President John Dramani Mahama has unveiled a $3 billion revolving housing fund aimed at helping public sector workers acquire affordable homes through long term mortgage arrangements indexed in Ghana cedis.
The President announced the initiative during the sod-cutting ceremony for the Green City Housing Project at Dedesua in the Ashanti Region, describing the programme as a major component of the government’s Reset Agenda focused on housing, infrastructure, and economic opportunity.
According to President Mahama, the housing initiative is designed to address affordability challenges confronting workers such as teachers, nurses, doctors, and civil servants across the country.
“The Reset Agenda is not just a slogan; It is a commitment to rethink how we deliver housing, infrastructure, and opportunity for our people.
“At the heart of this vision is a simple yet powerful belief that decent housing is not a privilege for a few but it is a right for all our people.”
President John Dramani Mahama
Public Sector Workers at Centre of Plan
President Mahama revealed that the new housing programme is being implemented in partnership with organized labour and financial institutions to support public sector workers.
“A low-cost housing scheme for public sector workers is being implemented in partnership with organised labour and financial institutions. Nurses, teachers, doctors, and civil servants must be provided with homes.”
President John Dramani Mahama
According to the President, the centrepiece of the initiative is a $3 billion revolving fund that will involve collaboration between government, organized labour, the private sector, the Social Security and National Insurance Trust, and the Republic Bank Ghana.
“At the height of this effort is an innovative housing financing framework anchored in a three-billion-dollar revolving fund. This fund will be a partnership among the government, organised labour, and the private sector.”
President John Dramani Mahama
The President explained that housing companies such as the State Housing Company Limited and the Tema Development Corporation would use the fund to construct homes for workers.
Mortgage Payments to Be in Cedis
President Mahama announced that all mortgages under the programme would be denominated in Ghana cedis rather than foreign currencies.
According to him, the decision is intended to shield homeowners from exchange rate volatility that previously caused mortgage repayment costs to rise sharply during periods of cedi depreciation.
The President explained that under the financing arrangement, banks would provide mortgages to workers who would then repay over periods ranging from fifteen to twenty years.
“So companies like SHC, TDC, and all the housing companies will be using this fund to build houses. And then the banks will give mortgages for the workers to buy the houses and pay over a 15 to 20 year period.”
President John Dramani Mahama
He argued that cedi-indexed mortgages would help create stability and predictability for homeowners. “This will solve the problem where when the cedi was under a lot of pressure, it led to increasing mortgages for people,” he said.
Stable Economy Supports Programme
President Mahama linked the viability of the housing programme to improving macroeconomic conditions, particularly the recent stabilization of the Ghana cedi and declining inflation rates.
“And so the houses will be indexed in cedis, and we know that because of the low inflation rate, it means that the cost of the house is not going to continue to rise unduly”.
President John Dramani Mahama
The President described the initiative as a locally developed solution specifically tailored to Ghana’s economic conditions and housing realities. “This is a Ghanaian solution we have derived that is designed for a Ghanaian reality,” he added.
Housing Agenda Expands Nationwide
The announcement forms part of the Mahama administration’s wider housing and infrastructure programme aimed at addressing Ghana’s estimated housing deficit while improving living standards nationwide.
President Mahama emphasized that housing plays a critical role in improving public health, educational outcomes, productivity, and community stability. According to him, countries seeking sustainable development must prioritize decent accommodation for citizens as part of broader economic and social planning.
“Access to housing improves public health, it strengthens educational outcomes, it boosts productivity, and stabilises communities. A nation that is seeking development must house its people with dignity.”
President John Dramani Mahama
The President noted that government is implementing a broader housing strategy intended to increase supply, improve affordability, strengthen tenant protection, and reform housing finance to reflect the realities of Ghanaian incomes.
He added that several housing initiatives are already underway nationwide to help reduce the country’s growing housing deficit.
Saglemi Project to Be Completed
President Mahama disclosed that the Saglemi Affordable Housing Project, which was initiated during the previous NDC administration, is being prioritized for completion.
The President also announced that new district-level social housing programmes are being rolled out to reduce financial barriers to home ownership across the country.
According to him, the government’s housing agenda is pursuing geographical balance to ensure that housing projects extend beyond Accra and other major urban centers.
“Housing must not be confined to only major cities. Regional and district capitals must also benefit from our housing initiatives.”
President John Dramani Mahama
The President explained that expanding housing opportunities across the country would help ease urban congestion while supporting balanced development nationwide. The proposed revolving fund could significantly reshape Ghana’s affordable housing and mortgage landscape if successfully implemented.
The programme is expected to attract attention from labour unions, banks, developers, and public sector workers as government moves toward implementation in the coming months.
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