President John Dramani Mahama has unveiled a significant low-cost housing initiative to provide affordable, dignified accommodation for Ghana’s public sector workers.
The scheme, a partnership between the government, organised labour, and financial institutions, aims to assist nurses, teachers, doctors, and civil servants in securing decent housing under favourable terms.
Speaking on Saturday, 9 May, at the sod-cutting ceremony for the 1,000-unit Green City Housing Project in Dedesua, Ashanti Region, the President detailed a new financing framework.
This includes a GH¢3 billion revolving fund supported by the government, the private sector, and institutions such as the Social Security and National Insurance Trust and Republic Bank Ghana.
The fund will provide credit to state developers, including the State Housing Company (SHC) and the Tema Development Corporation (TDC), to build units nationwide.
“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.
The President noted that this model is designed to make home ownership sustainable for public servants while strengthening the national housing delivery system through structured finance.
By: Rainbowradioonline.com/Ghana