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President Akufo-Addo addressing the Ghana Parliament during the state of the nation address in 2019
President Nana Akufo-Addo announced a detailed plan including a 1 billion ¢ housing fund to address the housing deficit in the country.
Making the announcement on Thursday during his third speech to Parliament on the State of the Nation (SONA), he said the initiative was "to target low-income people."
Recognize the importance of hAfter noting the problem and the "persistent problem that worsens" over time, he said his government would do its best to meet this challenge.
The President indicated that, alongside the creation of the Fund, which aimed at completing existing housing projects at various stages of completion, his government will tackle the challenge of hosting in a comprehensive manner.
According to him, the government also provided in the 2019 budget funds for the construction of 200,000 housing units to further increase the housing stock of the country, in order to relieve the officials, police and armed forces of the country. housing problems.
President Akufo-Addo also hinted at a draft plan to eliminate Nima, one of the oldest slums in the country.
The plan, according to the president, "will not dislodge a single person in Nima" but will welcome them decently in the new housing plan.
The president hopes that this huge housing project will create huge jobs for the country's craftsmen, building materials merchants and financial institutions.
His housing challenge prescription for 2019 is a marked change from what he had defended in 2018 when he had addressed Parliament at the same time last year.
In this speech, he said the government "will abolish 5% VAT / NHIL on sales of real estate will be consolidated by a continuous process to create" a favorable environment reducing interest rates on mortgages " .
He added that "discussions are also underway between the pension regulator and the banks to ensure an efficient mortgage system. This will facilitate access to housing for the regular budget.
"The government will also continue to create a favorable environment that will encourage private sector investment in cheaper housing for the population," he told the parliament in 2018, he said.
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