Mahama announces GHc3 Billion Housing Fund for Public Sector workers

President John Dramani Mahama has announced a GH¢3 billion revolving housing fund aimed at making home ownership more accessible to public sector workers across the country.

The President made the announcement during the sod-cutting ceremony for the Green City Housing Project at Dedesua in the Ashanti Region.

Addressing participants at the event, President Mahama described the initiative as a major milestone in Ghana’s housing development agenda and part of government’s broader strategy to address the country’s housing deficit, estimated at more than 1.5 million units.

He noted that rising land prices, high construction costs and limited access to long-term financing had made home ownership increasingly difficult for many Ghanaians, leading to the expansion of informal settlements and poor living conditions in urban areas.

According to him, rapid urbanisation poses an even greater challenge, warning that nearly 70 percent of Ghana’s population could be living in urban centres such as Accra, Kumasi and Sekondi-Takoradi by 2050 if urgent action is not taken.

“If we do not act urgently and at scale, tomorrow’s housing challenges will far exceed what we are experiencing today,” he cautioned.

President Mahama explained that government’s housing strategy focuses on increasing housing supply, improving affordability, strengthening tenant protection and reforming housing finance systems to better suit Ghanaian income levels.

He disclosed that the revolving housing fund would be established through a partnership involving organised labour, the private sector, the Social Security and National Insurance Trust (SSNIT) and Republic Bank Ghana.

Under the arrangement, institutions such as the State Housing Company and Tema Development Corporation will access credit facilities from the fund to construct houses, while financial institutions provide long-term mortgage packages for workers to repay over a 15 to 20-year period.

The President stressed that the houses would be priced in cedis rather than dollars to protect homeowners from currency fluctuations and rising mortgage costs.

“Let me announce that these houses are going to be indexed in cedis, not dollars,” he stated.

He further revealed that government is rolling out affordable housing schemes targeted at nurses, teachers, doctors and other public sector workers in collaboration with organised labour and financial institutions.

On the Green City Housing Project, President Mahama described it as a significant intervention that would create jobs and economic opportunities while providing quality housing within the Bosomtwe District.

The project, situated on over 200 acres of land provided by Otumfuo Osei Tutu II, is expected to deliver more than 1,000 housing units in a gated and environmentally sustainable community.

“This is not just about shelter; it is about building a complete, liveable community that is safe, affordable and dignified,” he said.

Managing Director of the State Housing Company, John S. Bawah, described the project as a practical and fully financed solution to Ghana’s housing challenges.

He explained that the development was designed to reflect the rich vegetation and environmental character of Kumasi, popularly known as the Garden City.

According to him, the project will feature a mix of two, three and four-bedroom detached houses, two-bedroom semi-detached homes, as well as one, two and three-bedroom apartments.

The estate will also include recreational facilities, commercial spaces and open areas for community activities.

Mr Bawah disclosed that a total of 1,067 housing units will be delivered over a five-year period, with the first phase expected to produce 214 units by the fourth quarter of 2027.

He, however, appealed to government for support under the “Big Push” infrastructure initiative to help reduce construction costs and maintain affordability.

Specifically, he requested assistance for roads, drainage and sewage systems within the estate, a proposal that was immediately approved by President Mahama.

Meanwhile, the Minister for Works, Housing and Water Resources, Kenneth Gilbert Adjei, highlighted the importance of sustainable housing in addressing climate change challenges.

He described the Green City project as a model for environmentally responsible urban development and said it demonstrated government’s commitment to promoting green building practices nationwide.

“We therefore invite investors and development partners to join us. Through innovative financing models such as public-private partnerships and rent-to-own schemes, we can accelerate delivery and expand access,” he added.

Prince Antwi

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