President John Dramani Mahama announced Saturday, May 9, 2026, at the Dedesua Green City project in the Bosomtwe District of the Ashanti Region, a new low-cost housing scheme designed to provide public sector workers with affordable, government-built homes. The initiative, developed in partnership with Organised Labour and financial institutions, will offer mortgages denominated in Ghanaian cedis with repayment periods of up to 20 years, directly addressing the challenges posed by dollar-denominated loans.
Context of the Housing Initiative
Ghana faces a significant housing deficit, estimated at over 1.5 million units. Rapid urbanization, increasing construction costs, and limited access to long-term financing have made home ownership a distant dream for many, particularly public sector employees like nurses, teachers, and doctors. Historically, many real estate developers have offered mortgages in US dollars, making them vulnerable to currency fluctuations and increasing the financial burden on homeowners when the Ghanaian cedi depreciates.
The government’s new approach aims to stabilize housing costs for its workforce. This initiative is anchored by a GH¢3 billion Revolving Fund, a collaborative effort between the government, Organised Labour, the Social Security and National Insurance Trust (SSNIT), and the Republic Bank of Ghana. This fund will provide credit to state-owned housing companies such as the State Housing Company (SHC) and Tema Development Company (TDC) to construct affordable housing units.
Affordable Homeownership in Cedis
The core innovation of this scheme is the provision of mortgages exclusively in Ghanaian cedis. This eliminates the risk of sudden mortgage payment increases due to cedi depreciation, offering greater financial predictability for homeowners. President Mahama emphasized that this would allow workers to acquire
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