The Vice President, Dr. Mahamudu Bawumia has overseen the inauguration of the 1,072 Kpone Affordable Housing Project, signalling the successful conclusion of Phases 1-3 of the project.
On Monday, November 25, 2024, the Vice President participated in a ceremony to mark the beginning of Phase 4 of the project. This phase will add 800 units to the enclave, increasing the total number of homes to 1,872.
Former President John Agyekum Kufuor initiated the project in 2006, but it stalled under the Mills and Mahama administrations because of insufficient government investment. However, it has been revived under the current Akufo-Addo-Bawumia led administration, resulting in the delivery of decent homes for Ghanaians.
The vice president emphasized the government’s dedication to tackling Ghana’s housing shortage with a thorough and creative strategy.
Many potential home buyers are struggling to secure affordable financing due to the absence of a strong, lasting mortgage option, hindering their ability to fulfill their dream of owning a home. The housing market and mortgage market are crucial components of the economy in many advanced countries.
When the housing market experiences a decline, it has a negative impact on the overall economy. He added that when the economy is declining, this is reflected in the housing market due to the vast amounts of money involved in the mortgage market in numerous advanced economies amounting to trillions of dollars and pounds.
He highlighted the significance of utilizing Public-Private Partnerships (PPP) as the primary approach for providing affordable housing in Ghana. He suggested implementing a Decade of Housing Programme to address the country’s 1.8 million housing shortfall.
We have observed the effects of the “year of roads” in Ghana and the changes it has brought. If all goes well, I plan to initiate a decade focused on addressing our housing needs. We have already discussed our experiences with the financing model for this project. It is a partnership between the private and public sectors. He added that we plan to apply this model, as we have successfully done with the National Home Ownership Fund, to address the housing problem effectively.
The Minister of Works and Housing, Kojo Oppong Nkrumah, praised the project as a significant milestone in the government’s mission to offer cost-effective housing options.
The delivery of phases 1 to 3 of the project demonstrates the government’s steadfast dedication to addressing the housing shortage in the country.
This transformative project has already completed Phases 1, 2, and 3, resulting in the delivery of an impressive 1,072 housing units. He said that this achievement was a result of the outstanding leadership from the government and TDC and the dedication, skill, and professionalism of the contractors involved.
Oppong Nkrumah emphasized the government’s significant housing accomplishments, stating that more than 10,000 homes have been completed through different programs since 2017. In addition, there are also more than 1,000 housing units specifically designated for security services.
The Minister also reiterated the government’s dedication to finishing housing projects that have been put on hold.
He mentioned that the Adenta SHC flats are near completion, and the stalled units at Saglemi have been transferred to a private partner for financing and completion.
Vice President Dr. Bawumia also visited the National Housing Fund (NHF) estates located near the Kpone Affordable Housing Project. These estates are currently undergoing construction for Phases 2 and 3, which will bring a total of 534 new homes to Ghana’s housing inventory.
Should he be given the mandate in the upcoming elections, Dr Bawumia emphasized the government’s commitment to developing a thriving and equitable housing sector.
The next NPP government will continue to build on these efforts by creating thousands of jobs and making a significant impact on economic growth.
