President John Dramani Mahama got personal at the National Conference on Housing Finance, opening up about the financial strain he and First Lady Lordina faced when they were just starting out as a newlywed couple.
Reflecting on life after leaving his father’s house, Mahama shared how finding their first home together at Madina New Road quickly turned into a frustrating ordeal.
“The miles we covered with estate agents roaming the sprawling city of Accra in search of something that was suitable and affordable was a very exhausting exercise,” the President recalled.
Between agent viewing fees, popularly known as chalewate fees, demands for several years’ worth of rent advance, and the mandatory agent commission, the young couple’s savings were almost wiped out before their married life had even taken off.
“The chalewate fees, the multiple years rent in advance, and the one month extra rent fee that is paid to the agent almost ruined our finances even before we had started married life together,” he said.
Mahama pointed out that decades later, millions of young Ghanaians still face the same challenge, warning that “substantial rent advances can deplete savings that were intended for a child’s education or to run a small business for the family.”
To back his call for systemic housing reform, President Mahama directed the Minister for Finance to allocate GH¢1 billion in the 2027 budget to establish a dedicated Housing Fund.
“I have directed the Minister for Finance to allocate one billion Ghana cedis in next year’s budget as government’s contribution to the three billion revolving fund for the National Housing Fund,” he said.
The fund will support state agencies like the State Housing Company (SHC) and Tema Development Corporation (TDC) to expand affordable units, alongside initiatives like the proposed Easy Rent programme and the existing National Rental Assistance Scheme (NRAS) to lighten upfront tenant costs.
He urged housing policymakers and financial institutions to keep the human side of the crisis in mind, reminding them that “behind every housing statistic is a person or family seeking security and hoping for a better future.”
