President John Dramani Mahama has announced a new housing initiative aimed at helping public sector workers own homes without the burden of dollar-priced mortgages.
The proposed low-cost housing scheme, which is being developed through a partnership involving Organised Labour, financial institutions and the private sector, is expected to make it easier for nurses, teachers, doctors and civil servants to purchase government-built homes and spread payments over a period of up to 20 years in Ghana cedis.
Speaking at Dedesua in the Bosomtwe District on Saturday, May 9, 2026, the President said the programme would be backed by a GH¢3 billion Revolving Fund created through a collaboration between government, labour groups and financial institutions.
“It will enable workers to acquire homes in cedis with manageable long-term repayments. So what is going to happen is, government, organised labour, social security and the National Insurance Trust and the Republic Bank of Ghana are going to create a GH¢3 billion Revolving Fund.
“And so companies like State Housing Company (SHC), Tema Development Company (TDC) and all the housing companies will be given credit from this fund to build housing and then the banks will give mortgages for the workers to buy the houses and pay over a 15 – 20 year period,” President Mahama said, according to a report.
According to him, one of the key features of the arrangement is that the houses will be priced in cedis instead of dollars, a move he believes will protect homeowners from currency fluctuations.
“Let me also announce that these houses are going to be indexed in cedis, not dollars…, this will solve the problem where when the cedi was under a lot of pressure, it led to increasing mortgages for people.”
President Mahama also revealed that additional social housing projects are being introduced across districts to ease the cost of home ownership and ensure broader national access.
“We are also pursuing geographical equity; housing must not be confined to only major cities. Regional and district capitals must also benefit from our housing initiatives.”
The President made the remarks during the sod-cutting ceremony for the Dedesua Green City Project, a large-scale housing development planned on 200 acres of land provided by Otumfuo Osei Tutu II.
The estate is expected to deliver more than 1,000 housing units.
President Mahama also encouraged Ghanaians living abroad to invest in the project, assuring prospective buyers that the land was free from disputes.
“Here, you will get your house built for you, complete, you collect your key, there is no litigation on the land, nobody will come and demolish your house,” he said.
He further disclosed that the Asantehene had agreed to allocate another parcel of land to the Tema Development Company for a separate housing project in Kumasi.
To make the houses more affordable, the government will absorb the cost of infrastructure within the estate, including roads, gutters and drainage systems, under the Big Push programme.
President Mahama noted that Ghana’s housing deficit currently exceeds 1.5 million units, with rapid urban growth and high construction costs continuing to put home ownership out of reach for many citizens.
He said more than half of Ghana’s population already lives in urban centres, a figure projected to climb to nearly 70 per cent by 2050, increasing pressure on the country’s housing sector.
