State Housing Company: We’ve not taken any loans for three years
Kwabena Ampofo Appiah, managing director of the State Housing Company, tells the “Asaase Breakfast Show” about the changed face of SHC
The State Housing Company has bounced back to profitability after recent reforms.
Indeed, as Kwabena Ampofo Appiah, managing director of the company told Kojo Mensah, host of the Asaase Breakfast Show, the company has not taken any loans in the past three years.
Rather, the State Housing Company has chosen to bounce back to profitability gradually, after years of running unprofitable.
Easy local purchase
The company, which was established in 1956 to increase availability of affordable homes, has struggled to do so for the past three decades. This has led to a wide housing deficit, making it difficult for aspiring homeowners to acquire affordable accommodation.
Ghana’s housing deficit is hovering around 2% despite efforts by successive governments to close the gap.
But Appiah said efforts are under way to build housing units which are affordable, irrespective of their level of income.
“The firm is currently rolling out affordable housing projects for Ghanaians in other parts of the country including Kumasi, Sunyani, Cape Coast, Koforidua, Tamale, Bolga, Adentan [suburban Accra] and North Kaneshie,” he said.
Satellite offices are being opened at vantage points in some of these cities and towns, Appiah said, to make it easier for prospective home buyers to deal with the company locally rather than travelling to the head office to do transactions.
Many young people are now able to acquire a mortgage on a house “because of various arrangements we have put in place in partnership with financial institutions”.
Mortgage plan
In December, State Housing Company entered into an agreement with Republic Bank to provide long-term mortgage financing for individuals at an affordable price.
Mortgages are pegged at a fixed interest rate of 11.9% over a period of between 20 and 30 years.
Touching on the company’s plan to build a thousand homes in Kumasi – one of its biggest projects – Appiah said these developments will come with malls and other amenities such as playgrounds.
* For more information about SHC properties and services, visit www.statehousing.gov.gh. Or call 024 425 8038 / 020 474 6374.
Fred Dzakpata
* Asaase Radio 99.5 – tune in or log on to broadcasts online.
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