Ghana. Government explores use of pensions funds for mortgage
The government is exploring the possibility of prospective home buyers using their Tier Two and Tier Three pension funds as initial deposit to support their mortgage plans.
The Minister of Works and Housing, Mr. Francis Asenso-Boakye, who made this known, observed that the quest to provide access to housing for Ghanaians, especially low-to-middle income earners, required sustainable policies and programmes aimed at ensuring that the issue of affordable housing no longer became a myth but a possibility.
At the maiden Business24 Real Estate Conference in Accra on Tuesday, the minister said despite the economic impact associated with the housing sector, successive governments had not been able to provide housing that met the needs and financial capacities of majority of Ghanaians, meaning people required some level of support to access housing.
The conference brought together key industry players, professionals and experts to engage in discussions that sought to match the various challenges of affordable housing development to workable solutions.
Mr. Asenso-Boakye noted that there was great disparity between housing cost and income levels of people, and that it raised the question of access and affordability.
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