President John Dramani Mahama has urged Ghanaians in the Caribbean and other members of the diaspora to take advantage of a $1 billion mortgage initiative aimed at making homeownership more accessible to citizens at home and abroad.
Speaking during an engagement with Ghanaians in Antigua and Barbuda on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM), he said the scheme would allow beneficiaries to spread mortgage payments over 15 to 20 years.
“Housing is one of the main areas we are beginning to look at. We are doing a mortgage of $1 billion. I announced one billion Ghana Cedis so that people who want to own houses can get a mortgage for 15 or 20 years. You pay it little by little until you own it,” President Mahama said.
President Mahama explained that the initiative would provide the diaspora with a formal and secure channel to invest in properties in Ghana, reducing the risks associated with informal arrangements.
He said the government intended to involve Ghanaians abroad in the scheme, enabling them to acquire homes through a structured mortgage arrangement rather than relying on informal money transfers.
“When we do this, we will involve the diaspora and everybody, so that you do not have to send money to ‘Wofa.’ You send money through a more legal route that will enable you to own a house and become a homeowner,” he said.
The engagement formed part of the President’s diaspora outreach during CHOGM, which also featured discussions with world leaders on trade, investment and cooperation.
Background
The government is pursuing a GH¢3 billion revolving mortgage fund through a public-private partnership to improve access to affordable homeownership for public sector workers and other Ghanaians.
The initiative is expected to be financed through GH¢1 billion in government funding, GH¢1 billion from organised labour and public sector workers, and a further GH¢1 billion pledged by Republic Bank.
The government’s GH¢1 billion contribution has been directed to Finance Minister Cassiel Ato Forson for consideration in the 2027 Budget.
The scheme will target teachers, nurses, doctors, civil servants and other workers across Ghana’s 261 districts, with the aim of helping beneficiaries acquire homes before retirement.
Under the arrangement, eligible applicants will have access to flexible, cedi-denominated mortgages repayable over 15 to 20 years through extended salary deductions.
