Vice President Dr. Mahamudu Bawumia has attributed the rising demand for affordable housing to the absence of a robust long-term mortgage system.
He noted that this shortfall has made it challenging for many prospective homeowners to secure the financing needed to fulfill their dream of homeownership.
Speaking during the inspection of works at Phase 4 and the commissioning of Phases 1 to 3 of the TDC Affordable Housing Enclave on Monday, November 25, 2024, Dr. Bawumia underscored the importance of a strong housing and mortgage market to economic growth.
“A housing market and a mortgage market generally is so important for any economy. In most of the developing economies, when the housing market goes down, the economy goes down,” he stated.
The Vice President highlighted Ghana’s progress in reducing its housing deficit over the past decade but acknowledged that significant challenges remain.
“Over the past decade, Ghana has achieved a remarkable 33 percentage reduction in the national housing deficit, which now stands at approximately 1.8 million housing units,” he noted.
Despite this progress, Dr. Bawumia stressed that the current housing delivery system continues to struggle with meeting the demand for affordable homes, particularly for lower- and middle-income earners.
“Our housing delivery system still fails to adequately address the increasing demand for affordable homes, particularly for low- to middle-income earners,” he emphasized.
Dr. Bawumia reiterated that strengthening the housing and mortgage markets is key to ensuring sustainable economic growth and addressing the challenges faced by potential homeowners.
