Vice President Dr. Mahamudu Bawumia has officially commissioned the 1,072 Kpone Affordable Housing Project, marking the successful completion of Phases 1-3 of the initiative.
The event, which took place on November 25, 2024, also saw Bawumia break ground for Phase 4, a new phase that will deliver an additional 800 units, increasing the total number of homes in the enclave to 1,872.
The Kpone Affordable Housing Project, which was first initiated in 2006 under the leadership of former President John Agyekum Kufuor, had faced several delays and setbacks during the Mills and Mahama administrations due to insufficient government investment and stalled progress.
However, the project has experienced a resurgence under the Akufo-Addo-Bawumia administration, with significant strides made in addressing the nation’s housing deficit by providing decent and affordable homes for Ghanaians.
In his speech, Vice President Bawumia emphasized the government’s strong commitment to solving the housing crisis, which has been exacerbated by the country’s growing population and rapid urbanization.
He highlighted that the government’s approach to solving the housing issue is rooted in a long-term strategy, which involves partnerships between the public and private sectors to drive sustainable development.
He also discussed the importance of a robust mortgage market in supporting homeownership. Bawumia acknowledged the challenges faced by many prospective homeowners in accessing affordable financing due to the absence of a strong and functional long-term mortgage market in Ghana.
Drawing on global examples, he noted that in most advanced economies, a thriving mortgage market plays a central role in ensuring economic stability.
He stressed that a well-developed housing and mortgage market could significantly contribute to Ghana’s economic growth, as the housing sector is closely tied to the overall health of the economy.
The Vice President proposed the creation of a Decade of Housing Programme, a comprehensive plan aimed at addressing the country’s housing deficit, which stands at an estimated 1.8 million homes.
This program would focus on creating a more sustainable and effective framework for delivering affordable homes to Ghanaians, with an emphasis on long-term private-public sector collaborations. He further stated that the model used for the Kpone project—through Public-Private Partnerships (PPP)—would serve as a blueprint for future housing initiatives.
“We have seen the success of the Year of Roads initiative, and now, with God’s guidance, we are entering a Decade of Housing that will fundamentally address our housing needs and provide a solution to the 1.8 million housing deficit in Ghana,” Bawumia remarked.
He also emphasized the creation of thousands of jobs through these housing projects, which would lead to an overall improvement in the country’s economic growth and prosperity.
Kojo Oppong Nkrumah, the Minister of Works and Housing, lauded the Kpone Affordable Housing Project as a landmark achievement in the government’s ongoing efforts to provide affordable housing for the citizens of Ghana.
He praised the collaboration between government agencies, the Tema Development Corporation (TDC), and the contractors involved in bringing the project to fruition. “Phases 1, 2, and 3 of this transformative project have delivered a remarkable 1,072 housing units.
This is a testament to the excellent leadership of the government, the commitment of the TDC, and the professionalism of the contractors who worked tirelessly to bring these phases to life,” Nkrumah said.
The Minister also highlighted the government’s broader housing agenda, revealing that since 2017, over 10,000 homes have been delivered through various initiatives, including affordable housing schemes for low- and middle-income earners, as well as housing for security services.
He assured Ghanaians that the government is fully committed to completing stalled housing projects, including the Adenta SHC flats and the Saglemi housing units, which have been handed over to a private partner for financing and completion.
In addition to the Kpone Affordable Housing Project, Vice President Bawumia also inspected ongoing works on Phases 2 and 3 of the National Housing Fund (NHF) estates located nearby. These additional phases are set to provide 534 new homes, further contributing to the country’s housing stock.
He reiterated that the next government under the New Patriotic Party (NPP) would continue to prioritize housing, with plans to scale up housing projects to address the growing demand for homes across the country.
Bawumia concluded by stressing that the NPP government remains committed to building a vibrant and inclusive housing sector that will provide sustainable and affordable homes for Ghanaians.
He expressed confidence that with continued government support and investment in the housing sector, many more Ghanaians would be able to achieve their dream of homeownership.
The Kpone Affordable Housing Project is seen as a significant milestone in the government’s broader efforts to tackle the housing deficit, create jobs, and contribute to the country’s socio-economic development.
