Govt to initiate national mortgage, housing finance scheme

The Minister of Works and Housing (MWH), Mr Samuel Atta-Akyea, has said the government was committed to initiating a national mortgage and housing finance scheme, for the construction of residential houses.

This, he explained, would help provide adequate and affordable housing system for the country.

Mr Atta-Akyea said these yesterday in Accra at the inauguration of a national housing committee, tasked to develop workable and identifiable primary mortgage and housing schemes.

The Minister indicated that through the scheme, the government would facilitate cheaper local currency mortgage loans to workers and real estate developers, to construct affordable houses.

“It is envisaged that through this scheme, the government will facilitate access to cheaper mortgage loans for the public and private sectors,” Mr Atta-Akyea said.

Mr Atta-Akyea stated that through the mortgage scheme, Social Security and National Insurance Trust (SSNIT) contributors would be able to access their Tier 2 pension whilst participating banks would use institutional funds to provide long-term funds for the people.

He said government would enhance the policy to become a principal mortgaged and housing delivery body, as was being practised in developed countries like the United State and Singapore.

Mr Atta-Akyea indicated that the scheme would create an enabling environment for the public and private sector to mobilise funds for developing a vibrant market for the middle to low income earners.

He said the ministry and the committee would set up standardisation for house types, stressing that it would create land banks and help in land acquisition.

This he said would ensure the construction of roads, provision of water and electricity to new sites, adding that “it would also help to develop policy to promote the building of communities.”

Mr Atta-Akyea asked the public to complement government’s effort in providing infrastructure.

He said that if individuals’ attitudes were not changed, the government would always invest money in disilting the country’s drainage system to the neglect of other sectors.

Mr Solomon Asoalla, the Chief Director of MWH, a member of the committee, on behalf of his colleagues, pledged to work with the ministry to deepen the government’s agenda in ensuring both public and private workers own their houses between 20 and 30 years.


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