Housing Situation In Ghana

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2.3 Current Housing Situation in Ghana Ghana housing delivery has seen a fragmented and sustained effort from individuals, private developers and successive governments. This situation has resulted to the massive housing deficit Ghanaians face today. The shortage of housing continues to be one of the most crucial socio-economic challenges facing the country. Data on the housing need in Ghana indicate an overall large deficit in the housing stock. However, the facts on the housing stock and deficit varied, and also hard to verify. The MWRWH based on the 2010 Population and Housing Census report of a total of 2.8 million housing units, projected that Ghana needs 70,000 housing units annually of which only 35% is currently supplied (NDPC 2005,…show more content…
The concept of housing finance varies across countries, particularly in terms of the areas it specialises. There has no concise definition of housing finance sighted and considered concise and definitive enough, that could be relied on as a working definition for this research work (Anatsu, 2011). However, some statements presented in quotes below by some authorities offer snapshot of what housing finance as a topic covers. Housing finance encompasses multifaceted and multi-sector issues that are caused by constantly changing local features, such as a country’s legal environment or culture, economic makeup, regulatory environment, or politicization (Chiquier & Co,…show more content…
As a result of these several housing finance models were designed for people to patronize in order to own a house. In fulfillment of these desires several models for housing finance in various jurisdiction based on variety of fundamental prerequisites and enabling conditions. Some of these include but not limited to Banks, Contract Saving Schemes, Building Societies/Saving & Loan Schemes, Specialist Mortgage Banks, Secondary mortgage markets, Primary Mortgage systems, Housing Provident Funds, Developer Finance, and Micro Finance, among others. Practically, in Ghana is very hard for someone to secure a loan from a microfinance institution to build a house. The reason being that interest on loan from these microfinance institutions is very high. The existing housing finance option is not so fair but expensive to low income earners. The housing finance model is designed in such a way that is on the rich or the high income earners who can afford. Thus, it makes sense that PPP must be introduced in Ghana as a sustainable housing finance

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