President John Dramani Mahama has announced a new affordable housing programme aimed at easing accommodation challenges for public sector workers across Ghana.
The initiative, which is being rolled out in collaboration with organised labour groups and financial institutions, was unveiled during a sod-cutting ceremony for the Green City Housing Initiative in the Ashanti Region. According to the President, the policy is designed to ensure that essential workers such as teachers, nurses, doctors, and civil servants can secure decent and affordable homes.
Central to the plan is a GH₵3 billion revolving fund, developed through a partnership involving government agencies, labour unions, and commercial banks. The fund is expected to support large-scale housing development while also creating flexible pathways for long-term home ownership.
President Mahama explained that the financing model would allow state-supported developers, including the State Housing Company and the Tema Development Corporation, alongside private firms, to access credit to build housing units in key urban areas.
Financial institutions will then provide mortgage packages to qualified workers, enabling them to purchase these homes and repay over a period of 15 to 20 years.
A major shift under the programme is the decision to price houses and structure mortgages strictly in Ghana cedis rather than foreign currencies. The President said this move is intended to shield homeowners from the impact of exchange rate fluctuations, which have historically driven up repayment costs.
He noted that past depreciation of the cedi had caused mortgage burdens to rise unexpectedly, making home ownership difficult for many. The new approach, he added, aims to bring stability and predictability to housing finance, especially in light of recent economic improvements.
Describing the policy as a homegrown solution, President Mahama emphasised that the framework reflects Ghana’s unique economic conditions and housing needs.
The housing programme will be introduced in phases, with authorities expected to provide further details on eligibility, financing arrangements, and construction schedules in the coming months.
