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Ministry Proposes Housing Authority to Solve Ghana’s Property Crisis

Ministry Proposes Housing Authority to Solve Ghana’s Property Crisis

Ghana’s Works and Housing Ministry disclosed plans to establish a Housing Authority by the end of 2019 to assist with real estate monitoring in the country.

The Housing Authority is expected to coordinate activities bordering on standards, affordability and accessibility to housing units for Ghanaian citizens.

According to Deputy Minister of Works and Housing, Eugene Boakye Antwi, the new entity should bring together the various stakeholders in the local property industry with a common purpose to enforce better monitoring and housing standards.

The Minster said he was looking at a timeframe of eighteen months for the Housing Authority. “These things take legislations; like the development bills, they need scrutinies before they are passed into law.  So they take some time to come into pass.”

The creation of the housing authority has been a key objective of the housing ministry as it works to address the worsening housing crisis currently facing most Ghanaians.

According to country statistics, the current housing deficit is estimated at 1.7 million, and this population does not currently benefit from decent accommodation.

The proposed national housing authority will ensure that this segment of the population have access to property, and that industry costs are harmonised as a result.

“There is a determination to deal head on with the housing situation in the country. I believe that in the not too distant future, we shall have a Housing Authority in place,” said Antwi.

President Nana Akufo-Addo has also announced that government was looking at 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 after eliminating the 5 percent VAT/NHL on real estate sales last year.

Source: Citi Business News

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