The Vice President, Dr. Mahamudu Bawumia has commissioned the 1,072 Kpone Affordable Housing Project, marking the completion of Phases 1-3 of the initiative.
The brief event, held on Monday, November 25, 2024, also saw the Vice President breaking ground for Phase 4 of the project, which is set to deliver an additional 800 units, bringing the total number of homes in the enclave to 1,872.
The project, initiated in 2006 during the tenure of former President John Agyekum Kufuor, stalled completely under the Mills and Mahama administrations due to the lack of government investment but has since seen a revival under the Akufo-Addo-Bawumia led administration delivering decent homes for Ghanaians.
The vice president, in his remarks, highlighted the government’s commitment to addressing Ghana’s housing deficit through a comprehensive and innovative approach.
“The lack of a robust, long-term mortgage has made it difficult for many prospective home orders to access affordable financing needed to realise their dream of home ownership. The housing market and the mortgage market general are so important for any economy in most of the advanced economies.
“When the housing market goes down, the economy goes down. When the economy is going down, you see it in the housing market because the mortgage market is in trillions of dollars and pounds across various advanced economies,” he said
“We have seen the year of roads and what impact we have made with it in Ghana and what I will be ushering in God willing is a decade of housing for us to address our housing needs. We have already set forth, giving our experiences with the financing model for this. It’s a private-public partnership. That is the model we are going to apply, as we have done with the National Home Ownership Fund, to really solve this housing problem,” he added.
The Minister of Works and Housing, Kojo Oppong Nkrumah, lauded the project as a major achievement in the government’s efforts to provide affordable housing.
He said the delivery of phases 1 to 3 of the project is a testament to the government’s unwavering commitment to bridging the housing gap in the country.
