Banks urged to provide soft loans for real estate developers to bridge housing deficit

Mike Ocquaye In Suit Rev. Professor Aaron Mike Oquaye is a Former Speaker of Parliament

Wed, 27 Apr 2022 Source: www.ghanaweb.com

Encourage local production of building materials, Mike Ocquaye

Housing industry holds the key to development, Asenso Boakye

Housing deficit stands at 2m

A former Speaker of Parliament, Rev. Professor Aaron Mike Oquaye has stated that banks and financial institutions can help bridge Ghana’s housing deficit by providing soft loan facilities to real estate companies.

He charged the Bank of Ghana to direct banks to allocate some percentage of profit for soft loans for housing.

“Banks and other financial institutions should turn their eyes towards these things by providing soft loan facilities. The Bank of Ghana should direct every bank to commit a certain percentage of profit for soft loans for housing.

"Also, we should also look at the production of building materials locally to help reduce prices,” he said.

He made this call at the opening of the Knightsbridge Luxurious Affordable Housing in Kwabenya in the Ga East Municipality by Rehoboth Properties Limited.

Minister for Works and Housing Hon. Asenso-Boakye stated that government is collaborating with the private sector to solve Ghana’s housing problems.

“It is, therefore, without a doubt that the housing industry, as in many economies, holds the key to the development of our country, I am encouraged by the role Rehoboth Properties is playing to meet the enormous challenges of the industry,” he said.

“Housing has become one of the critical development issues facing us as a country. Government has prioritized the delivery of affordable housing units to address the gap and increase access to various affordable housing schemes, thereby reducing the housing deficit.”

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Source: www.ghanaweb.com
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