It is clear to all that Ghana has a huge housing deficit. Due to this face about the demand and supply of houses, it doesn’t come as a surprise to see landlords demand years of rent advance payments at ridicules prices.
This leaves the poor and sometimes the lower middle class at a very difficult position when if comes to finding solutions to their housing needs. The government to as it stands now, is not in a positions to provide the citizens housing. Which leave the burden on the individuals and families to sort themselves out.
Solutions to the housing in Ghana Deficit.
It is estimated that the housing deficit in Ghana is about 1.5m. The government of Ghana has admitted that that it cannot fill this gap in the shortest period of time to relieve most Ghanaians the burden of finding suitable and affordable housing to improve their standard of living.
Therefore, the only way to accelerated solution when it comes to housing in Ghana is to team up with the the private sector. The private sector is made of members of the Ghana real estate development association ( GRADA). The whole idea is to get the private sector to build one to two bedroom apartments affordable enough for Ghanaian workers to purchase.
Some companies have already take the initiative to go ahead to build these facilitates for that segment of the market.
For this project and the private sector to succeed in the space of partner with the Ghana government to solving the housing in Ghana, it will come down to the cost of capital. At the rate of 31% of interest rate if the private sector is able to provide the houses, most Ghanaian will still be priced out of the market. Unless the Government is to step in and provide some guarantees to the capital available to the private sector, property ownership will still elude many families in Ghana.