The Minister for Works and Housing, Francis Asenso Boakye today opened the Graphic Real Estate Revolution and Housing Fair with a call on stakeholders within the Real Estate Sector to capitalize on the challenges facing covid hit countries that produce construction materials by patronizing and supporting the local manufacturing industries. Such initiative, he said, will go a long way to reduce building cost and ensure the provision of affordable accommodation that serve the needs of especially middle to low-income earners.
Recounting the efforts made by the government to wipe away the housing deficit, Asenso-Boakye said the Ministry is currently developing a sustainable framework that focuses on the overall ecosystem of housing delivery geared toward improving the housing situation in the country. The objective of this framework, the Minister explained is to address both the supply and demand sides of the housing market by increasing the output of housing units at an affordable rate while developing a credible and sustainable mortgage market for all Ghanaians.
The Works and Housing Minister observed that the country’s growing housing market that is expected to supply safe, secure, decent, quality, and affordable for low to middle-income earners has become a very complex and expensive undertaking. He, however, said, one of the strategies adopted by the Ministry to mitigate the challenge is to use the appropriate mix of public and private sector investments that meet the needs and financial capacity of the average Ghanaian. “The strategy adopted is to provide incentive packages to create a very conducive atmosphere for affordable housing delivery”. He added.
The Head of Mortgage Business at Republic Bank, Mr. Frank Oppong Yeboah corroborated the efforts of the government towards the provision of mortgage schemes that enable salaried workers to own a decent affordable house. He disclosed that in partnership with the government, the Bank has now expanded its Public Sector Mortgage Scheme that allows public servants to access mortgage at a subsidized rate of 11.9%.
The Managing Director of Graphic Communications Group, Mr. Ato Afful described housing as a significant investment for which stakeholders in the real estate industry must be rallied to proffer innovative solutions to address the raging challenges confronting the housing sector.
Mr. Afful was hopeful that the Fair platform will offer potential homeowners the opportunity to choose from a range of housing options that best suit budget, need, and lifestyle.