Ghana’s National Housing Policy provides a comprehensive framework to meet housing needs by acknowledging shelter as a right and establishing policies to support housing initiatives.¹⁸ Adding to the housing deficit and high costs of mortgage finance, COVID-19, Russia’s invasion of Ukraine and public debt have also reduced accessibility.¹⁹ As a result, formal housing finance has been put out of reach of most Ghanaians, as shown by the ratio of outstanding mortgage debt to Gross Domestic Product (GDP) of 0.78%.²⁰ Easing inflation levels and a further stabilisation of the cedi could signal impending improvements to Ghanaians’ housing finance options.²¹

First National Bank (FNB) accounts for over half of all mortgage finance offered by 12 established mortgage providers in Ghana.²² According to the latest World Bank Global Findex, however, only 7.5% of Ghanaians borrowed from formal financial institutions in 2021.²³ With more than 80% of public sector workers earning less than GH¢3 000 (US$196)²⁴ monthly, most Ghanaians simply cannot afford to borrow at current interest rates. As such, about 90% of all housing supply is delivered incrementally, with Ghanaians self-building using their personal loans and savings. Low and middle income earners also prefer informal savings clubs called “susus,”mostly because of moderate financial requirements and considerate repayment terms.²⁵

Twelve out of 23 banks offer mortgages, complemented by several microfinance and credit unions.²⁶ Average commercial lending rates have increased from 21.61% recorded in 2022, to 31.10%²⁷ in June 2024. Mortgage providers typically offer cedi- and dollar-denominated packages, each with varying terms and conditions. FNB indexes home loan offerings to the current Ghana Reference Rate and adds a margin of +8% for cedi-denominated mortgages, which resulted in interest rates of 29.35% to 37.35%. Dollar-denominated mortgages operate under smaller margins at 13.5% to 14.5% in July 2024.²⁸ Banks typically offer up to 80% Loan-to-Value (LTV) ratios on their mortgage products, but government assisted schemes could be up to 95%. ²⁹

The percentage of non-performing loans in April 2023 was 18.04%,³⁰ higher than the long-term average of 15.7% and close to the peak of 18.2% recorded in 2018.³¹ Barring a trend reversal, financial institutions could become increasingly reluctant to extend loans to prospective homeowners and investors. Despite the existence of 334 rural banks, microfinance institutions, microcredit institutions, and savings and loans companies, only five provided some form of housing finance to supplement the major banks in the last decade.³²

Women’s right to own property has been enshrined in the New Land Act,³³ which establishes spousal rights by presuming joint ownership of any assets acquired during a marriage and restricting transfer by any one spouse. However, many women feel insecure about their tenure rights, which are primarily held under customary land tenures. With more than 80% of women in vulnerable employment or in the informal sector, only a few qualify for formal mortgages due to restrictive eligibility criteria.³⁴ Some notable women-focused initiatives, such as the Sinapi Aba savings and loans scheme and Momo Pay have improved access to finance for women in Ghana.

In the decade since the African Local Currency Bond Fund was established to promote corporate bond issuances in the local currency, 21% of funds issued by 2021 were dedicated to housing. However, recent research shows that no sovereign or corporate green bonds have been issued in Ghana.³⁵ A revamp is becoming increasingly urgent if the country is to reach its housing targets, as detailed in the Long-term National Development Plan of Ghana (2018–2057).³⁶

Ghana’s economy has shown significant improvement under the programme supported by the International Monetary Fund (IMF). Despite facing high inflation and fiscal deficits last year, the economy is now gradually stabilising and promoting inclusive growth.

The demand for housing continues to rise annually, surpassing the capacity of both public and private sectors to meet the target of developing a minimum of 200 000³⁷ new units per year through public private partnerships. Government has initiated building more than 10 720 houses³⁸ which are currently at various construction stages in different communities. This constitutes only 5% of the expected annual target of 200 000 houses. A five-year tax holiday was introduced by government to encourage private developers to provide affordable, high-quality housing for low to middle income households, but is only available to certified developers of low-cost housing.³⁹

Despite the significant housing shortage, people are increasingly hesitant to buy homes or invest in real estate, which could affect housing market dynamics. This is largely due to a decline in disposable incomes – GDP per capita income fell from GH¢35 405.23 (US$2 318.31) in 2023 to GH¢34 055.03 (US$2 229.9) in 2024.⁴⁰

Ghana’s living cost index is currently at 38.6, surpassing Nigeria’s lower index of 33.0, and closely aligning with Ivory Coast’s index of 40.9.⁴¹ Higher disposable income in Nigeria compared to Ghana suggests demand for investment in housing is greater in Nigeria. The rising cost of living quickly diminishes the modest earnings of the average Ghanaian, making it difficult to afford decent housing.

