President Nana Addo Dankwa Akufo-Addo on Tuesday cut the sod for the construction of 8000 affordable housing units at Pokuase, near Amasaman in the Greater Accra Region.
The Pokuase Affordable Housing Project is one of the first projects under the government’s revamped National Affordable Housing Programme that aims to address the affordability gap and enhance access to housing for Ghanaians.
The multi-dwelling housing project, a public-private partnership, will be built on a 203-acre property. It will provide studio, one-bedroom, two-bedroom, and three-bedroom apartments. The apartments will start at US$13,800.
The first phase will consist of 4000 apartments built in 18 months, with the remaining 4000 units finished in the second phase within the same time.
Under the revised National Affordable Housing Programme, the government will subsidize housing units with land and infrastructure, while the private sector will gather funding to build the apartments on a cost-recovery basis.
The Pokuase project and 6,000 dwelling units on a 200-acre plot of land in Dedesua, Ashanti are the first projects under the new initiative.
Five developers from both local and foreign enterprises have been chosen to build the housing units.
At a short ceremony, President Akufo-Addo the president said the project was s testament to the governments unwavering commitment to address the pressing housing needs of workers in Ghana.
“This housing project embodies our dedication to prioritizing housing as a fundamental need of our people…Together, we are breaking down barriers and creating pathways for our citizens, regardless of their circumstance, to access homes.
“Our commitment to ensuring housing security for all Ghanaians remains resolute and we will continue to explore innovative approaches to meet the diverse needs of the Ghanaian people,” he said.
The President stated that growing urbanization constituted a significant problem to housing, widening the affordability gap and impeding the country’s implementation of effective housing policies.
With a present urban population of 58%, an urbanization rate of 3.3%, and a housing deficit of 1.8 million units, he said housing has become a significant developmental concern for the country.
President Akufo-Addo pointed out that while only five per cent of the population could get homes without assistance, 60% of Ghanaians required state-facilitated assistance to access housing.
He contended that even with government subsidies, the remaining 35% of the population will be unable to obtain housing.
Households in the 60 per cent bracket require assistance in the form of supportive subsidies and policies, in addition to competitively priced mortgages.
As a result, the President stated that the government initiated the revised National Affordable Housing Programme to create a favourable climate that lowers the risk associated with affordable housing and raises private sector involvement in the sector.
He said the framework aims to improve the ecology of housing delivery in the country by addressing both the supply and demand sides of the housing market.
“The objective is to increase the production of affordable housing units and establish a reliable and sustainable demand side of the housing market that would be accessible to all Ghanaians…This will ensure houses are accessible to all sections of society,” he stated.
President Akufo-Addo described the project as a fruitful partnership between the government and the private sector.
According to him, the agreement also demonstrated the government’s commitment to forging stronger collaborations that would result in practical results for the people.
The President announced that the government will make well-structured mortgage agreements available to labour unions, workers, and the public for them to gain access to residences.
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