Akufo-Addo launches private sector-led 14,000-unit affordable housing project

The government has launched a 14,000 affordable housing unit project to be developed by private developers to address Ghana’s housing deficits.

The Ministry of Works and Housing and the Affordable Housing Programme has committed to providing 8000 housing units at Pokuase/Amasaman in the Greater Accra Region and 6000 housing units at Dedesua in the Ashanti Region.

According to the

Read full articleMinister for Works and Housing, Francis Asenso-Boakye, this marked a significant milestone in the quest to provide access to safe, quality, decent, secure, and affordable housing for Ghanaians.

Speaking at the launch of the project on August 1, 2023, he said: “We took the decision to undertake a comprehensive review of the public housing profile. This review led to the development of a revised framework, which consists of two (2) parts: the supply-side and the demand-side.

“On the supply-side, the government will provide free unencumbered land and associated infrastructure, after which the private sector will be invited to construct the housing units for its subsequent sale at an agreed selling price.

“On the demand-side, the government, through the National Homeownership Fund under the Ministry of Finance, will provide subsidized mortgages for some of the completed housing units,” he said.

Under the project, the government noted that it will subsidize the housing units with land and infrastructure, which is to absorb a critical component of the construction cost.

However, the private sector will be the financier of the project.

Also, speaking at the launch, President Nana Addo Dankwa Akufo-Addo reiterated that this is the first housing project that the government was embarking on since he took office.

Therefore, thorough feasibility studies have been conducted including assessments of environmental, social, property and traffic impacts as well as housing stress and financial analysis.

He also added that the Ministry of Works and Housing, along with the developers have extensively engaged the various Trade Unions, who have agreed to purchase the housing units.

“This strategic collaboration will help to ensure a steady demand for the housing units, which will contribute to the overall success of the programme,” he noted.

Five developers comprising both local and international companies have been selected to participate in the programme.

These are Rehoboth Propertes, State Housing Company Limited, Devtraco Group Limited, FrankPauls Ventures Company Limited and Douja Promotion Addoha Groupe Limited.

The project is expected to be in two phases. The first phase comprises 4000 housing units to be constructed in 18 months with the remaining 4000 housing units to be completed in the second phase within the same time frame.

SSD/NOQ