President John Mahama has tasked financial institutions with committing to introducing or revising affordable housing loan products within the next six months.

He said the products must demonstrate how households currently excluded from formal financing can be brought into the system.
President Mahama made the call at the National Conference on Housing Financing, where he outlined a number of expected outcomes from the gathering.

“I urge participants to pursue the concrete outcomes proposed for this conference,” he said.

“Work towards commitments from at least three financial institutions to introduce new or revise affordable housing loan products within the next six months.”

According to President Mahama, the proposed loan products must focus on households that are currently unable to access formal financing.

He also called for pilot financing partnerships between the fund, lenders and developers, with realistic prices, clearly identified beneficiaries and credible delivery arrangements.

The President further proposed the establishment of a technical working group on green affordable housing finance, bringing together the relevant ministry and development partners to turn sustainable building priorities into investable projects.

He also called for a practical roadmap for the fund’s home buyer database and offtake framework, with safeguards for personal information and transparent eligibility criteria.

President Mahama said the value of the conference would ultimately be measured by what follows it.

“The value of this conference will be measured by what follows it,” he said, adding that the communiqué and final report should set out “focused programmes of action with clear responsibilities, timelines, financial requirements, and implementation milestones.”

He stressed the need for a follow-up review to assess commitments made, financing mobilised, products introduced and progress towards housing delivery.

“Ghanaians must see in practice what has changed as a result of this gathering we are at today,” President Mahama said.

He said expanding access to decent housing would not only strengthen communities but also contribute to economic growth and job creation.

“When we expand access to decent homes, we strengthen both our communities and our economy and provide jobs for our people,” he said.

President Mahama pledged that government would continue to provide leadership and support, while calling on financial institutions, developers, employers, organised labour, communities and development partners to help turn the commitments into results.

“I want to be called the home builder, too. But I cannot do it alone. I need all of you in this room to be able to achieve it,” he said.