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Thursday, July 7, 2022

Government calls for partnership to reduce housing deficit

Accra, June 23, GNA – Mr. Michael Okyere Baafi, the Deputy Minister of Trade and Industry has encouraged private real estate developers to form strategic partnerships with the Government to build affordable housing units.

He observed that the recent boom in the real estate market distinctly favoured high-income households that constitute only 5 per cent of the population, thus affecting the larger part of the housing market that is persistently overlooked by market forces.
The minister who was Commissioning the Sucasa Affordable Housing Projects in Accra, noted that attempts by the Government to meet the growing demand for housing have been inadequate.
He emphasized that a public-private collaboration in the housing industry that is focused on low and middle-income earners was a sure way to mitigate the accommodation needs of Ghanaians.
“Government is on track to continuously ensure that the enabling business environment, including the right incentives, are in place for the private sector to thrive and to help address some numerous challenges facing the housing sector,” he said.
The Sucasa Affordable Housing Project targets low and middle -households with low priced and quality homes.
Mr. Michael O’Grantson Agyapong, Chief Executive Officer (CEO) of Sucasa Properties said a conscious effort of keeping the prices of houses affordable was at the core of the company’s operations, ng that “affordable housing is a must-have for every Ghanaian.”
He also noted that the company had flexible payment terms with low-interest rates and offered a 100 per cent cash back guarantee to customers for its projects which would be commencing in July at Ayi Mensah and East Legon Hills.
These include a 3 Bedroom Standard property selling at GH₵560,000.00 but with a GH₵460,000.00 promotional Price, and a 4 Bedroom property selling at GH₵840,000.00 with a promotional price of GH₵780,000.00.
Mr Abdul Rahman Shahab, General Manager of Sucasa Properties explained that the company is poised to solve the country’s housing infrastructural deficit that currently stands at 1.7million units.
He said public-private partnership efforts in addressing the housing deficit gap has brought about a 33 per cent reversal in trend between 2010 and 2021.

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