The government has pledged to address the deficit in the housing sector by allocating additional financial resources to accelerate the construction of affordable housing units across the country.
Finance Minister Dr. Mohammed Amin Adam made this announcement during a joint visit with Works and Housing Minister Kojo Oppong Nkrumah to the National Home Ownership Fund (NHF) Phase 3 construction site on Tuesday, September 17, 2024.
The NHF, which successfully delivered 204 units in Phase 1 and 201 units in Phase 2, is now progressing with Phase 3, where 129 new units are under construction.
NHF General Manager Philip Delali Zumanu confirmed that the project will be completed by November 2024.
The visit by the Ministers underscored the government’s commitment to resolving Ghana’s estimated 1.8 million housing deficit.
Minister for Works and Housing, Kojo Oppong Nkrumah, commended the progress on the NHF project, noting its alignment with the government’s focus on efficient, timely, and cost-effective housing delivery.
“When you provide funds for our work, it is imperative that we account for their use. Today’s visit allows us to demonstrate the progress made with the GH¢94 million allocated to the NHF. This funding has been instrumental in advancing the project,” Oppong Nkrumah stated.
He praised the NHF for balancing speed with quality, citing Phase 3’s progress as a model for future projects and underscoring President Nana Addo Dankwa Akufo-Addo’s vision for significant investment in affordable housing.
Finance Minister Dr. Mohammed Amin Adam expressed his approval of the NHF’s achievements and reaffirmed the government’s dedication to improving housing accessibility.
He praised the NHF for its high standards of professionalism and efficiency.
“This public institution has set a high standard for housing delivery in Ghana. The recent progress demonstrates that when we provide the necessary resources, they are effectively utilized,” Dr. Adam said
Ahead of his mid-year budget review, President Akufo-Addo directed the government to focus on impactful sectors, with housing being a key priority.
In response, the Ministry of Finance released GH¢94 million to support the NHF, a move that has yielded significant results.
“To see such progress in just five months is remarkable,” Dr. Adam remarked. “Timely project completion is crucial for maintaining affordability for Ghanaians.”
Dr. Adam announced an additional GH¢200 million in funding for the NHF in a significant boost to the housing sector.
This allocation will support the completion of Phase 3 and facilitate the rollout of district housing projects nationwide.
“This additional funding will accelerate our efforts and align with the government’s plan to develop a comprehensive district housing scheme. President Akufo-Addo is determined to leave a lasting legacy in the housing sector,” Dr. Adam said.
He also acknowledged the hard work of the construction teams, emphasizing that their efforts are vital to delivering the housing units on schedule and to a high standard.
“We are grateful for the dedication of the workers involved. Their commitment is critical to the success of this project, and we will continue to ensure that the resources invested are used effectively,” he stated.
