Housing affordability, not supply is Ghana’s biggest challenge – Managing Director of Republic Bank
Managing Director of Republic Bank Ghana, Dr Benjamin Dzoboku, has identified affordability as the major challenge confronting Ghana’s housing sector, rather than the availability of housing units.
Dr Benjamin Dzoboku, Managing Director of Republic Bank Ghana, has highlighted affordability as the primary obstacle in Ghana's housing sector, as opposed to the availability of housing units. The country's housing deficit, estimated at around 1.8 million units in 2015, has been exacerbated by population growth and urbanization.
Speaking at the launch of the Republic Bank JoyNews Habitat Fair on August 11, Dzoboku emphasized that the issue lies not with the supply side, but with the high costs of borrowing and low household incomes, which hinder many Ghanaians from owning a home. He stressed that resolving the housing gap necessitates a collective effort from all stakeholders, including government, financial institutions, developers, and other housing sector participants.
Dzoboku affirmed Republic Bank Ghana's dedication to promoting home ownership through its collaboration with the Multimedia Group's Habitat Fair. This partnership has endured for over a decade, dating back to when the bank served as a title sponsor of the Mortgage Habitat Fair under HFC. Following Republic Bank's transformation into a commercial bank in 2015, the partnership has expanded nationwide.
Housing finance, according to Dzoboku, is central to Republic Bank's identity and history. The bank, established in 1990 as a home finance company specializing in mortgage financing, has developed various products tailored to diverse housing needs, such as home financing, home equity facilities, "Buy, Build and Own" financing, home completion and improvement loans, pension-backed mortgages, and support under the National Housing Scheme.
The bank has assisted numerous Ghanaians, both locally and abroad, in acquiring, constructing, improving, and completing their homes. Dzoboku also mentioned the bank's support for public sector workers, stating that thousands of government employees have benefited from housing-related financing to realize their home ownership goals.
He concluded by underscoring the bank's extensive involvement in the broader housing and investment landscape via its Real Estate Investment Fund, established in 1995.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
