Housing deficit in Ghana reaches two million – Housing Minister

Company News of Wednesday, April 17, 2019

Source: citibusinessnews.com

2019-04-17

The housing deficit in Ghana has reached two million units. This was revealed by the Minister of Public Works and Housing, Samuel Atta Akyea.

For this, the government should build 190,000 to 200,000 housing units each year over the next 10 years to bridge the gap.

This should cost about US $ 3.4 billion for 200,000 units.

The government has announced an ambitious plan to establish mortgage and real estate financing of 1 billion GH ¢ to mobilize private capital while providing affordable housing to Ghanaians.

The fund will also help reduce the housing deficit.

Although the plan was announced in the 2019 budget and economic policy presented by the Minister of Finance, Mr. Ken Ofori-Atta, the government has still not implemented this plan.

Addressing the media, Mr Atta Akyea, who confirmed that the housing deficit had reached 2 million units, explained that it needed a long-term measure to solve the problem.

"Unfortunately, it's a sorry situation in which we find ourselves. It is not surprising that we are facing a housing deficit that now exceeds 2 million homes, "he said.

To that end, the minister has created a national housing committee on affordable housing.

At the inauguration of the council, Atta Akyea asked members to work with resilience to help bridge the housing gap.

The members of the Committee have until October 2020 to propose solutions relevant to the housing crisis.

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.