President John Dramani Mahama has unveiled a new affordable housing programme aimed at helping public sector workers across Ghana gain access to decent and affordable homes.
The initiative was announced during the sod-cutting ceremony for the Green City Housing Initiative in the Ashanti Region.
According to President Mahama, the programme is designed to ease accommodation challenges facing teachers, nurses, doctors, civil servants, and other essential workers.
GH₵3bn Fund To Drive Housing Delivery
At the centre of the programme is a GH₵3 billion revolving housing fund established through collaboration between government agencies, organised labour groups, financial institutions, and developers.
The fund will support large-scale housing development and create long-term home ownership opportunities for workers across the country.
Mahama explained that state-backed developers, including the State Housing Company and Tema Development Corporation, alongside private developers, will access financing to construct housing units in major urban centres.
Commercial banks are expected to provide mortgage facilities to eligible workers, allowing repayment over a period of 15 to 20 years.
Homes To Be Priced In Ghana Cedis
A key feature of the programme is that houses and mortgage repayments will be denominated strictly in Ghana cedis rather than foreign currencies.
President Mahama said the move is intended to protect homeowners from exchange rate volatility and rising repayment burdens caused by currency depreciation.
He noted that previous mortgage systems exposed many workers to fluctuating repayment costs whenever the cedi weakened against foreign currencies.
According to him, the new framework is expected to improve stability and predictability in Ghana’s housing finance sector.
Government Pushes Homegrown Housing Solution
Mahama described the initiative as a homegrown response tailored to Ghana’s economic realities and housing challenges.
He stated that the programme aligns with broader efforts to improve living standards and expand access to affordable housing for working-class citizens.
The housing scheme will be implemented in phases, with authorities expected to release additional details on eligibility requirements, financing structures, and project timelines in the coming months.
