Government is taking steps towards bridging the 1.8 million housing deficit in the country by actively developing an incentive package to attract private sector developers to the housing industry.
This initiative was announced by the Minister for Works and Housing, Kojo Oppong Nkrumah during a validation workshop to revise Ghana’s Housing Profile in Accra on Tuesday, April 9, 2024.
Speaking at the event which convened stakeholders within the built environment sector, Mr. Oppong Nkrumah said while current housing programmes, though well-intentioned, have seen slow execution, incentivizing master developers within the sector with incentives like tax breaks, streamlined approval processes for construction permits, and land allocation at competitive rates will jump-start housing projects to bridge this gap.
“We in Ghana need to understand that we cannot resolve a 1.8 million housing deficit without the partnership of the Private sector through incentives. We have commenced engagement with industry groups towards developing these incentive packages,” he said.
This strategy, he said takes inspiration from countries like Kenya and Ivory Coast, which have successfully utilized attractive incentive packages to lure private sector investment into housing development.
The Minister highlighted ongoing discussions with industry groups like the Ghana Real Estate Developers Association (GREDA) to develop a comprehensive incentive package expressing confidence in securing the necessary approvals from both Cabinet and Parliament. This collaborative approach, he said signifies the government’s commitment to working alongside the private sector to address the housing challenges.

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