In 2015 informal employment constituted 78.05% of the total labour force, with women participating in the labour force at 65.03%.⁴² The current unemployment rate of 14.7%⁴³ adds to unaffordability. Additionally, the mortgage to GDP ratio is significantly lower than countries like South Africa, Namibia, and Cabo Verde, where mortgage to GDP ratios range from 3% to 10%, underlining the embryonic nature of Ghana’s mortgage market.⁴⁴

Recently the Chartered Institute of Realtors and the Chamber of Real Estate formed an alliance to advance public and social housing programs in Ghana, involving real estate developers, customary authorities, and local community members.⁴⁵ The initiative aims to create a broad housing system in Ghana using partners’ collective knowledge and resources to cater for diverse housing needs.

About 90% of all housing is provided by individual households who decide to become owners and the contractors whom they engage to do the building. 46 Construction can take approximately five to 15 years to complete, resulting in a lag between housing supply and demand.⁴⁷ Data on housing tenure reveals a striking difference between urban areas and rural areas: 65.1% of households in rural areas live in owner-occupied houses and only 37.6% of households in urban areas. The proportion of households living in rent-free accommodation, a third common tenure type in Ghanaian society, that used to constitute around a quarter of households’ tenure in both urban and rural areas has declined substantially from the previous housing census to 14.8% in the 2021 census.⁴⁸

Latest housing data indicates a shift in the trend of housing typologies towards the dominance of detached housing (63.3%)⁴⁹ rather than the communal housing types recorded in 2010 (52.8%).⁵⁰ The communal housing type (i.e. compound houses) is increasingly becoming unpopular across the country (20.9%).⁵¹ The shift in preference from communal housing, which is suitable for the extended family structure, is largely attributed to the influence of Western cultures that support the nuclear family structure.⁵²

Ninety percent of building materials used are imported and the local widespread use of sandcrete blocks for residential construction constrains affordable housing delivery due to the rising cost of cement and the longer periods required for sandcrete construction.⁵³ In 2021 imports of building materials (luxury and lowpriced brands) totalled GH¢6.87 billion (US$450 million). Cement imports were worth GH¢2.9 billion (US$190 million) in 2021.The government has initiated plans to support the domestic production of construction materials.⁵⁴

Though the quality of housing stock in urban areas has improved in terms of access to basic services in the past two decades, the need to improve the quality of housing and infrastructure delivery remains. Ghana ranks 119th out of 140 countries for infrastructure quality,⁵⁵ with electricity, transport, water and sanitation constituting the country’s top infrastructural needs. The lack of infrastructure provision by the government has resulted in many property developers assuming the responsibility of integrating infrastructure within their developments. A classic example is the Appolonia City development where the developer has mapped out a comprehensive plan for provision of infrastructure.⁵⁶

Recent mechanisms adopted to grow affordable housing in Ghana have focused on public private partnerships and establishing an enabling approach instead of direct provision of houses.⁵⁷ The various affordable housing projects under the Revised National Affordable Housing Programme have recorded steady progress and 2023/4 saw the 200-unit housing project at Amrahia – a public private partnership between the State Housing Company and private developers progressing to 75% completion.⁵⁸

Ghana has had an influx of investments from expatriates and foreign nationals, as well as local buyers, especially within Accra and Kumasi. Prime areas in Accra are witnessing a surge in demand for upscale dwellings, apartments, luxurious townhouses, commercial spaces, and shopping malls. In these areas, the price for a 3-bedroom house ranges from GH¢5 650 640 (US$370 000) to GH¢8 399 600 (US$550 000), while a 4-bedroom house may cost between GH¢8 857 760 (US$580 000) and GH¢12 217 600 (US$800 000). For rentals in the same area, a 2-bedroom property can range from GH¢15 272 (US$1 000) to GH¢27 490 (US$1 800) a month, and a 3-bedroom house can command a monthly rent between GH¢23 126 (US$2 300) and GH¢48 870 (US$3 200). ⁵⁹

