The government of Ghana is set to eliminate the weight of rent payments on the majority of its residents by assisting to pay their rents.
The Minister for Parliamentary Affairs and caretaker Minister for Finance, Osei Kyei-Mensah-Bonsu has expressed that the government will this year initiate a new plan that will give qualified Ghanaians low-interest loans to empower them to pay rent advance.
The plan will be known as the National Rental Assistance Scheme (NRAS) and will at first be subsidized by the government with GH¢100 million. The plan will also get extra investment from the private sector.
In collaboration with the private sector, the government will begin the establishment of a National Rental Assistance Scheme (NRAS), with a seed of GH¢100 million.
The plan will jam in additional investment from the private sector, to give low-interest loans to qualified Ghanaians to empower them their rents. The plan will go far to assist the youth with their accommodation issues.
Meanwhile, the government is also taking a gander at the longterm answer for a portion of the issues in Ghana’s real estate market. In Ghana, the demand for rent allowance which is usually as long as two years is just too much for the ordinary citizen.
The scheme will mainly serve people in formal employment who will be required to provide guarantors to access the funds. The loans will be repaid on a monthly basis to match the tenure of the rent and will be insured to ensure sustainability.
The Scheme will target people (both in the formal and casual sectors) with recognizable and regular income. The rent advance loans will be paid straightforwardly into the bank accounts of property managers (landlords), who would also have to enlist with the Scheme.
Under this plan, if you have some work and the government can deduct consistently from your account under this plan, the National lease confirmation plan will give you an advance to pay your lease recompense but to the property manager. Here, you need to have a formal employment.
The government will also zero in on turning out low-revenue lodging for low-income workers and set up changes within the Rent Control Department.
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