More Ghanaians Will Own Houses Under Akuffo-Addo ... Finance Minister Assures

Finance and Economic Planning Minister, Ken Kuntunkununku Ofori-Atta, has outlined four strategic areas of the Akuffo-Addo led government when he met delegates at the just-ended 2018 World Bank/IMF Spring Meeting in Washington DC, USA.

The Spring Meetings bring together governors of the central banks, ministers of finance, parliamentarians, private sector executives, top journalists and representatives from civil society organisations to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.

One of the core areas, he mentioned, is an inclusive Ghana whereby Ghanaians would have decent accommodation with majority of them owing their own houses.

What's causing the housing crisis?

Accra and other major cities in the country are in the midst of an accommodation crisis, as house and land prices spiral out of control. Foreigners and even middle-class Ghanaians struggle to get their first foot on the property ladder.

For a country still aspiring to reach an average per capita income of $1,000, family houses in some parts of Accra for instance are typically going for around 100 times that figure. The housing crisis is currently threatening not only the sustainability of the projected economic growth but also the capacity of government to confront the challenges head on.

The private sector carries a fair share of blame for the failures in housing delivery. For instance, in spite of the perceived huge real estate boom, there is evidence that the country's housing deficit estimated to be at 500,000 still exist because the private sector has concentrated its attention on the development of very expensive properties. Shortages in the housing sector in the country have therefore resulted in surging rents.

But Ken-Ofori Atta believes housing problem would soon be the thing of the past. He stressed: "An inclusive Ghana means decent houses for all Ghanaians with majority owning their own houses." He however, decline to provide details as to how the government would make this dream a reality.

The Finance Minister further explained: "Inclusive Ghana also means government would provide access to free and quality education, healthcare and free water for all."

Another strategic area of the Akuffo-Addo led administration, according to the Finance Minister, is a wealthy Ghana where the government would build an entrepreneurial and innovative private sector-led and an upper-middle income economy that creates productive job opportunities for the masses who can work and dignify safety network for those who cannot work for reasons beyond their control.

"We shall make Ghana the preferred destination for investment and regional hub for financial services and other services," Mr Ofori Atta disclosed.

He further touched on sustainable Ghana as another core area of the government, where government would be building an environmentally friendly country, clean cities and towns.

The fourth strategic area, according to the Finance Minister, is an empowered Ghana.

"Here, government would empower individuals in society and we shall mainly focus on hard work, transparency and zero tolerance for corruption."

Felix Dela Klutse, Washington DC, USA

Read Full Story