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 that the most pressing issue plaguing Ghana's housing sector is affordability, rather than the availability of housing units. Speaking at the launch of the Republic Bank JoyNews Habitat Fair on August 11, Dr. Dzoboku explained that Ghana's housing deficit of approximately 1.8 million units in 2015 has been exacerbated by rapid population growth and urbanization.
The challenge has been further compounded by low household incomes, high borrowing costs, and persistent land litigation, rendering it difficult for many Ghanaians to attain their dream of owning a home. Dr. Dzoboku emphasized that resolving the housing gap necessitates a collaborative effort from all stakeholders, including government bodies, financial institutions, developers, and other players within the housing sector.
He reiterated Republic Bank Ghana's unwavering commitment to promoting home ownership through its partnership with Multimedia Group's Habitat Fair, a relationship that spans over 15 years since the bank's sponsorship of the Mortgage Habitat Fair under HFC. Republic Bank's involvement in housing finance dates back to 1990 when it initially established itself as a home finance company, focusing exclusively on mortgage financing.
Despite evolving into a commercial bank, Republic Bank has maintained its expertise and dedication to housing finance. The bank offers a myriad of 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 assistance under the National Housing Scheme.
Dr. Dzoboku further underscored the bank's support for public sector employees, who have benefited from housing-related financing to realize their aspirations. Additionally, Republic Bank's Real Estate Investment Fund, established in 1995, exemplifies the bank's enduring engagement in the broader housing and investment landscape.
Dr. Dzoboku concluded by emphasizing that home ownership encompasses an entire ecosystem, encompassing saving, investing, building, purchasing, and establishing security for one's family.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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