Mr Kenneth Gilbert Adjei, the Minister for Works, Housing, and Water Resources, says the Ghanaian housing market presents significant investment opportunities for the private sector.
He said the growing urban population and the government’s commitment to housing indicate a clear market for new housing developments, infrastructure, and financing solutions for the sector.
Mr Adjei said this in a speech read on his behalf by Mr Prosper Hoetu, the Chief Executive Officer of the National Homeownership Fund Company Limited, at the launch of the Ecobank-Joynews Habitat Fair.
He said the Habitat Fair continued to serve as a vital platform for fostering partnerships, sharing innovative ideas, and facilitating investment in Ghana’s real estate sector.
It also provides an avenue for us to relay the government’s intentions and efforts directly to industry players and prospective investors.
Ghana’s current urban population stands at 59 per cent of the total population, with an average urbanisation rate of 3.3 per cent annually.
He said that as urbanisation increases, the demand for housing continues to rise, and the challenges within the housing market become more complex.
He said this was particularly evident in the housing deficit, which, according to the 2021 Population and Housing Census, stands at 1.8 million units.
While there has been significant progress in reducing the deficit from 2.8 million, the system of housing delivery has largely failed to meet the needs of the low-to-middle-income households.
Furthermore, a staggering 12.7 per cent of all housing units in the country remain vacant, indicating a mismatch between the housing supply and demand.
He said the United Nations Universal Declaration of Human Rights recognised housing as a basic human right.
He said having access to a home was essential to living a fulfilling and dignified life.
“Despite this known fact, the reality for many in Ghana and many parts of the world is that housing, especially affordable housing, remains a challenge for a large segment of the population,” he said.
Mr Adjei said that to confront these issues, the government had placed housing at the forefront of its national development agenda.
“Our focus is on ensuring that every Ghanaian has access to safe, decent, and affordable housing,” he added.
He said the government, in line with its vision, had prioritised the delivery of affordable housing units, especially for the low- and middle-income groups.
“We are putting together a pragmatic approach to address the affordability gap to increase access to affordable housing for the ordinary Ghanaian,” he added.
The Minister said this would involve a multifaceted strategy that combined land acquisition, efficiency in contracting and infrastructure development, as well as access to diverse funding mechanisms, including public-private partnerships.
The goal is to create a housing market that can sustainably meet the growing demand for urban homes within affordable price ranges.
He said the Ministry intended to collaborate with other key agencies, including the Lands Commission, to streamline land tenure issues to create an enabling environment for investments to thrive in our sector.
The Minister said that in the coming months, the government would commence the District Housing Programme, aimed at providing access to housing across the country.
The initiative will enable members of the diaspora to own homes in well-planned and even gated communities in their hometowns.
This is anticipated to offer valuable investment avenues for the private sector.
He said the government was resolute in its commitment to creating an enabling environment for the successful delivery of housing solutions.
“We understand that it will require the collaboration of all stakeholders, government machinery, the private sector, financial institutions, and every single person gathered here today to make a lasting impact.
“We are committed to providing the leadership necessary to foster such partnerships and to ensure that policies and programmes are aligned with the broader goals of inclusivity, resilience, and sustainability,” he added.
“With your support, expertise, and investments, we can turn this vision into reality, addressing the housing needs of our citizens, while contributing to the economic development of our country,” the Minister said.
