Real Estate developers Alpha Mead Ghana has launched its flagship housing program dubbed "Rent4life", an initiative to transform the housing and office rental market in the country.

It is a flexible rent payment system meant to make it simpler for Ghanaians to earn a shelter.

The introduction of the Rent4life  policy comes at a time a large section of Ghanaians are facing rent challenges, especially in the major cities.

Speaking at the launching ceremony in Accra on Tuesday, Chairman of the Board of Directors for Alpha Mead, Reverend Kennedy Okosun, described the initiative as a revolutionary thinking designed into a product-service offering that will transform the housing and office rent market in Ghana through an innovative system of flexible rent payment.

"We are all aware that shelter is not just one of the basic needs of
humans, it is an essential part of building a social system that
promotes people's productivity, business profitability and economic
prosperity," he said in his address.

"It is however sad that as basic as shelter should be, and despite itsi mmense impact on our social architecture, not everyone in ourc ountry, and indeed a significant part of Africa, is able to afford a safe, comfortable and secure accommodation.

"This is not because developers have stopped building; in fact, a drive around some of our cities reveals an interesting paradox of scarcity amid plenty, with low occupancy rates on the one side and un-met demands for housing on the other."

Figures from the Ghana Statistical Service in 2017 indicated a deficit of 1.7 million housing units, which was projected to hit about two million by the year 2020.

Cunning operations by both landlords and estate agents, coupled with market norms like the 2-year rent advance, and people’s social capital have been found to have been a contributing factors in the country's rent challenges.

Concerns have continually been raised about landlords exploiting tenants on the demand for 2-year rent advances from already struggling tenants.

But according to Reverend Kennedy Okosun, the Rent4life program comes in to address such difficulties, saying it's about the "willingness to pay and ability to pay".

"It is however sad that as basic as shelter should be, and despite its immense impact on our social architecture, not everyone in our country, and indeed a significant part of Africa, is able to afford as afe, comfortable and secure accommodation," he said.

"This is not because developers have stopped building; in fact, a drive around some of our cities reveals an interesting paradox of scarcity amid plenty, with low occupancy rates on the one side and un-met demands for housing on the other.

"However, the answers are not far-fetched. It is the difference between
willingness to pay and ability to pay.

"Many Ghanaians want to live in these apartments, they want to avoid the stress of commuting two to five hours between where they live and where they work.

"Unfortunately, the current rent pattern in our nation which requires a tenant to pay between six and twenty-four months advance rent creates a huge gap between our people’s wish to live in comfortable environments and the size of their pockets."

He said his company's move is driven by the fact anywhere in the world, the private sector holds the ace in driving the acceleration of initiatives like these.

Reverend Kennedy Okosun expressed delight over the initiative due the opportunity it presents to the emerging crop of highly mobile young professionals, who are disrupting the country's ecosystem with innovation and technology products and solutions.

He said if the country is attracting its young professionals and start-up businesses for its economic potentials, Ghana's housing system must accommodate them as well.

He commended the government's effort in bridging this gap between the people’s wish and the size of their pockets.