President Mahama Directs GH¢1BN Allocation to National Housing Fund

President John Dramani Mahama has directed the Minister of Finance to allocate GH¢1 billion in the 2027 Budget as government’s contribution to a proposed GH¢3 billion revolving fund for the National Housing Fund.

The President said the allocation would strengthen the Fund’s capacity to finance housing delivery and expand access to affordable housing for Ghanaian households.
He made the announcement on Wednesday when he opened the National Conference on Housing Finance in Accra.

President Mahama said the GH¢1 billion would be placed in the National Housing Fund and made available for housing finance on a revolving basis.

“And in this regard, I am pleased to announce that I have directed the Minister of Finance to allocate one billion Ghana cedis in next year’s budget as government’s contribution to the three billion revolving fund for the National Housing Fund,” he stated.

“This money will be placed in the National Housing Fund and it will be available for financing housing in a revolving manner,” he added.

The President said the financing arrangement was part of efforts to address Ghana’s housing deficit, which the conference concept note, drawing on the 2024 Ghana Housing Profile, puts at 1.8 million housing units, with more than 30 per cent of existing housing considered inadequate.

He said the country needed to move beyond housing finance arrangements that excluded large sections of the population, particularly informal sector workers.

President Mahama called on financial institutions to develop alternative ways of assessing the repayment capacity of traders, artisans, farmers, transport operators and other self-employed persons, using indicators such as savings history and verifiable business cash flows.

“A system that cannot recognize these livelihoods excludes a substantial part of our nation from the opportunity to own a home,” he said.

The President also called for the mobilisation of long-term capital from pension funds, insurance companies, development finance institutions and diaspora investors to support housing projects.

He said public and concessional financing could be used strategically to attract private investment and manage risks that might otherwise prevent viable housing projects from moving forward.

President Mahama said the success of the housing financing initiative would ultimately be measured by the number of Ghanaian families who gain access to decent and affordable homes.

He urged financial institutions, developers, employers, organised labour and development partners to work with government to translate the financing commitment into increased housing delivery.

Richard Aniagyei, ISD