Expectations From The New Ghana Government: Affordable Housing For All?If the promise of the current government of Ghana, in its 2016 manifesto, is anything to go by, then it can be projected that this year and the subsequent years will be good for the real estate industry; specifically, for the private individuals in the real estate development and prospective homeowners when the government starts to implement its policies. The new government of Ghana seeks to work with the public and private investment entities to provide quality and affordable housing for all Ghanaians.
Their vision is to blend public policy with private investment “to deliver quality affordable social housing and private housing solutions that meet the needs and financial capacity of the ordinary Ghanaian.” In effect, they identified some challenges in this sector including a housing deficit of about 1, 700,000 units, undersupply of annual requirements of housing units and the high cost of buying or renting a home. These constraints in the housing sector in Ghana are not new to most Ghanaians. It has been estimated that about 50% of the Ghanaian population live in substandard houses, slums, uncompleted buildings, shops or kiosks and in extreme cases on the streets.
To help realize the dreams of the ordinary Ghanaian to acquire a decent building for rent or on purchase, the NPP government promised to adopt “a novel way to the construction of homes and institute creative financing schemes”. They hope to use these means to first improve the general affordability and access to decent homes for all working Ghanaians and their families, develop housing units targeted at the vulnerable and marginalised in society, develop financing schemes to assist home buyers to acquire units, improve the quality of infrastructure in existing communities and use public policy to develop the entire housing value chain.
It is evident from the above that the Ghanaian is the focus of this vision. Therefore, whether your aspiration is to own or rent a house, the government wishes to help you realize these aspirations in order for you to make a decent living. Consequently, it is expected that there will be an increase in demand for housing, all things being equal, with respect to the vision of this administration.
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