Government to partner with unions, banks to expand housing stock to curb housing crisis- President Mahama reveals:

The government is outlining plans to address Ghana’s housing challenges, particularly the issue of high rent costs. President John Dramani Mahama has revealed during a media engagement in Accra.

He said, despite existing laws limiting rent advances to six months, enforcement has been difficult due to collusion between landlords and tenants.

“The tenant will come and report that they are charging him one year’s rent advance because he wants the room,” President Mahama explained, highlighting the problem of the strong competition for accommodation.

Recognizing the need to expand housing coverage, he said, the government is planning to make provisions for this in the upcoming budget. “This initiative aligns with the party’s manifesto pledge.

“We have a pledge to expand housing. The government plans to partner with various organizations to facilitate the construction of affordable housing units. “I’ve already had a discussion with some of the associations, the organized labor associations.”

The government aims to match funds from these organizations, potentially creating a revolving fund to finance housing projects across the country. Additionally, a bank, Republic Bank, has expressed willingness to match the government’s contribution. With a fund of 3 billion cedis, the government aims to build houses across all districts, allowing people to make down payments. “We can start building houses in all the districts and ask people to pay their down payments, it will go back into the fund and it will become a revolving fund.”

He continued that the government is also exploring options for public sector workers, offering them the opportunity to own homes with deductions from their salaries.

“I said if you have like about 15 to 20 years before retirement, you can take a house and we’ll be deducting from your salary monthly so that by the time your retirement time is up, you have your own accommodation to go to.”

According to the President, details of the housing initiative will be announced by the Minister of Finance during the budget presentation in November.