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Ghana’s Government Wants to Lower the Cost of Mortgage

Ghana’s Government Wants to Lower the Cost of Mortgage

President Nana Akufo-Addo has announced that government is putting in place the necessary measures to make housing affordable to Ghanaians. The government has started initiating policies required to drive down the cost of mortgages.

President Akufo-Addo disclosed that deliberations are ongoing between the Pensions Regulatory Authority (NPRA) and banks to design an effective mortgage system for Ghanaians.

The discussions are aimed at making access to houses affordable for the majority of Ghanaians in the middle-income bracket.

“Discussions are ongoing between the Pensions Regulatory Authority and the banks to underwrite an effective mortgage system that will facilitate access to housing for the ordinary Ghanaian,” he made his announcement at the State of the Nation Address in parliament on 8 February.

The government is also working to attract private investors into the housing industry. The Presidency agrees that creating an enabling environment for the private sector will encourage investors to channel their funds into the housing industry.

Previous steps taken in 2017 to reduce the cost of housing included the removal of the 5 percent VAT/NHL on real estate sales.

The government aims to continue these policies by creating a conducive environment that is reducing interest rates and mortgage loans to make housing affordable for the citizens.

Affordable housing is a major challenge for Ghanaians. The country’s housing deficit is estimated at 1.7 million housing units.

Ghana’s Works and Housing Ministry also disclosed plans to establish a Housing Authority by the end of 2019.

According to Deputy Minister of Works and Housing, Eugene Boakye Antwi, the national Housing Authority aims to coordinate activities bordering on standards, affordability and accessibility to housing units for Ghanaian citizens.

Source: modernghana.com

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