Meanwhile, average house prices in suburbs like Tema Community 22, 25, and Damfa are more affordable. Three-bedroom houses cost between GH¢700 000 (US$45 836) and GH¢750 000 (US$49 109), and two-bedroom homes from GH¢550 000 (US$36 014) to GH¢650 000 (US$42 562).⁶⁰ Rents for threebedroom homes are from GH¢3 000 (US$196) to GH¢4 000 (US$262) a month, and for two-bedroom homes ranges from rental of GH¢2 200 (US$144) to GH¢3 000 (US$196) a month.

In 2023 Ghana’s real estate sector grew by 4.8%, a substantial turnaround from a 4.6% contraction in 2022.⁶¹ The recovery in the market was predominantly driven by the residential segment. It continues to contend with rising housing costs and rental prices which remain unaffordable for many low to middle income individuals. Yet amid a substantial shortage of housing units, there is a 12.7%⁶² vacancy rate in housing.⁶³ This highlights the complexity of the housing market and the urgent need for solutions to bridge the gap between housing availability and affordability.

Ghana’s land tenure system combines traditional and legal structures: 20% of land is state-owned, 2% co-owned by state and customary authorities, and 78% by local entities/families, complicating land market regulation⁶⁴. In premium areas like North Ridge, Labone, Airport Residential, and Cantonments, land prices average between GH¢6 534/m2 (US$427.87) and GH¢8 160/m2 (US$534.30). In middleclass areas, the cost of land is more affordable, with prices falling within the range of GH¢1 656/m2 (US$108.46) to GH¢3 798 (US$248.68).⁶⁵ As well as the high cost of title registration and bureaucratic procedures that hinder the expansion of the property market, securing accessible and affordable financing remains a significant obstacle in the industry. Real Estate Investment Trusts (REITs) hold the potential to enhance market transparency and draw in funds at a lower cost compared to traditional debt.⁶⁶

The government aims to develop “an incentive package to attract private sector developers to the housing industry” to deal with Ghana’s housing deficit by creating an enabling environment for greater participation of the private sector in affordable housing delivery.⁶⁷ For instance, under the revised edition of the National Affordable Housing Programme, the government seeks to provide land, on-site infrastructure, and mortgage subsidies to lower the overall cost of development and consequently reduce prices of the houses delivered.⁶⁸ Cabinet has approved a pathway towards the completion of the long-stalled Saglemi housing project by leveraging private sector expertise and participation.⁶⁹ Five private companies have bid on completing the Saglemi project.⁷⁰

The National Rental Assistance Scheme (NRAS) was implemented in February 2023 to remove the burden of large rent advance payments by prospective tenants. The scheme pays the rent advance to homeowners, whereas beneficiaries pay monthly rent to the scheme. Disbursements to 1 105 people at a total cost of GH¢13.7 million (US$897 000) were made across the six piloted regions from February 2023 to October 2023⁷¹ and a total of 2 074 individuals have benefitted from the scheme for the first half of 2024.⁷² However, renters still face exploitation from landlords as a result of non-enforcement of various housing related laws.⁷³ Confronting the problems of the housing sector, will necessitate “a close look at the regressive historical patterns of urban investments and persisting elite biases in institutions managing land, finance and housing”.⁷⁴ The government intends to extend the coverage of the National Homeownership Fund (NHF) to provide more mortgage financing opportunities⁷⁵ and more houses for public sector workers through a district housing programme in the peri-urban areas using local construction materials.⁷⁶

A rent bill was brought to parliament on 7 July 2023 to stimulate investment in rental housing by the private sector and protect low and middle income earners from arbitrary actions.⁷⁷ It gives legal backing under section 12 to the NRAS. The government also intends to optimise urban land use by partnering with private developers and banks to deliver high-rise buildings in Accra and Kumasi at reasonable prices.⁷⁸ Additionally, the Stamp Duty (Amendment) Act of 2023 (Act 1109) amended the Stamp Duty Act of 2005 (Act 689) to increase the stamp duty rate.⁷⁹ The cost of stamping documents such as mortgages and registration of land documents will increase, worsening housing affordability.⁸⁰

