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.

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A JoyNews Research analysis of the 2021 Population and Housing Census shows that while the country’s total dwelling units have surged from 5.82 million in 2010 to over 10 million, nearly 1.3 million of these units remain empty.

This comes even as the country faces a housing deficit of nearly 2 million, revealing structural and market imbalances that continue to price many Ghanaians out of decent housing.

According to the data, the Greater Accra Region, Ghana’s most urbanized and economically vibrant area, has about 15% of all its dwelling units vacant.

The Western North Region tops the chart with 16.3% of its homes unoccupied. Other regions, including Ashanti, Eastern, Western, and Central, all record vacancy rates exceeding 11%, raising eyebrows among housing experts and policymakers.

The numbers point to a troubling trend where homes are being built not for habitation but for investment speculation, property hoarding, and possible money laundering.

This has fueled growing public concern about accountability and transparency in Ghana’s real estate sector, a space already known for weak regulation and opaque financing structures.

Despite government interventions and numerous housing schemes over the years, affordability remains a major barrier. Average rental and mortgage rates continue to outpace income levels, leaving many citizens unable to secure proper shelter while luxury apartments and gated estates stand empty

Source: Isaac Kofi Agyei | JoyNews Research

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