Government Cuts Cost Of Housing Units By Half Amid Economic Hardships

Government Cuts Cost Of Housing Units By Half Amid Economic Hardships

  • The government has moved to slash the cost of housing units under its Affordable Housing Project by half
  • The 50% reduction is to enable a lot more Ghanaians earning average salaries to be able to afford them amid the current economic challenges
  • Works and Housing Minister, Francis Asenso-Boakye, said the new cost-cutting arrangement will be detailed in a new framework to be developed by his Ministry

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The government has announced a 50% cut in the cost of housing units under the Affordable Housing Project.

A post on the official Twitter handle of the presidency explained that the move is to ensure housing is affordable for the average earning Ghanaian.

Asenso Affordable Housing
Francis Asenso-Boakye (L) is Minister for Works and Housing. Source: UGC
Source: UGC

A news report linked to the post on Twitter quotes the Minister for Works and Housing stating that the government was pushing the price of a housing unit at about $20,000 and $25,000 instead of at $100,000 to enable the majority of Ghanaians to afford it.

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Francis Asenso-Boakye disclosed that this new cost-cutting arrangement for the housing units under the Affordable Housing Project will be captured under a new framework currently being developed by his Ministry.

He invited Ghana Real Estate Developers Association (GREDA) support the initiative.

The Minister made the revelation at GREDA’s annual CEOs Breakfast Meeting yesterday, March 23, 2022.

The government of Ghana is taking drastic steps to tackle the current economic hardships facing Ghanaians.

Already, President Nana Akufo-Addo has cut the salaries of his appointees by 30% as part of measures to tackle biting economic hardships.

Also, the government has announced that all the land borders, which had been closed since 2020, will be opened within two weeks.

8 massive affordable housing projects in Ghana with prices, budgets, capacity & more

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Thousands of housing units are at different stages of completion in Ghana with the aim to offset the housing deficit in the country.

Referencing, compiles the biggest projects and what they promise.

The Asokore Mampong affordable housing project began in 2006 and was handed over to SSNIT in 2015.

The Asokore Mampong Housing Project has since been completed and renamed after the Asantehene, Otumfuo Osei Tutu II in May 2020.

Bank Of Ghana Policy Rate Raised By 2.5% To 17% In First Increase Since 2018

The Bank of Ghana has raised the rate at which it lends to commercial banks by 2.5%, from 14.5% to 17%.

This means commercial banks will also increase the rate they lend to their customers in the coming days.

Bank of Ghana’s Monetary Policy Committee (MPC) announced the decision today, Monday, March 21, at a meeting with journalists and key stakeholders.

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