Vice President Dr. Mahamudu Bawumia has commissioned the 1,072 Kpone Affordable Housing Project, marking the completion of Phases 1-3 of the initiative.
The brief event, held on Monday, November 25, also saw the Vice President break ground for Phase 4 of the project, which is set to deliver an additional 800 units, bringing the total number of homes in the enclave to 1,872.
The project, which was initiated in 2006 during the tenure of former President John Agyekum Kufuor, stalled completely under the Mills and Mahama administrations due to the lack of government investment. However, it has since been revived under the Akufo-Addo-Bawumia led administration, delivering decent homes for Ghanaians.
In his remarks, the Vice President emphasized the government’s commitment to addressing Ghana’s housing deficit through a comprehensive and innovative approach.
The lack of a robust, long-term mortgage has made it difficult for many prospective home orders to access affordable financing needed to realise their dream of home ownership. The housing market and the mortgage market in general are so important for any economy in most of the advanced economies.
When the housing market goes down, the economy goes down. When the economy is going down, you see it in the housing market because the mortgage market is in trillions of dollars and pounds across various advanced economies,
he said.
He emphasized the importance of leveraging Public-Private Partnerships (PPP) as the primary model for delivering affordable housing in Ghana proposing a Decade of Housing Programme to reduce the country’s 1.8 million housing deficit.
We have seen the year of roads and what impact we have made with it in Ghana and what I will be ushering in God willing is a decade of housing for us to address our housing needs.
We have already set forth, giving our experiences with the financing model for this. It’s a private-public partnership. That is the model we are going to apply, as we have done with the National Home Ownership Fund, to really solve this housing problem,
he added.
