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The short ceremony took place on Monday, November 25, 2024, with the Vice President starting Phase 4 of the project, adding 800 units and bringing the total homes in the area to 1,872.
The project started in 2006 under ex-President John Agyekum Kufuor, came to a halt during the Mills and Mahama administrations because of insufficient government funding. However, it has been revitalized under the Akufo-Addo-Bawumia government, providing quality housing for the people of Ghana.
In his speech, the vice president emphasized the government’s dedication to tackling Ghana’s housing shortage using a thorough and creative strategy.
“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 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 stressed the significance of utilizing Public-Private Partnerships (PPP) as the main approach for providing affordable housing in Ghana, suggesting a ten-year Housing Programme to address the country’s 1.8 million housing shortage.
“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.
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