority list in 2019. The 5000 housing units was expected to cater for the low and middle-income earners in the country.

Freda Prempah, the Deputy Minister of Works and Housing on the other hand said that the government is establishing the value for money on the project and reconciling the number of houses built with the schedule of payments made, and accelerate delivery.

Bridging housing deficit

Ghana faces housing deficit in excess of 1.7 million housing units and completion of abandoned housing projects helps bridging the gap. The government of Ghana plans to bridge the housing deficit by delivering a minimum of 85,000 housing units annually for the next 20 years.

The former Deputy Minister for Works and Housing, Eugene Boakye Antwi  voted to set aside US $184m has been to establish a mortgage and housing finance and will be seeded with at least US $18m every fiscal year over the next 5 years. He further added that real estate developers are willing to pre-finance the buildings as long as the government offers a guarantee.

READ MORE:  Real estate sector’ll achieve sustainable growth – Experts

Source: Constructionreviewonline

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