Gov’t to develop mortgage industry – Veep

Vice President Bawumia

Vice President Bawumia

Vice President Dr Mahamudu Bawumia has expressed the government’s commitment to put measures in place to develop the country’s mortgage industry.

According to him, the country’s housing deficit stood at 1.7 million because the mortgage industry has not been developed to offer affordable financing for housing and infrastructure construction.

Dr Bawumia expressed the commitment at the unveiling of the Construction Bank in Accra on Wednesday evening.

He said the coming into force of the bank dedicated to financing housing and infrastructure would oil the wheels of the construction industry and commended the owners of the bank.

The Vice President described the establishment of the bank as a strategic investment which would provide employment opportunities for bread winners of millions of people.

He said some time ago, there was a bank for Housing and Construction but the bank folded up and urged the management of the bank to take lessons of the mistakes of the erstwhile bank.

“We want to see this bank growing from strength to strength,” he said and indicated that the government would provide the necessary support to enable the bank succeed.

He said the government would ensure that the country had a viable mortgage and construction industry to bridge the housing and infrastructure gap.

One of the main challenges that had stalled the development of a proper mortgage industry, Dr Bawumia observed, was the issue of land titling.

In Accra, he said about 70 per cent of houses were not properly registered and gave the assurance that the government would lead the way to ensure houses were duly registered.

The Minister of Works and Housing, Mr Atta Akyea, also expressed delight in the establishment of a bank dedicated solely for the construction industry.

He said the ministry was ready to partner the bank to ensure that it helped bridge the gap in the housing and construction industry.

Also present at the programme was the Deputy Governor of the Bank of Ghana, Dr. Millison Nah.

By Yaw Kyei

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