Govt offering tax incentives for private developers

Housing deficit reduced from 2million to 1.8 million housing units

Ghana’s urban population is 57% of the total population, Asenso-Boakye

Minister for Works and Housing Francis Asenso-Boakye has noted that government is collaborating with the private sector to create an enabling environment for the upgrade of the housing sector.

Speaking at the grand opening of Knightsbridge’s luxurious affordable housing by Rehoboth Properties Limited, the Minister lauded the company for helping bridge the housing deficit that the country currently faces.

According to the Minister, “Rehoboth Knightsbridge is the largest affordable luxurious housing by a private developer in Ghana and Africa.”

“It is therefore without a doubt that the housing industry as in many countries holds the key to our development and I’m encouraged by the role Rehoboth is playing to meet these enormous challenges. As government, we will continue to collaborate to create the enabling environment for the housing sector to thrive.”

He lamented the housing deficit in the country as a challenging issue for the country.

“Currently, Ghana’s urban population is 57% of the total population with an urbanization rate of 5.8% since 2010. As a result, housing has become one of the critical development issues facing us as a country.”

According to statistics from the 2021 Population and Housing Census report, although the sector has presented strides of positive growth over the medium term, the estimated level of housing deficit reduced from over 2million to 1.8million housing units.

He stated however stated that the government is providing incentives to developers to reduce construction costs.

“The housing system has however failed to meet the needs of the low to middle-income group of our country. Additionally, the census report on housing characteristics has revealed that approximately 12.7% of the total housing structures counted were vacant housing units.”

“Apart from the free land and infrastructure services to these sites, the government is providing tax incentives to participating developers with the aim of making the cost of construction much lower, thereby making the houses truly affordable. I, therefore, charge all private developers, especially members of GREDA to collaborate with the government in this course”, added Asenso-Boakye.