President John Dramani Mahama has announced a major low-cost housing initiative aimed at improving access to affordable and decent accommodation for public sector workers across the country.
The President said the programme is being implemented in collaboration with organised labour and financial institutions to enable teachers, nurses, doctors and other civil servants to acquire homes under flexible and affordable arrangements.
He made the announcement on Saturday, 9 May, during the sod-cutting ceremony for the construction of the more than 1,000-unit Green City Housing Project at Dedesua.
According to President Mahama, the initiative will be supported by an innovative housing finance structure, including the establishment of a GH¢3 billion revolving fund through a partnership involving government, organised labour, private sector players and financial institutions.
Under the arrangement, the Social Security and National Insurance Trust (SSNIT) and Republic Bank Ghana will work together with government and labour unions to operationalise the fund.
The facility will provide financing support to state-owned housing developers, including the State Housing Company (SHC) and Tema Development Corporation (TDC), to construct housing units across the country.
President Mahama explained that banks would subsequently provide mortgage packages for workers to purchase the houses and repay over a period of between 15 and 20 years.
“Companies like State Housing Company (SHC), Tema Development Corporation (TDC), and all the housing companies will be given credit from this fund to build houses. And then the banks will give mortgages for the workers to buy the houses and pay over a 15 to 20-year period,” he said.
He said the arrangement is intended to make home ownership more attainable and sustainable for public sector employees, while also strengthening the country’s housing delivery framework through structured and long-term financing mechanisms.
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