President Nana Addo Dankwa Akufo-Addo has expressed worry over the housing situation in the country.
“The concept of affordable housing is still out of the reach of most Ghanaians.”
Delivering only his 2nd State of the Nation address to Parliament, the President noted that the concept of affordable housing has not been realized.
According to him, as many Ghanaians cannot afford quality homes especially in the capital, Accra.
Presenting the 2017 budget to Parliament last year, Finance Minister Ken Ofori-Atta announced that government had abolished a number of taxes including the 5 per cent VAT on real estate cost.
That came in the wake of demands by the Ghana Real Estate Developers Association (GREDA) for the tax to be removed as the Association’s members described it as a nuisance levy.
It was, therefore, expected to impact positively on Ghana’s housing industry.
But President Akufo-Addo assured: “We further seek to reduce import rates on mortgage loans to facilitate access to housing for the ordinary budget.”
With regards to rent and sale of property owned by private developers, the President bemoaned prices are too high for the average Ghanaian, encouraging private sector investment in cheaper housing for people from varying economic divides.
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