Ghana National Housing Fund receives GH¢1bn budget allocation

At the maiden National Conference on Housing Finance in Accra, President John Dramani Mahama announced a GH¢1 billion allocation in the 2027 national budget to support a GH¢3 billion revolving National Housing Fund. The fund aims to address Ghana’s housing deficit, which is estimated at approximately 1.8 million units.

To improve affordability, the National Housing Fund (NHF) has reduced its mortgage lending rate from 13.5% to 8.4%. NHF CEO Prosper Hoetu noted that the rate cut is intended to assist middle-income Ghanaians who have previously been priced out of the market. Additionally, financing for property developers has been lowered to 10.4%.

President Mahama emphasized the need for inclusive financing, urging financial institutions to develop flexible options for informal workers—such as traders, farmers, and artisans—who lack traditional payslips. He proposed using savings history and business cash flows as alternative methods for assessing creditworthiness. The government also plans to introduce the ‘Easy Rent’ programme to mitigate the burden of heavy rent advances on citizens.