Ghana sets aside $51m for abandoned housing projects

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THE government of Ghana together with local banks have set aside $51 million to finance abandoned housing projects in the country.

During his recent state of the nation address, President Nana Akufo-Addo addressed the concerns on the abandoned projects stating that his administration will complete the WA, Tamale and Koforidua housing projects, started by the Kufuor administration in 2006.

The president also added that the $180 million Saglemi Housing Project, started under the National Democratic Congress (NDC) government is high on their priority list in 2019. The 5,000 housing units were expected to cater for the low and middle-income earners in the country.

Freda Prempah, the Deputy Minister of Works and Housing on the other hand said that the government is establishing the value for money on the project and reconciling the number of houses built with the schedule of payments made, and accelerate delivery.

Bridging housing deficit

Ghana faces a housing deficit in excess of 1.7 million units and completion of abandoned housing projects will help to bridge the gap. The government plans to bridge the deficit by delivering a minimum of 85,000 housing units annually for the next 20 years.

An amount of $184 million has been set aside for mortgage and housing finance, and will be seeded with at least $18 million every fiscal year over the next 5 years.

 

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