Families that spend more than 30% of their income on housing find it difficult to meet the necessities of life, a study conducted by United Nations Habitat has revealed.
This is due to the non-use of local building materials and the over-reliance on imported building materials.
To find a solution to the situation, the government is designing strategies to help Ghanaians spend less on their housing needs, the Minister for Works and Housing, Francis Asenso-Boakye, has said.
Therefore, he said the government was working out modalities to help estate developers to use local materials instead of imported ones.
In addition to this, he said the government was designing a framework to absorb critical components in the construction industry to enable private developers to construct decent, quality and affordable houses for Ghanaians.
Asenso-Boakye, who was interacting with the players in the industry at the 2021 Business 24 Real Estate Conference in Accra, appealed to banks and other financial institutions to partner with real estate developers to develop the necessary financial engineering to reduce the housing deficit in the country.
“It is only through this that we can reach out to a majority of our citizens and positively affect the lives of the larger population,” he said.
The maiden edition of the Real Estate Conference brought vital industry players, professionals, and experts to find solutions to the housing deficit in the country.
ISD
