Francis Asenso-Boakye, Minister of Works and Housing, has lamented the country’s chronic housing shortage. According to him, more than 60% of Ghanaians are unable to own their own homes without government assistance.
Furthermore, even with government assistance, 35 percent of the population would never be able to buy their own homes. On Thursday, April 15, he made these claims at the launch of the first edition of Glitz Africa’s Home Ownership Series.
“The rising housing market that is supposed to provide homes for Ghanaians is beset with a slew of obstacles that will inevitably render home ownership a difficult and costly endeavor for the majority of our people. The causes of these complexities are not far-fetched and can be traced to our failure to address the challenges that urbanization and population growth have presented to us over the last few decades.”
“At the moment, it is estimated that 60 percent of Ghanaians will need some form of government assistance to gain access to housing, while 35 percent will be unable to obtain housing even with government assistance.
The availability of affordable housing for the majority of Ghanaians remains a puzzle that successive governments have struggled to address.
Despite an annual supply of 40,000 housing units, Ghana’s housing deficit now exceeds two million. The annual demand for housing units is estimated to be about 70,000 units.
This condition is due, among other things, to rapid population growth and rural-urban migration.
Mr. Asenso-Boakye however believes the setting up of the National Housing Authority will “lead the supply side of the housing market”, adding that the Authority will “not only serve as a regulator in the sector, but will also plan, develop, and manage housing development in Ghana especially affordable housing”.
Glitz Africa Living Magazine’s ‘Home Ownership Series’ was launched in partnership with First National Bank with support from Glico Group.