Vice President, Dr. Mahamudu Bawumia has attributed the increasing demand for affordable homes to the lack of a robust long term mortgage regime.
According to him, the lack of a robust long term mortgage regime has made it difficult for many prospective home owners to access affordable financing needed to realise their dream of home ownership.
Speaking during the inspection of works at Phase 4 and the official commissioning of Phases 1 to 3 of the TDC affordable housing enclave on Monday, November 25,2024, he mentioned that, a strong housing market and mortgage market grows the economy.
‘’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’’.
Dr. Bawumia stated that, though the country has made a remarkable achievement over the past decade by achieving a 33 percentage reduction in the national deficit program, the country’s housing delivery system still fails to address some challenges.
He added that, the country’s National Housing Deficit stands at approximately 1.8 million housing units.
‘’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.
Dr. Bawumia emphasized that, the increasing demand has made it difficult for lower to middle income earners to become home owners.
‘’Our housing delivery system still fails to adequately address the increasing demand for affordable homes, particularly for low to middle income earners’’.
