President John Dramani Mahama has announced a new low-cost housing scheme for public sector workers, backed by a GH¢3 billion revolving fund aimed at helping workers acquire affordable homes through long-term mortgage arrangements.
Speaking at the sod-cutting of the Green City Project at Dedesua in the Ashanti Region on Saturday, May 9, 2026, President Mahama said the initiative is being implemented in partnership with organised labour, financial institutions, and the private sector to address the housing needs of nurses, teachers, doctors, and civil servants.
According to him, the programme is designed to ensure that public sector workers have access to safe and dignified housing under flexible repayment terms.
“At the heart of this effort is an innovative housing financing framework anchored on a GH¢3 billion revolving fund,” he stated.
“This partnership between government, organised labour, and the private sector will enable workers to acquire homes with manageable long-term repayment plans.”
President Mahama explained that the revolving fund will be jointly established by government, organised labour, the Social Security and National Insurance Trust (SSNIT), and the Republic Bank Ghana.
He noted that housing companies, including the State Housing Company and Tema Development Company, will receive credit facilities from the fund to construct houses, while banks provide mortgages to workers to repay over a 15 to 20-year period.
“So what will happen is that companies like SHC and TDC will access credit from the fund to build houses, and banks will provide mortgages for workers to purchase them and pay over a 15 to 20-year period,” he explained.
President Mahama further announced that the housing scheme will be indexed in Ghana cedis rather than foreign currency to protect homeowners from exchange rate fluctuations.
“These houses are going to be indexed in cedis, not dollars. If you take a mortgage on the house, the mortgage will be in cedis and not dollars,” he stressed.
He said the move is intended to prevent situations where depreciation of the cedi results in rising mortgage costs for homeowners.
“This is a Ghanaian solution designed for our Ghanaian reality,” he added.
President Mahama also raised concerns about challenges within the rental housing market, particularly the persistent demand for rent advances beyond the six-month limit allowed under Ghana’s rent laws.
He observed that weak enforcement has allowed landlords and tenants to bypass the law, as neither party is often willing to report violations.
“The current rent law says no landlord should take more than six months’ rent advance, but both the landlord and the tenant are usually unwilling to report each other,” he noted.
The President expressed optimism that the new housing initiative would help reduce pressure on the rental market while expanding home ownership opportunities for public sector workers across the ccountry.
Source: Mubarak Yakubu
