Mahama wants banks to introduce affordable housing loans within six months

President John Mahama has called on banks to introduce or revise affordable housing loan products within a six-month timeframe. He emphasized the need for these products to help bring households currently excluded from formal financing into the system. This directive was given during the National Conference on Housing Financing, where the President outlined several expected outcomes from the event.

He urged participants to focus on commitments from at least three financial institutions to introduce new or revised affordable housing loan products within the six-month period.

Mahama highlighted the importance of pilot financing partnerships between the fund, lenders, and developers. These partnerships should have realistic prices, clearly identified beneficiaries, and credible delivery arrangements. Additionally, he proposed the creation of a technical working group on green affordable housing finance. This group would consist of the relevant ministry and development partners, tasked with transforming sustainable building priorities into investable projects.

The President also called for a practical roadmap for the fund's home buyer database and offtake framework. This roadmap should include safeguards for personal information and transparent eligibility criteria. He stressed that the value of the conference would be measured by the actions taken following the event. The communiqué and final report should outline "focused programmes of action with clear responsibilities, timelines, financial requirements, and implementation milestones."

Mahama stressed the need for a follow-up review to assess commitments made, financing mobilized, products introduced, and progress towards housing delivery. He emphasized that Ghanaians must see practical changes resulting from the conference, stating, "Ghanaians must see in practice what has changed as a result of this gathering we are at today."