Mr Francis Asenso-Boakye, Minister of Works and Housing, has called on stakeholders in the real estate sector to recommend creative measures to help address Ghana’s housing challenges.
Mr Asenso-Boakye, in a speech read on his behalf at the second Annual General Meeting of the TDC Development Company Limited, said despite efforts by the government and the private sector to address the housing deficit, there remained outstanding challenges in the housing sector.
“As stakeholders, it is our duty to recommend and adopt creative measures to address Ghana’s housing challenges. We have a charge to ensure that many of our brothers and sisters have access to decent and affordable housing,” he stated.
He noted that housing was fundamental to the well-being of every individual and a contributor to economic development given its multiplier effects on employment, production of building materials and financial sector development, among others.
He added, however, that the supply of housing in Ghana had not kept pace with demand as recent statistics from the 2020 Population and Housing Census revealed that the country’s housing deficit was more than 1.86 million units with an urbanization rate of 5.8 per cent.
He noted that the census data indicated that approximately 12.7 per cent of the housing units counted were vacant, an indication that available housing is priced out of the reach of the average income earner in Ghana.
The Minister of Works and Housing reiterated the Government’s commitment to ensure the provision of adequate housing units that was accessible to the average income earner.
He added that consequently, affordable housing had been prioritised in the Government’s housing programmes, as it is viewed as critical to decent living and economic growth.
Mr Asenso-Boakye said pursuant to this the Ministry is set to roll out affordable housing programmes, adding that these include Pokuase-Amasaman affordable housing programmes which would provide 10,000 housing units.
Others are 8,000 housing units at Dedesua affordable housing programme in Kumasi, and Koforidua affordable housing which was expected to provide 342 housing units.
Meanwhile, the TDC declared a dividend of GHs2.4 million for the year 2021 to be paid to Government, its sole shareholder.
Mr Kofi Brako, Board Chairman of the TDC, in his report disclosed that the Company had already paid an interim dividend to the tune of GHs1.2 million to the shareholder with additional GHs1.2 million to be paid to bring the total dividend payment for the year to GHs2.4 million.
Touching on its financial performance for the year under review, he said the Company generated an income of GHs116.59 million in 2021 which represented a growth of 20 percent over the GHs97.1 million generated in 2020.