Omanghana
President John Dramani Mahama has encouraged Ghanaians living abroad to take advantage of a US$1 billion housing mortgage initiative to purchase property in Ghana.
The President made the appeal during an engagement with the Ghanaian community in the Caribbean on the sidelines of the Commonwealth Heads of Government Meeting in St. John’s, Antigua and Barbuda.
He said the initiative would provide a structured channel for diaspora Ghanaians seeking to invest in homes, with mortgage payments spread over 15 to 20 years.
Alternative to Informal Property Arrangements
President Mahama said the mortgage scheme could help address difficulties faced by some Ghanaians abroad who send money to relatives or other intermediaries to buy land or build homes on their behalf.
While many such arrangements work, others can lead to disputes or the loss of funds. The President presented the initiative as a formal option for people seeking to purchase property in Ghana.
Broader Housing Fund
The mortgage initiative forms part of wider efforts to improve housing finance and address Ghana’s housing deficit.
Those efforts include a proposed GH¢3 billion revolving National Housing Fund, supported by the government, organised labor and financial institutions, including Republic Bank. President Mahama has directed that GH¢1 billion be allocated to the fund in the 2027 national budget.
The housing fund is intended to support more affordable mortgage financing, with a rate of 8.4% cited under the broader fund.
The President described Ghana’s economic and political situation as stable and encouraged Ghanaians abroad to consider housing as a long-term investment.
Source: Omanghana
