President John Dramani Mahama has directed the Minister of Finance to allocate GH¢1 billion in the 2027 Budget towards the establishment of a GH¢3 billion National Housing Fund (NHF).
According to President Mahama, the government’s contribution will form part of a revolving fund designed to finance housing projects and improve access to affordable homes for Ghanaians.
He made this known on Wednesday, October 7, 2026, when he opened the maiden National Conference on Housing Finance in Accra.
«“I have directed the Minister of Finance to allocate one billion Ghana cedis in next year’s budget as government’s contribution to the three billion revolving fund for the National Housing Fund,” President Mahama stated.»
Housing deficit
President Mahama said Ghana’s housing crisis goes beyond the availability of houses, noting that the ability of households to secure affordable financing remains a major obstacle to homeownership.
Figures presented at the conference indicate that the country’s housing deficit currently stands at 1.8 million units.
The President said the scale of the deficit requires innovative measures to increase the number of Ghanaians who are able to own homes each year.
He identified traders, artisans, farmers, transport operators and other self-employed persons as among those who face difficulties accessing mortgages despite having regular sources of income.
He explained that many of such workers do not have conventional payslips or banking records demanded by mortgage providers.
President Mahama subsequently urged financial institutions to explore alternative methods of assessing borrowers, including their savings history and verifiable business cash flows.
Mortgage rates reduced
The President also disclosed that the NHF Mortgage Scheme currently offers cedi-denominated mortgages at an interest rate of 8.4 per cent, down from the previous 13.5 per cent.
Developer financing under the scheme, he added, currently stands at 10.4 per cent.
More than 1,000 people have so far received support to acquire homes through interventions involving the National Housing Fund and partner financial institutions.
President Mahama said the next phase of the programme would focus on reaching more Ghanaians while ensuring that the cost of houses remains within the financial capacity of beneficiaries.
Mahama unveils ‘Easy Rent’ programme
President Mahama also announced a new NHF initiative known as Easy Rent, aimed at addressing the financial burden associated with large upfront rent advances.
Under the programme, the NHF will pay the rent advance on behalf of an eligible worker, who will subsequently repay the amount through monthly instalments.
The President said the initiative was designed to ease the financial pressure created by rent advances, particularly for young workers and households.
Recalling his personal experience, President Mahama said when he left his father’s house to begin married life with his wife, Lordina, the additional fee paid to a housing agent almost exhausted their finances.
He noted that many young Ghanaians continue to face similar challenges, with rent advances sometimes consuming savings that could otherwise be invested in children’s education or family businesses.
The Easy Rent programme will complement the government’s existing National Rental Assistance Scheme, which provides rent advances to qualifying tenants who repay the amount through monthly instalments.
President Mahama said the government’s broader objective is to build a housing finance system that makes decent accommodation and homeownership more accessible to ordinary Ghanaians.