The government is set to initiate a programme to subsidise the cost of the construction of housing units in the country, Ken Ofori-Atta, the Minister for Finance has said.
Delivering the 2022 Budget Statement and Economic Policy of the government in Parliament on Wednesday (17 November), Ofori-Atta said the government is facilitating affordable mortgage systems to help reduce the housing deficit.
He said, “The government will initiate a programme to subsidise the cost of construction of housing units.
On the supply side, the government will provide land to developers; infrastructure at designated affordable housing project sites; and tax incentives and exemptions.
On the demand side, the government is facilitating the establishment of a credible mortgage system, while encouraging Rent-to-Own Schemes in the country,” he noted.
Promoting homeownership
The minister further indicated that the government is engaging the private sector and other financial institutions to promote affordable homeownership through the National Homeownership Fund.
“To scale up, we commenced engagements with Participating Financial Institutions (PFIs) to promote residential rent-to-own schemes and to support the development of a private sector mortgage refinancing institution.
“With the support of the “Obaatanpa” programme, the National Homeownership Fund (NHF) is facilitating the use of innovative products to tap into pension funds and other long-term funds to support homeownership in Ghana,” he said.
Nicholas Brown
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