President Nana Akufo-Addo has reportedly assigned the Ghana Chamber of Construction Industry to introduce an initiative that will advance and improve the housing for citizens of the country.
“I hear in Ghana, a simple three-bedroom home in East Legon costs between $354,000 and $500,000.” Ghbase.com recorded.
“Many places of America get mansions for that”, he said.
This is because the materials used to build homes in the UK are local and affordable.
To create sturdy and affordable homes across the nation, President Obama encouraged the Chamber.
In October 2021, the Minister of Works and Housing, Mr Francis Asenso-Boakye, said that the government, via his ministry, “has devised a framework to drive a new affordable housing programme”.
On Tuesday, October 19, 2021, during the Business 24 Real Estate Conference 2021 in Accra, he remarked, “This framework aspires to deploy a suitable combination of public and private sector investments that satisfy the demands and financial capability of the typical Ghanaian”.
“The ministry has identified each of the components of cost drivers that contribute to the cost of an affordable housing unit and has drawn out particular tactics aimed at each of these,” he added.
In terms of housing delivery, he says the emphasis is on the complete ecosystem:
1. Land via reclaiming public land and working with traditional leaders, focusing on transportation and using existing infrastructure.
2. Infrastructure finance and synergies with other infrastructure industries.
3. Local construction materials and housing costs
4. Establishing space guidelines to profit from economies of scale and reduce waste
5. And long-term mortgage financing as well as sustainable building funding
As part of the affordable housing initiative, the government will provide land, infrastructure, and tax incentives and exemptions to help lower building costs by up to 40%.
“We think this will be key in resolving supply side constraints”, he said.