President John Dramani Mahama has directed the Minister of Finance to make provision for GH¢1 billion in the 2027 Budget towards a proposed GH¢3 billion revolving fund for the National Housing Fund.
The President said the government’s contribution would help expand access to housing finance and boost the delivery of affordable homes for Ghanaian households.
He made the announcement on Wednesday when he opened the National Conference on Housing Finance in Accra.
“And in this regard, I am pleased to announce that I have directed the Minister of 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 stated.
Mr Mahama said the amount would be placed in the National Housing Fund and disbursed on a revolving basis to support housing finance.
“This money will be placed in the National Housing Fund and it will be available for financing housing in a revolving manner,” he added.
The President said the initiative formed part of broader efforts to address Ghana’s housing deficit, which the conference concept note, citing the 2024 Ghana Housing Profile, puts at 1.8 million housing units.
He noted that more than 30 per cent of the country’s existing housing stock is considered inadequate, underscoring the need for sustainable financing mechanisms.
President Mahama also called for reforms to housing finance systems that, in his view, exclude large sections of the population, particularly workers in the informal sector.
He urged financial institutions to adopt alternative approaches to assessing the repayment capacity of traders, artisans, farmers, transport operators and other self-employed persons.
“A system that cannot recognize these livelihoods excludes a substantial part of our nation from the opportunity to own a home,” he said.
The President further called for the mobilisation of long-term funding from pension funds, insurance companies, development finance institutions and diaspora investors to support housing development.
He said public and concessional financing could be strategically deployed to attract private capital and help reduce risks that may hinder viable housing projects.
According to Mr Mahama, the ultimate test of the housing finance initiative would be the number of Ghanaian households that gain access to decent and affordable accommodation.
He therefore called on financial institutions, developers, employers, organised labour and development partners to collaborate with government to turn the financing commitment into increased housing delivery.
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