Ghana's government will mobilise dependable, long-term financing in Ghana cedis to expand affordable housing options for its citizens. This strategic move aims to reduce the cost and risks associated with housing delivery, making homes more accessible to Ghanaian households.
The initiative will involve collaboration with key financial institutions, including banks, pension funds, insurers, and development partners. These partnerships are crucial for mobilising capital suited to the long-term nature of housing projects. The government's focus is on creating a sustainable framework for housing finance.
This effort aligns with Ghana's broader economic recovery and development agenda. Recent economic improvements have created more favourable conditions for housing finance. Headline inflation, for instance, significantly decreased to 5.0 per cent in August 2026 from 23.8 per cent in 2024. Borrowing costs have also fallen from approximately 30 per cent to a range between nine and 13 per cent, making financing more affordable for both businesses and households.
Mr. Thomas Nyarko Ampem, the Deputy Minister for Finance, announced these plans at the National Conference on Housing Finance in Accra. He stated, "The government would work with banks, pension funds, insurers and development partners to mobilise capital suited to the long-term nature of housing." The conference theme, "Adequate Housing for all: Innovative Financing for Ghana’s Housing Future," underscored the urgency of addressing housing challenges.
The government is also actively working to improve Ghana's sovereign creditworthiness, which is currently rated B- with a stable outlook by Standard and Poor's. The medium-term ambition is to achieve an investment-grade rating. This upgrade would significantly improve access to international capital and reduce risk premiums for Ghanaian banks and companies seeking long-term financing, directly benefiting the housing sector by lowering capital costs for builders and borrowers.
Addressing the housing deficit is critical, especially given the 2021 Population and Housing Census findings. The census revealed that 34.6 per cent of households lived in rented accommodation, with this proportion rising to 46 per cent in urban areas. These figures highlight the need for diverse housing policies that go beyond just homeownership, including affordable rentals, starter homes, rent-to-own arrangements, incremental building, and targeted social housing.
Beyond financing, the government plans to reduce the cost and risk of delivering homes by improving land ownership systems and streamlining local approvals. Enhancements in infrastructure planning, procurement processes, and access to quality local building materials are also priorities. These measures are designed to create a more efficient and less costly housing construction environment.
The Deputy Minister emphasised the importance of linking housing delivery to economic opportunities. He urged stakeholders to consider where workers would live when industrial parks, agro-processing centres, and commercial hubs are developed. This integrated approach ensures that housing supports broader economic growth and job creation.
The upcoming National Housing Programme, to be presented in the 2027 Budget, will focus on measurable targets and sustainable funding. It will also define clear responsibilities across the housing sector. The GHS 500 million allocation for the District Housing Scheme in the 2026 Budget serves as a starting point. Progress towards delivery targets, including the first 700 Saglemi homes scheduled for March 2027, will be tracked transparently. The success of these interventions will be measured by completed and occupied homes, manageable repayments, investment mobilised, and households served.