Kojo Oppong Nkrumah, the minister of works and housing, met with local banks to talk about the achievements and lessons discovered during the National Homeownership Fund (NHF) pilot program.
With so much promise already demonstrated, this program is about to grow and help people in the public and private sectors across the country.
During the NHF’s pilot program, the Fund and three local banks worked together to advance plans for underwriting local currency mortgages for employees of the public sector and giving developers access to much-needed construction financing.
During the Wednesday, May 22, 2024, engagement session, the Minister emphasized the value of these collaborations and the outcomes of the pilot program.
“The collaboration with our local banks has been pivotal in demonstrating the potential of the NHF to provide affordable housing solutions. The success we have seen so far gives us confidence to expand these schemes to cover both public and private sector workers across Ghana,” he stated.
The Minister emphasized that guaranteeing that all eligible Ghanaians have access to adequate and affordable housing is the main objective of the NHF. He stated that by expanding the NHF’s scope, the government hopes to give more Ghanaians access to reasonable mortgage rates and help them become homeowners, which will enhance living conditions and advance economic stability.
The Minister and the banks are having this conversation at a time when there is a severe housing shortage in Ghana, making it difficult for many people to locate decent, affordable homes. The NHF’s experimental programs have demonstrated that significant progress in closing this gap may be achieved through clever financing arrangements and smart alliances.
As the meeting came to an end, Minister Oppong Nkrumah reiterated the government’s resolve to address Ghana’s housing problems.
“Our goal is to create an environment where every Ghanaian has the opportunity to own a home. Through the expanded NHF and continued collaboration with our financial institutions, we are taking significant steps towards making this vision a reality. We call on all stakeholders to join us in this noble endeavor,” he urged.