Significant efforts have been made to improve Ghana’s land administration and management with the promulgation of the Land Act of 2020 (Act 1036). The Lands Commission entered a strategic collaboration with PDB Limited to “spearhead a US$85 million project focused on revolutionising Ghana’s land administration by developing digital maps and consolidating the digitalisation of land records”.⁸¹ Moves have been made to improve the completeness and openness of land data.⁸²

As the country embraces the concept of sustainability and green buildings as a measure of quality, the Ghana Building Code has comprehensive requirements, including water efficiency, efficiency of lighting and electrical power, and wastewater management in support of green buildings in Ghana.⁸³

Ghana’s rapid urbanisation and increasing demand for affordable rental housing presents promising opportunities for investors to tap into. Government initiatives of rent-to-own housing,⁸⁴ the NRAS,⁸⁵ and establishment of the Real EstateAgency Council (REAC)⁸⁶ all aim to tackle some of the problems.⁸⁷ Alongside this, the adoption of modular construction is poised to be a game changer in Ghana’s housing industry, enabling rapid delivery of housing while ensuring affordability, efficiency and sustainability.⁸⁸ However, setting up prefab factories and acquiring technology has a high initial capital requirement, and the government needs to prioritise low-interest construction finance loans, tax waivers, incentives and public private partnerships for developers within the modular construction space.

In the aftermath of the explosion at Appiatse on 20 January 2022 and floods along theVolta Lake following spillage from the Akosombo Dam on 15 October 2023, the government started reconstruction89 and resettlement efforts.⁹⁰ The first phase saw the provision of 124 houses with ancillary infrastructure including schools, market, green spaces, and drainage systems for 870.⁹¹ Notably, private entities such as Cititv (now channel one tv) and Citifm,⁹² along with First Sky Group⁹³ have largely led the charge in building houses for displaced flood victims. Government has budgeted GH¢220 million (US$14.4 million) and requested funding from the World Bank to resettle flood victims, restore livelihoods and reconstruct infrastructure in affected communities.⁹⁴ Work is commencing on the construction of 100 resettlement houses and a data validation exercise by the government.⁹⁵

Construction of the Tema-Mpakadan railway,⁹⁶ and the rehabilitation and dualisation of major roads across the country⁹⁷ are expected to improve accessibility and open up more areas, particularly peri-urban areas, for affordable housing since land prices in these areas are relatively cheap.⁹⁸ In line with the IMF-supported programme, Ghana is yet to complete its external commercial debt restructuring and thus remains a debt-distress country. ⁹⁹ The successful completion or otherwise of the IMF programme has a profound bearing on completion of major infrastructure projects and their ripple effect on developments.¹⁰⁰ Key trends to watch out for are Ghana’s engagements with the IMF on its Extended Credit Facility,¹⁰¹ major infrastructure projects undertaken or yet to commence across the country, the 2024 manifestos of the major political parties, and the general elections in December 2024.

The Security Service Housing Project Phase III was commissioned on 23 July 2024 and represents a significant initiative under the social housing scheme, spearheaded and financed by the government via the Ministry of Works and Housing. This project is a response to the accommodation needs of the nation’s security personnel. Phase III of the recent project is located at the National Police Training School in Tesano, a sought-after neighbourhood in Accra, encompassing 20 blocks. These comprise 320 flats – 112 two-bedroom flats and 208 three-bedroom flats. The development also features an officers’ mess, a social centre, two multi-purpose playing fields and a kindergarten. Upon completion, the flats will be leased to senior officers of the Ghana Police Service, with an imputed rent assessed as a proportion of their salaries. Between 2014 and 2018, the Ministry of Works and Housing successfully completed and distributed 536 housing units as part of the first and second phases of the housing programme.

