GIIF to boost housing sector with sustainable financing – Kojo Oppong Nkrumah

Minister of Works and Housing, Kojo Oppong Nkrumah, has stated that the Ghana Infrastructure Investment Fund (GIIF) is ready to play a crucial role in enhancing sustainable financing for housing projects nationwide.

According to him, the GIIF is expected to support the creation of innovative financing models to facilitate the construction of affordable housing in the country in order to address the housing deficit.

Speaking at the minister’s press briefing on September 30, 2024, Oppong Nkrumah said the GIIF will help the government address the country’s housing deficit, currently estimated at 1.8 million units.

“As a result, the GIIF will collaborate closely with the Ministry of Works and Housing to develop sustainable financial solutions for various housing projects. This partnership aims to support efforts to reduce the housing deficit and ensure that more citizens have access to adequate living conditions.

“The creation of the Ghana Infrastructure Investment Fund (GIIF) will help raise sustainable resources for nationwide housing projects, which will be very vital to us if we are to bridge the housing gap,” he explained.

The sector minister mentioned that the GIIF will further establish a Public-Private Partnership (PPP) framework designed to encourage private sector involvement in housing provision.

“This framework will provide several incentives to attract private developers, such as land grants and tax breaks,” Oppong Nkrumah told the media.

The minister also highlighted the importance of the National Homeownership Fund (NHF), which was established in 2018 to facilitate affordable housing financing.

He said that the NHF has partnered with commercial banks to launch the National Mortgage Schemes, which have already enabled the issuance of over 300 mortgages during their pilot phase.

SSD/MA

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