STAKEHOLDERS CONVENE TO UPDATE GHANA’S HOUSING PROFILE

The Sector Minister Hon. Kojo Oppong-Nkrumah led stakeholders in the building industry to commence an exercise purposed to validate the latest data on Ghana’s Housing Profile.

The validation workshop focused on validating Ghana’s Housing Profile, a vital tool that informs housing policy and interventions. Initially developed in 2011, the Profile is being updated to reflect the significant changes that have occurred over the past thirteen years, including the adoption of the Sustainable Development Goals, the impact of the COVID-19 pandemic, and the findings of the 2021 Population and Housing Census.

The updated Profile will also take a more holistic view of Ghana’s housing sector, encompassing all income groups and geographic locations. Unlike the previous Profile, which focused primarily on urban areas, the updated Profile will integrate housing policies with broader urban and rural development plans. This will ensure that housing development aligns seamlessly with social, economic, and environmental considerations for a more sustainable future.

*Challenges and Opportunities*

The workshop also shed light on the ongoing challenges plaguing Ghana’s housing sector. Lengthy procedures for housing development, limited access to affordable housing, and difficulties in obtaining financing due to high-interest rates were identified as key roadblocks.

However, the workshop highlighted opportunities for improvement. The Minister outlined several initiatives aimed at tackling these challenges, including accelerating existing affordable housing programs to deliver outstanding projects; expanding the National Homeownership Fund to provide more opportunities for mortgage financing and encouraging the use of sustainable materials and construction methods for a more environmentally friendly housing sector.

The Road Ahead

The success of this initiative according to Mr. Oppong Nkrumah will hinge on collective effort. He said the housing sector holds immense potential to contribute to Ghana’s economic and social development and by addressing the current deficit, the country can empower its citizens, create jobs, and foster a more prosperous and inclusive society.

The sector Minister maintained that with a concerted effort from all stakeholders; government, the private sector and individual Ghanaians, Ghana can rise to the challenge and create a brighter future where the dream of homeownership becomes a reality for the citizenry.

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