Ghana Now Exploring Global Financing Instruments To Bridge Housing Gap

As part of his working visit to Ghana, the Managing Director of Shelter Afrique, Thierno Habib Hann, was received by Ghana’s Works and Housing Minister, Kojo Oppong-Nkrumah, during a courtesy call to the Ministry of Works and Housing.

This comes after Ghana was elected to the Shelter Afrique Development Bank board in Rwanda a few weeks ago.

Conversations were focused on the dire requirement for reasonable supporting components to address Ghana’s significant housing shortage.

“Moving away from traditional government-funded models, we are exploring global financing instruments to bridge the housing gap. I am particularly excited about integrating Ghana’s National Home Ownership Fund with successful international models like Shelter Afrique’s insurance bonds initiative in Nigeria”, the Minister stated.

He also said that Ghana’s recent success in getting a seat on the Shelter Afrique Board of Directors will help the ministry gain support for affordable housing initiatives and increase its influence.

“We remain committed to leveraging this position to advocate for policies that benefit our housing sector. Together, we can close the 1.8 million housing unit deficit, stimulate job creation, and drive economic growth”, he added.

To encourage private developers to join the housing industry, the Ghanaian government recently developed a package of incentives. This is one strategy the nation is employing to address the 1.8 million housing shortage.

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Kojo Oppong Nkrumah announced this initiative on April 9, 2024, in Accra, during a validation workshop to revise Ghana’s Housing Profile.

In order to close the gap, Mr. Oppong Nkrumah stated that master developers in the sector will receive incentives such as tax breaks, simpler methods of obtaining construction permits, and land at competitive prices to begin housing projects.