Department of Public Works and Housing Opens Housing Committee

General News on Wednesday, April 17, 2019

Source: ghananewsagency.org

2019-04-17

The Ministry of Public Works and Housing inaugurated Tuesday in Accra a national housing committee composed of 16 members, to develop guidelines for the implementation of the national program of mortgage financing and housing.

The committee chaired by Mr. Samuel Atta Akyea, Minister of Sector and supported by the Deputy Minister, Mrs. Barbara Asher Ayisi, is responsible, among other tasks, to identify and create land banks and to help to land acquisition.

It is also planned to develop a policy to promote community building and equitable distribution of affordable housing, to oversee the development of infrastructure such as roads, water and electricity connections to new sites and facilities. implement the social housing component.

The committee is made up of representatives from the ministries of finance and roads and roads, as well as from the architects' registration board, the housing loans program council, the rural housing department and the housing services. # 39; architecture and engineering (Limited).

Other representatives came from the Association of Real Estate Developers of Ghana, Ghana Water Company Limited, Power Distribution Services Ghana and Lands Commission.

Mr. Atta Akyea said that homeownership had become one of the biggest obstacles faced by the average Ghanaian and that this could be attributed to the lack of access to affordable mortgages and the lack of access to affordable mortgages. at the high cost of limited funding for the construction of houses.

The statistics, he said, revealed that 60 percent of Ghana's urban population would need some form of government intervention to help them access housing, 35% of them can not access housing, even with government badistance.

"Unfortunately, it is a sad situation in which we find ourselves as a country. It is not surprising that we are facing a housing deficit that now exceeds two million homes, "he said.

He added that in order to cope with the precarious situation, the government has approved through the 2018 budget and economic policy a national plan for financing mortgage credit and housing intended to finance mortgages and the construction of residential housing. Across the country.

This, he said, was aimed at increasing citizens' access to adequate, safe, secure and affordable housing.

Atta Akyea said the overall plan was to make the government the main institution for providing mortgages and housing as practiced in developed economies.

"The government, in the short and medium term, intends to work with both Tier-2 SSNIT contributors and selected banks to provide sustainable mortgage financing to public and private sector workers," he said. he declared.

The minister explained that, thanks to the system, SSNIT contributors would be able to access their Level 2 pension, while participating banks would use pension funds and institutional funds to provide long-term funds. to the system.

The ministry, he said, was aiming to build about a thousand houses during the 18-month pilot phase.

Mr. Solomon A. Asoalla, Director General of the Department of Public Works and Housing, stated that the Committee was to begin its work in April 2019 and to work on the implementation of the Affordable Housing Project until October 2020.

He stated that the government intends to develop a primary market for mortgages and housing finance by implementing initiatives to deepen the market for mortgage financing and residential housing in local currency. Help the banking markets and capital markets.

Among the objectives of the policy initiatives, he said, was to stimulate local currency mortgages and housing finance in the financial system to promote large-scale social housing initiatives at affordable prices. private sector.

Others needed to create an environment conducive to long-term fund raising (pensions and insurance) in order to develop a vibrant market for real estate investment trusts for middle and lower income segments of the economy.

Mr. Asoalla explained that the Committee should submit written reports and minutes to the Director General of the Ministries of Public Works, Housing and Finance at least once a month for review and submission to Ministers.