Finance & Housing Ministries collaborate on housing incentives

In an effort to address Ghana’s housing deficit, the Ministries of Finanace and Housing have engaged real estate developers and other stakeholders on a proposed incentives package for the housing industry.

The proposed incentives were outlined by the Minister for Works and Housing, Kojo Oppong Nkrumah at the ongoing Built Environment National Conference on Housing and Hydrology (BENCHH) 2024 in Accra.

Speaking at the opening of the Conference, the Minister said the joint efforts between the two Ministries will incentivize developers to undertake massive affordable housing projects across the country.

“Our goal is to deepen public-private partnerships and create an enabling environment for private developers to undertake large-scale affordable housing projects,” he stated.

The Minister emphasized that these incentives would be pivotal in overcoming the current housing deficit of 1.8 million units and meeting the growing demand for decent housing among Ghanaians.

The proposed housing incentives include tax breaks, reduced tariffs on construction materials, and streamlined approval processes for housing developments among other incentives.

The Minister emphasized that this collaboration will streamline Public Private Partnership (PPP) processes by introducing a Master Framework. This framework he explained will eliminate the need for approval from the Ministry of Finance at every stage of the agreement, thereby reducing bureaucratic delays.

This, he highlighted the importance of these measures in attracting master developers into sector to undertake economically viable housing projects thereby making housing accessible to prospective homeowners.

“By incentivizing private sector participation, we aim to significantly increase the supply of affordable housing while ensuring that these projects meet quality standards and are delivered in a timely manner,” he explained.

In addition to housing incentives, the Minister addressed ongoing efforts to establish a Works Inspectorate Unit within the Ministry of Works and Housing. This unit is tasked with enforcing building codes and safety standards across construction sites nationwide, thereby enhancing the quality and durability of housing infrastructure. Minister Oppong Nkrumah stressed the need for rigorous regulatory oversight to safeguard public safety and uphold industry standards.

During the three-day BENCHH 2024 conference, discussions will include regulatory reforms and the establishment of a Works Inspectorate Unit to ensure adherence to building and safety standards. The Ministry aims to present comprehensive reports on government initiatives, achievements, and challenges, seeking input from stakeholders on innovative approaches.

Minister Oppong Nkrumah expressed confidence in the outcomes of BENCHH 2024, highlighting the potential of collaborative efforts to drive tangible progress in Ghana’s built environment sector. He urged participants to actively engage in discussions and contribute their expertise towards crafting actionable strategies that address the nation’s housing and hydrology challenges comprehensively.

Source:dailymailgh.com