Affordable housing options for urban dwellers continue to be a challenge for the Ghanaian government. Ghana’s housing deficit witnessed a 33% reduction from 2.8 million (2010) to 1.8 million (2021), partly attributable to the real estate boom and a 72.8% increase in residential structures within the period.
Research from the Ghana Statistical Service (GSS) indicates that, the country’s housing deficit in the last 50-year period continually witnessed an upward trend from a figure of 1 million to 2.8 million from 1950 to 2010. However, the 2021 Population and Housing Census data on structures, housing conditions and facilities as presented by the GSS revealed a reversal in the housing deficit by 33% to 1.8m.
Ghana has an existing national bond market called the Fixed Income Market (GFIM), where the government of Ghana and other quasi-government and corporate money market instruments are listed and traded.
EXISTING 'UNWORKABLE' SOLUTION TYPES
Various organisations have made concerted efforts to increase the national housing stock. As a result, the government has committed to completing existing housing projects and undertaking new ones across the country. However, the unaffordability of housing finance is exacerbated by weakened consumer sentiments resulting from the persistent increases in fuel prices, increases in transportation fares, and rising inflation, which all undoubtedly contribute to the rise in housing prices.
A majority of housing stock is sourced from the informal economy, mainly through incremental construction. Most housing in Ghana is owner-occupied, especially in rural regions, with the highest share in the Northeast (90%). Generally, such properties lack market-related property rights, are less investible, and aren’t built with housing services. The rental housing market, on the other hand, has an urban character. Greater Accra has the highest proportion of households that rent units (48%).
Urban areas are characterised by land tenure insecurity, high transaction costs, convoluted property rights, and weak institutional oversight. In terms of investment opportunities, Ghana secured a US$75 million (GH604,074,572) commercial loan from the African Development Bank in October 2021 for the Ghana Infrastructure Investment Fund (GIIF) to improve the financing and development climate, including affordable housing, in Ghana. Green building requirements are specified in the Ghana Building Code (GS 1207:2018). IFC and Ghana Venture Capital Trust provide green housing finance and microfinance.
THE DCANS SOLUTIONS
Elimination of the double spend as exist with existing problematic affordable housing solutions, is the bedrock of our sustainable solutions with a decent profit for the group.
DCANS Affordable Housing is a private initiative of The DCANS Group Limited, after years of investments in Research & Development (R&D), that resulted in us delivering 50,000 (our 'little' contribution to the persistent housing shortage).
RELATED PAGES
Direct Mortgage Purchase Option
.