President John Dramani Mahama has announced plans to establish a GH¢3 billion revolving fund to finance the construction of affordable homes and provide long-term mortgages for Ghanaian workers.
The fund will be jointly backed by government, organised labour, the Social Security and National Insurance Trust (SSNIT), and Republic Bank Ghana.
Under the arrangement, housing agencies such as the State Housing Company and Tema Development Corporation will access financing from the fund to construct homes, while banks will provide buyers with mortgages repayable over 15 to 20 years.
In a major policy shift, all homes under the scheme will be priced and mortgaged in cedis instead of dollars to shield buyers from exchange rate fluctuations and rising repayment costs.
President Mahama announced the initiative during the sod-cutting ceremony for the Green City Housing Project at Dedesua in the Ashanti Region.
“This is a Ghanaian solution we have derived that is designed for our Ghanaian reality,” he stated.
According to the President, the revolving structure means mortgage repayments will flow back into the fund to finance additional housing projects, creating a sustainable cycle of affordable housing delivery.
The initiative forms part of a broader housing agenda targeting public sector workers including nurses, teachers, doctors and civil servants. Government also plans to complete the stalled Saglemi affordable housing project and expand social housing projects across districts.
President Mahama further disclosed that government will absorb the cost of infrastructure such as roads, drains and gutters in new housing estates under the Big Push programme to reduce the financial burden on homebuyers.
He said the ultimate aim is to make decent housing more accessible and transform Ghana’s housing sector into one driven by affordability and shared prosperity.