Cedi mortgages for public sector workers to be rolled out soon

The government is advancing its plans to provide local currency mortgages for public sector workers and construction finance for developers, following the successful pilot phase of the National Homeownership Fund (NHF).
This initiative, which saw collaboration between the NHF and three local banks, is now set for expansion to benefit both public and private sector workers across the nation.
Minister for Works and Housing, Kojo Oppong Nkrumah, announced the expansion during a recent engagement session with local banks.
The session focused on discussing the successes and lessons learned from the pilot phase of the NHF.
“The collaboration with our local banks has been pivotal in demonstrating the potential of the NHF to provide affordable housing solutions.
“The success we have seen so far gives us confidence to expand these schemes to cover both public and private sector workers across Ghana,” Nkrumah stated.
The NHF’s cedi-denominated mortgage initiative means that loans will be issued in cedis, the local currency, which helps mitigate exchange rate risks for borrowers.
This programme is part of the government’s broader strategy to address the housing deficit by improving access to affordable housing.
Historically, the government has focused on supply-side interventions to make housing more accessible, but this initiative represents a significant demand-side intervention.
The government’s goal is to set up a sustainable mortgage facility for public servants and payroll workers to access affordable housing projects.
By providing low-interest funds, the government aims to enable more people in the public service to own homes.
Additionally, the government is playing a direct role in housing delivery by providing land, infrastructure services, and tax incentives to subsidize the construction of housing units.
During the engagement session, Minister Nkrumah emphasized the importance of these partnerships in achieving the NHF’s objectives.
He highlighted that the primary goal is to ensure that all qualifying Ghanaians have access to decent and affordable housing.
By extending the reach of the NHF, the government aims to provide more Ghanaians with affordable mortgage rates, thereby improving living conditions and promoting economic stability.
Nkrumah’s dialogue with the banks comes at a critical time, as Ghana faces a significant housing deficit with many citizens struggling to find affordable and quality housing.
The NHF’s pilot schemes have demonstrated that strategic partnerships and innovative financing solutions can make meaningful progress in bridging this gap.
“Our goal is to create an environment where every Ghanaian has the opportunity to own a home. Through the expanded NHF and continued collaboration with our financial institutions, we are taking significant steps towards making this vision a reality. We call on all stakeholders to join us in this noble endeavor,” Nkrumah concluded.
The expansion of the NHF is expected to have a significant impact on the housing market in Ghana, providing much-needed relief to public sector workers and stimulating the construction industry through improved access to finance