Data on housing and population trends is primarily provided by the Ghana Statistical Service through publications such as the Population and Housing Census which is carried out every 10 years, the Ghana Living Standards Survey, and monthly reports on the Consumer Price Index. Ghana’s central bank, the Bank of Ghana, provides quarterly reports on financial and economic data as well as annual reports which encompass economic indicators, data on microfinance institutions, banks and other financial institutions, and interest rates. Other data sources include the annual reports of mortgage lending institutions, budget statements by the Ministry of Finance and Economic Planning, National Rent Assistance Scheme, National Homeownership Fund, Ministry of Works and Housing and the Ministry of Lands and Natural Resources. Inconsistencies in the release of published data coupled with the difficulty in verifying data remain major difficulties.

Bank of Ghana: https://www.bog.gov.gh/
Ghana Statistical Service (Ghana Statistical Service): https://statsghana.gov.gh/
Ministry of Finance and Economic Planning (MoFEP): https://mofep.gov.gh/
Ministry of Works and Housing: https://www.mwh.gov.gh/
First National Bank: https://www.firstnationalbank.com.gh/
Social Security and National InsuranceTrust (SSNIT): https://www.ssnit.org.gh/
State Housing Company Limited (SHC): https://statehousing.gov.gh/
National Homeownership Fund (NHF): https://www.nhf.gov.gh/

