Boosting housing affordability: Bawumia inaugurates Phases 1-3 of Kpone Affordable Housing Project, cuts sod for phase 4

Vice President Dr Mahamudu Bawumia had inaugurated phases 1-3 of the Kpone Affordable Housing Project. The 1,070 housing unit project, is in line with the government’s efforts to improve the housing situation in the country.

Phase 4
At the same ceremony, Dr Bawumia, who is also the NPP presidential candidate, cut the sod for commencement of work on phase 4 of the project. This involves the construction of 834 extra housing units, bringing the total housing units under this project to 1904.

Bold move
In an address, Dr Bawumia said the improvement in Ghana’s housing delivery system is a bold move to adequately address the increasing demand for affordable homes, particularly for low to middle-income earners. “We have, in the past seven years, implemented a series of transformative initiatives to address these longstanding issues and create sustainable housing solutions in Ghana,” he stated.

He commended the board and staff of the TDC Company Ltd. for their tireless contributions to the success of the project.

Homeownership Fund
Dr Bawumia said these initiatives, also include, the establishment of the Homeownership Fund in 2018, which, in partnership with local banks, provides cedi-denominated mortgages at lower interest rates.

“To date, this fund has supported the completion of 405 housing units with underwritten mortgages, and 139 more units are currently under construction, with a completion target of February 2025.

“We have also expanded the public sector housing programme through strategic partnerships with the private sector. This approach, which is scheduled to deliver 609 housing units for public sector workers, focuses on maximizing the use of government land, increasing housing density in prime urban areas, limiting urban sprawl, and enhancing the urban environment,” he said.

Security services
Dr Bawumia further indicated that in recognition of the critical role of the security services, the government has prioritized their housing needs. “Over the past seven years, we have provided 1,000 housing units for the Ghana Police Service in Tema, Kwabenya, and Tesano. And through the Rent Assistance Scheme, which was launched in 2023 to support those who are unable to own homes, with rent advance, about 2400 people have been assisted with a remarkable 100% recovery rate,” he said.

Building on the progress
Going into the future, Dr Bawumia said, “my objective is to build on this progress, to ensure that every Ghanaian, regardless of income level, has the opportunity to live in dignity and security. “Together, we will build not just homes, but a future of equity, opportunity, and prosperity, by the grace of God.“