Affordable housing in Ghana

Affordable housing in Ghana

Are you from a lower or middle-class family and having difficulties in finding out details of affordable housing in Ghana? We are here to help you out by providing the details of several ongoing housing projects in Ghana. Many people of our country struggle to meet their basic needs, such as food, clothing, shelter and primary health care. Ghana has a huge housing deficit, and for that reason, the government has decided to build more houses, which are meant to be affordable for the people of Ghana. Read the following article to know more about the various affordable housing projects.

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When a household spends a minimum amount of its gross annual income on rent or other expenses like taxes, and insurance, then it can be regarded as affordable. Several Ghana housing estates or projects were built up to cope up with the housing deficit problem, and so far so good. In this article, you will get to know all about the several on-going affordable housing projects in Ghana. If you are looking forward to buying a house in any of the on-going housing projects, housing estates, then continue reading for more insight.

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Different Ghana affordable housing project

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As per reports, there are approximately 1.7 million housing units lacking in Ghana. To cope up with this problem, the government has initiated some affordable housing projects in various parts of the country. Though there are many obstacles, the government is trying hard to cut out the deficit by constructing affordable houses for both lower and middle-class citizens. Now, let us catch a glimpse of three on-going housing projects in Ghana.

1. Appolonia affordable housing project

Appolonia housing project came into the limelight back in 2012, when it was launched in the city of Accra. In 2015, the initial infrastructure was completed with the introduction of the initial residential phase. It offers residential facilities to both the lower and middle-class people of our country. Appolonia is a 2,325-acre housing project which can accommodate up to around 88,000 people. The project encompasses light industrial, retail, commercial, and residential developments. It also offers other essential amenities like parks, healthcare, and schools. According to the Ghana housing statistics, around 2,000 affordable houses will be constructed under the Appolonia housing project. With around 1.7 million of house deficits, the government has taken the initiative of constructing several affordable homes for our people through several housing projects across the region including the Appolonia housing project. About 100 homes will be constructed at first after the initiation of the project. Recently, the President Mr. Akufo Addo promised the private partners associated with this housing project that Ghana will be a perfect place to set up their business under his watchful eyes.

2. Saglemi affordable housing project

The Saglemi housing project was started in Greater Accra under the leadership of the former President, Mr. John Dramani Mahama back in 2013. The project site is in the district of Ningo-Prampram and is progressing well. It is a 300-acre housing project, where construction of around 1,502 houses is on-going. After the initial phase, Construtora OAS Ghana Limited, a Brazilian construction company is willing to expand it further and build around 11,000 houses in total to help the government in reducing the housing deficit. The former President, Mr. John Dramani Mahama was really happy with the progress. He applauded Construtora OAS Ghana Limited for its performance and would want to extend the partnership to cover the construction of shopping malls, schools, and many other social utilities. The former President also quoted that the government is planning to sell around 40% of the available government affordable housing flats near completion at subsidized prices for the people belonging to the low-income groups. Mr. Andrew Clocanas, Construtora’s Chairman proclaimed that this project can generate about 5,000 job opportunities for the people of Ghana.

3. Borteyman affordable housing project

The borteyman project which started back in 2006, was abandoned in 2014 mostly due to some financial constraints. After the failure of the government, the project was forwarded to SSNIT, but they too failed to complete the process within the time period. SSNIT estimated GHC195 million as the cost of the Borteyman affordable housing project. This affordable housing scheme in Ghana was recently handed over to the SSNIT again to start from where it was stalled. Similarly, the Asokore Manmpong project which was also stalled will be resumed soon and shall run in accordance with the Borteyman project. A total of 2,543 houses will be built across these two regions. The government will assist SSNIT in building up the affordable houses for sale in Ghana to complete it within the stipulated time.

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Altogether, about 10,000 housing projects will be undertaken throughout the year in each and every region of the country. The cost of building a house in Ghana is relatively affordable.

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Four basic steps for acquiring a mortgage in Ghana

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There are many institutions which are offering mortgage loans, such as Stanbic Bank, HFC Bank, Ghana Home loans, SG-SSB, Eco bank, and Cal Bank. Now, for smooth processing, the banks are allowing applicants to apply for loans through the online platform instead of delivering the application forms to their banking halls. You will need to go through the following four steps for getting any type of mortgage loan in Ghana

1. Pre-Qualification: Before you step into the bank for the loan, you need to keep in mind the basic necessities -

  • You need to visit the insurance company as preferred by the bank to get the property insured, that you would like to acquire.
  • The property tenure must be 5-15 years.
  • Identification proof
  • Applicants age 18-55 years.
  • Letter of intent
  • Recent bank statement
  • A personal guarantor

However, the above requirements may vary depending upon the institutions.

2. Different type of mortgages: There are various types of mortgages, you can select from as per your choice. It also includes some other options like equity lease, home furnishing, and home acquisition.

3. Interest rate: The rate of interest varies between 10-13.5% and 30.5-34.5% in case of Cedis. Though, it may vary as per the requirement of the institutions.

4. Points to be noted: As per Mr. Kofi Siabi, Marketing Head (Cal Bank), you need to keep note of the following things -

  • Keep an eye on the changing interest rates of the financial institution.
  • Check whether the institution is capable of funding the loan or not.
  • Go through the terms and condition as prescribed on the loan papers carefully.
  • The credibility of the financial institution.

For more detailed information about affordable housing, download the pdf file from this affordable housing in Ghana pdf link where you can get more information about it.

That is all for now, we will soon come up with some interesting facts about affordable housing in Ghana. Stay connected with us for latest updates. Feel free to share your comments below.

Source: Yen

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