Central Regional Minister, Ms. Ama Benyiwa Doe, has disclosed that Ghana’s housing deficit will worsen by the end of 2025 due to the increase in population.
She further disclosed that the country’s housing deficit will soon hit 6 million by 2025 since the annual output is between 30,000 and 60,000.
She indicated that 2.3 million new households will be added up to the current housing deficit, noting that the situation puts a lot of stress on government’s expenditure to reduce housing deficit through its pragmatic strategies and policies.
Ms. Benyiwa Doe said this at a one-day investment forum organised by CEDECOM for salt producers and stakeholders in Real Estate Development in Cape Coast last week.
She called on chiefs and family heads to be willing to give out their lands to real estate developers in their localities to be able to address the country’s housing deficit.
She noted that the demand for housing especially in the Central Region is becoming increasingly high due to the presence of oil and gas industries in the Western Region.
She added that the opportunity calls for a well-organised and first-class residential facilities to be built in the region to attract businesses.
She charged municipal, metropolitan, districts chief executives (MMDCEs) to create a conducive business environment to attract investments into the real estate sub-sector.
The deputy Minister of Water, Works and Housing, Mr. Mustapha Hamid, bemoaned the situation where about 80% of building materials used for construction purposes are imported into the country, stressing that there is the need to patronise made-in-Ghana building materials since they are of high quality.
He pledged government’s commitment to continue to support local manufacturers to meet international standards.
Executive Director of Central Regional Development Commission (CEDECOM), Dr. Anthony K. Ntsiful, mentioned land acquisition as one of the challenges faced by the real estate industry.
He also mentioned outmoded building technologies and short term capital lending among others as some of the challenges which has contributed to the abysmal construction in the country.