Invest in rental housing – Pres Mahama tasks MMDAs

Ghana faces an enormous and pressing housing deficit, estimated at over 1.8 million units. President John Dramani Mahama has urged Metropolitan, Municipal and District Assemblies (MMDAs) to utilize a portion of their Internally Generated Funds (IGF) and Common Fund to construct rental housing. This proposal aims to address the high cost of housing and provide affordable options for residents and workers.

MMDAs are encouraged to invest in rental accommodation, not just to increase the housing stock, but to ensure affordability. This approach would bring existing partially completed properties into use while assisting families in transitioning from renting to home ownership. The government plans to allocate GH¢1 billion in the 2027 Budget towards a GH¢3 billion revolving National Housing Fund. This fund, alongside rent-to-own schemes and the Easy Rent programme, could enhance housing finance access.

The success of these initiatives depends on effective implementation, requiring collaboration among government, MMDAs, financial institutions, and developers. The National Housing Fund must offer financing options that accommodate diverse income groups, including informal workers, beyond traditional mortgage products. The Ghanaian Times emphasizes the importance of collaboration, urging MMDAs to seriously consider the President's call and explore tailored housing investments for their communities.