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5. World Bank (2023). Data.World Development Indicators,Total population – Ghana.
6. Ghana Statistical Service (2013). 2010 – National Analytical Report Population and Housing Census. Pg. 50.
7. Ghana Statistical Service (2021). Ghana 2021 Population and Housing Census General Report HighlightsVolume 3. Pgs. 1 & 4. 
8. See footnote 3.
9. World Bank (2020). Data. Population Living in Slums (% of Urban Population).
10. World Bank (2015). Stocktaking of the Housing Sector in Sub-Saharan Africa – Challenges and Opportunities. Pg. 18.
11. Blavior (2023).Affordable Housing in Ghana: Challenges and Solutions.
12. Mohammed, I., Nahiduzzaman, K.M. and Aldosary,A. (2017). Pro-Poor Urban Housing Provision in Ghana: Implementation Challenges and Prospects. Open House International. Pg. 99.
13. Bank of Ghana (2023).Annual Report and Financial Statements 2023. Pg. 18.
14. Ghana Statistical Service (2023). Statistical Bulletin – Consumer Price Index (CPI) June 2023. Pg.3.
15. Ghana Statistical Service (2024). Statistical Bulletin – Consumer Price Index (CPI) June 2024. Pg.3.
16. See footnote 13. Pg. 15.
17. Odonkor, N. (2024). Price of Building Materials Increase, iron rods, cement hardest hit. 2 May 2024. Ghana News Agency.
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28. E-mail correspondence with Asamoah-Gyemi George, First National Bank Ghana, 11 August 2022.
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32. See footnote 25. Pgs. 15-22, 31, 37.
33. Parliament of Ghana. (2020) Land Act 2020. Pg. 27.
34. See footnote 25. Pg. 15.
35. FSD Africa (2021). Feasibility Study for Development of a Green Bonds Market in Ghana. Pg. 12.
36. NDPC (2018). Long-Term National Development Plan of Ghana (2018-2057). Pg. 33.
37. Citi Newsroom (2024). Is affordable housing really affordable? A study of Ghana’s situation. 16 April 2024.
38. Citi newsroom (2024). 10 720 housing units under development to address housing deficit – Oppong Nkrumah. 28 March 2024.
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41. Numbeo (2024).West Africa, Current Cost of Living Index by City.
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45. Daily Guide Network (2024). Chartered Institute of Realtors and Chamber of Real Estate to Advocate for Public and Social Housing Schemes in Ghana. 12 July 2024.
46. UN-HABITAT (2011). Ghana Housing Profile. https://tinyurl.com/2pztduhn (Accessed 23 July 2024). Pg. 30.
47. Inclusive Business Action Network (2016).Affordable Housing in Ghana – Sector Study. Pg. 7.
48.  Ghana Statistical Service (2022). Ghana 2021 Population and Housing Census – General ReportVolume 3K: Housing Characteristics. https://tinyurl.com/43xzwpd6 (Accessed 23 July 2024) Pg. 54.
49. Ibid. Pg. 30.
50. Ghana Statistical Service (2013). 2010 – National Analytical Report Population and Housing Census. https://tinyurl.com/3b6u9vnh (Accessed 23 July 2024) Pg. 327.
51. See footnote 48. Pg. 30.
52. Danso-Wiredu, E.Y. and Poku,A. (2020) ‘Family Compound Housing System Losing Its Value in Ghana: A Threat to Future Housing of the Poor’. Housing Policy Debate. Pg. 2.
53. See footnote 47. Pg. 33.
54. Oxford Business Group (2021). Ghana’s infrastructure development driving economic growth. https://tinyurl.com/3hvtf89f (Accessed 19 August 2024). Pg. 2 & 8.
55. World Economic Forum (2016).The Global Competitiveness Report. Pg. 7.
56. Rendeavour (2024).Appolonia City Development Code. Pg. 39.
57. Mohammed, I., Nahiduzzaman, K.M. and Aldosary,A. (2017). Pro-Poor Urban Housing Provision in Ghana: Implementation Challenges and Prospects. Open House International. Pgs. 100 – 104.
58. Ministry of Works and Housing (2024). 200 SHC Homes at Amrahia Reach 75 Percent Completion.
59. Kuffo, M. and Ewusie, I. (2024). IMEK, Ghana Real Estate Market Report 2024. https://tinyurl.com/3me9a4he (Accessed 18 July 2024). P.g. 13.
60. Adom City Estate, 2024 pricing. https://adomcityestate.com/# (Accessed 16 August 2024).
61. Ministry of Finance (2023). Budget Statement and Economic Policy of the Government of Ghana. https://tinyurl.com/en3t6w26 (Accessed 29 July 2024). Pg. 24.
62. See footnote 48. Pg. 28.
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65. See footnote 59. Pg. 20.
66. B&FT Online (2023).A practical guide to real estate investment trusts. 5 May 2023.
67. Ministry of Works and Housing (2024). Government to provide incentive package to attract private sector in housing delivery. 9 April 2024. Pg. 1.
68. Ministry of Works and Housing (2024).The Revised National Affordable Housing Programme-FAQS. https://tinyurl.com/yc7pu4vf (Accessed 7 July 2024). Pg. 1.
69. Glover, B.X. (2024). Cabinet approves pathway to complete Saglemi Project. Graphic Online. 27 March 2024.
70. My joy online. (2024). Five bidders vie for completion of Saglemi Housing Project. 9 July 2024.
71. See footnote 61. Pg. 129.
72. Ministry of Finance (2024). 2024 Mid-Year Fiscal Policy Review. https://tinyurl.com/2xr3ya8e (Accessed 24 July 2024). Pg. 26.
73. My joy online. (2024). Landlords exploiting tenants despite a plethora of laws – 2024 Ghana Housing Profile Study. 10 April 2024.
74. Boateng, F.G and Klopp, J.M (2024). Urbanization, Legacies of Elite Capture, and Multi-Dimensional Exclusions in Ghana: Towards Just Housing and Neighborhood Policies in African Cities. Pg. 1.
75. Ministry of Works and Housing (2024). Stakeholders Convene to Update Ghana’s Housing Profile.
76. See footnote 73.
77. Parliament of Ghana. Parliamentary Business-Bills. Rent Bill, 2023. https://tinyurl.com/32emj4he (Accessed 15 July 2024).
78. See footnote 72. Pg. 26.
79. Parliament of Ghana. Parliament Business-Bills. Stamp Duty (Amendment) Act, 2023.Act 1109.
80. Asare, I. (2024).Analysis of the 2023Tax Amendment Acts… the way forward. 16 January 2024. Business & Financial Times.
81. See footnote 59. Pg. 20.
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91. Annim,A.A (2024). Bawumia commissions 124 homes in Appiatse reconstruction project. 2 May 2024. Citi news room.
92. Citi Newsroom (2024).Akosombo dam spillage: CitiTV/Citi FM completes second resettlement centre; hands over to Ada community. 23 January 2024.
93. Pulse Ghana (2023). First Sky Group begins building houses for Akosombo dam spillage victims. 23 October 2023.
94. See footnote 61. Pg. 4-5.
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