The Government of Ghana is actively developing an incentive package to attract private sector developers to the housing industry. This is one way the country is working to close the 1.8 million housing shortage that exist in the country.
During a validation workshop to revise Ghana’s Housing Profile on April 9, 2024, in Accra, the Minister for Works and Housing, Kojo Oppong Nkrumah, announced this initiative.
Mr. Oppong Nkrumah said at the event that while current housing programs are good, they haven’t been implemented quickly enough. Instead, he said, master developers in the sector should be given incentives like tax breaks, easier ways to get construction permits, and land at competitive prices to start housing projects to close the gap.
“We in Ghana need to understand that we cannot resolve a 1.8 million housing deficit without the partnership of the Private se toctor through incentives. We have commenced engagement with industry groups towards developing these incentive packages,” he said.
According to him, countries like Kenya and Ivory Coast have served as models for this strategy, using attractive incentive packages to entice private sector investment in housing development.
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Mr. Oppong Nkrumah spoke about ongoing discussions with industry organizations like the Ghana Real Estate Developers Association (GREDA) to create a comprehensive incentive package and expressed confidence in obtaining Cabinet and Parliament approval.
He stated that the government’s commitment to collaborating with the private sector to address housing issues is demonstrated by this collaborative approach.
