National Homeownership Fund CEO urges financial institutions to support mortgage market
By Nii Trebi Hammond
The Chief Executive Officer (CEO) of the National Homeownership Fund, Prosper Hoetu, has called on financial institutions to support efforts to grow Ghana’s mortgage market in order to expand access to affordable housing.
Speaking at a thought leadership forum on the theme ‘Blueprint to Brick: Making Affordable Housing Work’ organised by Media General on Tuesday, 23 September, Mr Hoetu stressed that financing remains the biggest obstacle facing the housing sector.
“Help us grow the mortgage market, to promote competition so that different kinds of products can be promoted for Ghanaian workers to access,” he urged.
Mr Hoetu indicated that developers require cheaper resources to provide affordable housing and emphasised the importance of a statutory fund to support the sector.
“Addressing the demand and supply requires financing. That is the bottom line. The developer needs resources to invest in housing. There must be some dedicated funds for that. We have failed significantly in doing that, providing social housing programmes targeting the vulnerable. We must deliberately, as a state, provide funding,” he said.
Also contributing to the discussion, Professor S.O. Afram, a lecturer at the Department of Architecture, Kwame Nkrumah University of Science and Technology (KNUST), urged city authorities to take the needs of low-income earners into account when planning housing projects.
He suggested that the traditional compound house model could serve as a practical and affordable option for poorer households.
“When we do planning for the city, we should also think about the poor. The compound house is the best that we can use for low-income. There is security. Always when you are there, there is somebody, so nobody can go and steal. If somebody steals, then it is a resident thief; they can get him,” Professor Afram explained.
He further highlighted the rising cost and limited accessibility of land as a significant barrier to housing delivery in Ghana. “Land cost and accessibility, you can’t even get the land in Accra, and when you get it, you pay more,” he noted.
On behalf of government, the Minister of Works and Housing, Kenneth Gilbert Adjei, assured Ghanaians that the Mahama administration is committed to addressing the housing deficit.
He outlined several measures introduced under the government’s “reset agenda” to bridge the affordability gap.
“Housing requires urgent and collective action. Under the current situation, the Mahama administration is prioritising the development of affordable, low-cost housing. Every Ghanaian deserves a safe, decent home. I am confident that with concerted effort, President Mahama will turn this vision into reality for Ghanaians,” Mr Adjei said.
The Minister added that ongoing interventions such as the Security Services Housing Programme and the National Rental Assistance Scheme are part of a pragmatic strategy to close the deficit and improve living conditions for citizens.
President Mahama has already announced plans to roll out a Low-Cost Housing Project to cater for the accommodation needs of government and public sector workers, forming part of broader efforts to ensure affordable housing for all.
