To address Ghana’s housing deficit, the Ministries of Finance and Housing have engaged real estate developers and other stakeholders on a proposed incentives package for the housing industry.
At the Built Environment National Conference on Housing and Hydrology (BENCHH) 2024 in Accra, the Minister for Works and Housing, Kojo Oppong Nkrumah, provided an overview of the incentives that were being proposed.
The Minister claims that the collaboration between the two Ministries will encourage developers to undertake nationwide affordable housing projects.
He stated that the Ministry’s objective is to strengthen public-private partnerships and create an environment that makes it possible for private developers to carry out large-scale projects of affordable housing.
The Minister emphasized that these incentives would play a crucial role in closing the 1.8 million-unit housing gap and meeting Ghanaians’ growing demand for decent housing.
The proposed housing impetuses include tax cuts, decreased levies on building materials, and smoothed out endorsement processes for housing projects among other motivations.
By introducing a Master Framework, Mr. Oppong Nkrumah emphasized that this collaboration would streamline Public Private Partnership (PPP) processes. He explained that this framework will reduce bureaucratic delays by removing the requirement for approval from the Ministry of Finance at each stage of the agreement.
In light of this, he emphasized the significance of these measures in bringing master developers into the industry to carry out housing projects that are financially viable and thus make housing accessible to potential homeowners.
He explained,
“By incentivizing private sector participation, we aim to significantly increase the supply of affordable housing while ensuring that these projects meet quality standards and are delivered in a timely manner”
The Minister discussed ongoing efforts to establish a Works Inspectorate Unit within the Ministry of Works and Housing in addition to housing incentives.
In order to improve the quality and durability of housing infrastructure, this unit is tasked with enforcing building codes and safety standards on all construction sites across the country.
Hon. Oppong Nkrumah focused on the requirement for thorough administrative oversight to defend public security and maintain industry guidelines.
The Ministry expects to introduce exhaustive reports on government drives, accomplishments, and challenges, looking for input from partners on creative methodologies.
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