Consider 30% Of Workers’ Salary As Mortgage To Own Affordable Houses- Asenso-Boakye

The Minister for Works and Housing, Hon. Francis Asenso-Boakye (MP) has charged the new Board of Directors of the State Housing Company Limited (SHCL) to explore and consider ways where Ghanaians can use 30% of their salaries and its accompanying pension funds as mortgage to acquire and own state housing projects across the country. This, the Minister indicated will be in fulfillment of the government’s vision of providing safe, quality secured, and affordable housing to the citizenry.

The Minister made these known when he inaugurated a 9-member Board of Directors of the SHCL today following their appointment by H.E the President. 

Available statistics show that while the national housing deficit stands at about 2 million, currently about 60% of the population will require some form of support to own a decent house in the country. This, according to the Minister, will require shrewd policies and innovative strategies from the Board to pluck the housing deficit. To this end, the Works and Housing Minister urged the newly constituted Board of the SHCL to look into the possibility of instituting mortgage schemes that will allow the majority of Ghanaians to leverage on their Pension Funds notably the Tier 2 as guarantee to acquire decent and affordable houses.

The SHCL has over the last four years witnessed a steady growth in its fortunes following periods of massive institutional indebtedness that saw the company plunged into myriads of managerial problems. The Minister commended the management for transforming the fortunes of the company and reviving it to be in the position to discharge its mandate of increasing the availability of affordable houses to Ghanaians who cannot afford them on the private market. 

The Minister, therefore, tasked the new board to also consider engaging private companies as partners to attract investors to leverage the required funds needed for the development of the housing projects.

The Chairperson of the new Board, Oheneba Owusu Afriyie IV, on behalf of the members expressed his gratitude to the government for the confidence reposed in them and assured that the Board will work tirelessly to ensure that together with management, the company to live up to its expectation as a vibrant public real estate developer. 

The new Board of Directors also has the Managing Director of the Company, Mr. Kwabena Ampofo Appiah as a member. The rest are Madam Ofosu Amagyei, Hon. Sheila Bartels, King Prof. Odaifio Welentsi III, and Surv. Dr. Theresa Tuffour. The others are Mr. Tweneboa Kodua Fokuo, Dr. Maame Adjoa A. Gyekye-Andoh, and Mr. Earl Ofori-Atta. 

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