Minister for Works and Housing, Kojo Oppong Nkrumah has held an engagement session with local banks to discuss the successes and lessons learned from the pilot phase of the National Homeownership Fund (NHF).
This initiative, which has already shown promise, is now poised for expansion to benefit both public and private sector workers across the nation.
The pilot phase of the NHF saw a collaborative effort between the Fund and three local banks were plans are advanced in the underwriting of local currency mortgages for public sector workers and providing much-needed construction finance to developers.
Speaking at the engagement session on Wednesday, May 22, 2024, the Minister emphasized the importance of these partnerships and the success achieved during the pilot phase.
“The collaboration with our local banks has been pivotal in demonstrating the potential of the NHF to provide affordable housing solutions. The success we have seen so far gives us confidence to expand these schemes to cover both public and private sector workers across Ghana,” he stated.
The Minister highlighted that the primary goal of the NHF is to ensure that all qualifying Ghanaians have access to decent and affordable housing. He said, by extending the reach of the NHF, government aims to enable more Ghanaians to access affordable mortgage rates and achieve homeownership thereby improving living conditions and promote economic stability.
The Minister’s dialogue with the banks comes at a time when Ghana faces a significant housing deficit, with many citizens struggling to find affordable and quality housing. The NHF’s pilot schemes have shown that through strategic partnerships and innovative financing solutions, it is possible to make meaningful progress in bridging this gap.
Minister Oppong Nkrumah concluded the session by reaffirming government’s commitment to addressing the housing challenges in Ghana.
“Our goal is to create an environment where every Ghanaian has the opportunity to own a home. Through the expanded NHF and continued collaboration with our financial institutions, we are taking significant steps towards making this vision a reality. We call on all stakeholders to join us in this noble endeavor,” he urged.