Stop building $500k houses; Ghanaians want affordable houses - Akufo-Addo to Chamber of Construction Industry

President Nana Akufo-Addo has expressed worry over the high cost of properties in Ghana.

President Nana Akufo-Addo

In a meeting with the Ghana Chamber of Construction Industry he urged them to find innovative ways to build less costly properties for Ghanaian citizens so more people can own homes

I hear in Ghana, some small three-bedroom house in East Legon costs between $354,000 and $500,000”.

“You get mansions for that in many parts of America”, he told the Chamber at a meeting.

Akufo-Addo further opined that the country needs to find ways of building strong and cheap houses in the country.

In his view, “with between $100,000 and $200,000, you get a very well [apportioned] home because the materials that are used for construction in the UK are local, and are very cheap.

In October 2021, the Minister of Works and Housing, Mr Francis Asenso-Boakye, said the government, acting through his ministry, “has developed a framework to drive a new affordable housing programme”.

This framework intends to use an appropriate mix of public and private sector investments that meet the needs and the financial capacity of the average Ghanaian”, he said at the launch of the Business 24 Real Estate Conference 2021 in Accra on Tuesday, 19 October 2021.

Accordingly, he said, “the ministry has identified each of the components of cost drivers that contribute to the cost of an affordable housing unit and has mapped out specific strategies targeted at each of these with the sole objective of making housing affordable for the large section of the population”.

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