President John Mahama has disclosed that the government is implementing a low-cost housing scheme for public sector workers in partnership with organised labour and financial institutions.
Speaking at the sod cutting ceremony for the Green City Housing Initiative in the Ashanti Region, President Mahama said nurses, teachers, doctors, and civil servants must have access to safe and dignified homes.
He outlined a new financing framework built around a GH₵3 billion revolving fund developed in partnership with government institutions, organised labour, and commercial banks.
At the heart of the programme is a collaborative financing structure intended to stimulate large-scale housing construction while making long-term home ownership more accessible.
“At the height of this effort is an innovative housing financing framework anchored in a three billion revolving fund,” President Mahama said.
“This fund is going to be in partnership between government, organized labour and the private sector and it will enable workers to acquire homes in cities with manageable long-term repayments.”
Under the arrangement, state-backed housing developers such as the State Housing Company and the Tema Development Corporation, along with other private housing firms, will access credit from the fund to construct residential units across urban areas.
“Companies like SHC, TDC and all the housing companies will be given credit from this fund to build houses,” he explained.
“The banks will give mortgages for the workers to buy the houses and pay over a 15–20 year period.”
A key feature of the policy is the decision to denominate housing prices and mortgages in Ghana cedis rather than foreign currencies, a move the President said is intended to protect citizens from exchange rate volatility.
“Let me also announce that these houses are going to be indexed in Cedis, not Dollars,” he stated.
“If you take a mortgage on the house, the mortgage will be in Cedis and not in dollars.”
According to him, previous currency instability
had contributed to rising mortgage costs when the cedi came under pressure.
The new system, he said, is designed to ensure greater stability and predictability for homeowners.
“This will solve the problem where when the Cedi was under a lot of pressure, it led to increasing mortgages for people,” he noted, adding that recent economic stability makes the approach more viable.
President Mahama described the initiative as a locally tailored response to Ghana’s housing challenges.
“This is a Ghanaian solution we have derived that is designed for our Ghanaian reality,” he concluded.
The programme is expected to be implemented in phases, with further details on eligibility criteria, financing terms, and construction timelines to be announced by the relevant agencies.
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