President Akufo Addo has said that, $354K and $500K for a house in East Legon can buy mansions in America.
Ghanaian President Nana Akufo-Addo recently moved into this house worth $500,000. He announced how expensive the housing in Accra are and with millions, one could buy mansions in other countries especially America.
President Akufo Addo pointed out that housing in Ghana has become unaffordable and urged the Ghana Chamber of Construction Industries to find innovative ways to lower housing costs, so that more people can afford homes.
President Akufo Addo discussed Ghanaian housing affordability with The Chamber at a meeting. He told them that, some small three bedroom dwellings in east Legon can cost between $354,000 and $500,000.
President Akufo Addo said that: You can get a mansion in America for $500,000. President Akufo-Addo wants locals to know that a house in the US with 20% of what they would spend on a similar one in Ghana could buy an actual mansion.
Foreigners also talked about the high price of real estate in Ghana: “We must think about building houses here for the people. We need to find ways of building houses which are good and cheap.”
Promising to provide affordable housing to the less privileged, Ghanaian president Akufo Addo concludes that even “small” 3 bedroom houses in Legon will give middle class citizens a chance at living in mansions here in the United States.
The affordable housing programme has been developed by the government, with the Ministry of Works and Housing spearheading the introduction. The well-located district of East Legon is about to see this important investment that will make home ownership a possibility for more Ghanaian families.
Ghana’s president has committed to a new developer-to-consumer housing paradigm to make Ghana more affordable for its citizens. President Akuffo Addo spread the message at Business 24 Real Estate Conference 2021 titled “Stimulating Physical and Economic Growth through The Real Estate Sector: Ethical Market Practice, Regulations, Innovations and Opportunities Presented in Partnership by the World Economic Forum” in Accra on October 19th.
The President, who made the statement following a meeting with members of the private sector who heads give technical and logistic support to the ministry, has insisted that making housing affordable for the larger population is a central priority of his administration.
Gaining a complete understanding of the housing delivery system is pivotal because;
- He recommends taking advantage of the infrastructural services available through engagement with traditional leadership and repossession of public land.
- Multi-level government partnerships are giving low-income earners access to affordable start-up packages
- How the affordability of housing varies based on region and home materials
- Preamble home designs have been created in collaboration with the National House of Chiefs to provide well-coordinated layouts and to uphold Ghanaian culture.
The government chooses to be involved with the affordable housing programme, committing to stay at maximum 40% of costs, in addition to a provision of land, infrastructural services and tax incentives for the purpose.
Government needs to consider how pension funds can be used as deposits for potential home buyers in Ghana.
A material available in Ghana will now be used to construct houses, He said. Mr Asenso-Boakye said this is due to the resulting reduced construction cost, claiming that “this has arisen because they are saving and reducing lime plastering (to pave way) for transformation into building blocks.
This affordable housing drives goal is to incorporate the use of local building materials like burnt bricks and compressed earth blocks in order to create affordable housing units.
Asenso-Boakye of the ministry’s oversight portfolio think tank mentions “This model presents the opportunity to attract long term and sustainable financing for low- to middle-income earners.
Mr. Asenso Boakye, Ghana’s current president is urging real estate developers to provide affordable housing with his statements. This new government should honor its promises and work with businesses as they try to fix and keep up with a deficit in housing.