By Stanley Senya
Accra, Feb. 03, GNA – The State Housing Company Limited (SHCL) has entered into a strategic partnership with Ecobank Ghana to expand access to mortgage financing, particularly for middle- and low-income earners.
It is part of efforts to reduce Ghana’s estimated housing deficit of about two million units.
The partnership was formalised with the signing of a Memorandum of Understanding (MoU) between the two institutions, marking the beginning of a financing arrangement aimed at making home ownership more accessible and affordable across the country.
Speaking at the signing ceremony, Mr Samuel Atukwei Kwei, Deputy Managing Director of the State Housing Company, said the initiative aligned with the government’s broader objective of addressing Ghana’s housing deficit and supporting citizens who struggle to finance homes outright.
He explained that while high-income earners were often able to purchase houses with cash or short-term instalments, many middle- and low-income workers faced significant financing challenges.
“We realised that apart from the high-income group, the middle- and low-income earners have serious difficulties when it comes to housing finance. That is why we decided to look for mortgage solutions that can give people hope,” Mr Kwei said.
He said SHCL engaged Ecobank after identifying the need for a strong financial partner, adding that the bank had shown readiness to support the company’s objectives by making mortgage financing available to prospective homeowners.
Under the arrangement, Ecobank will provide mortgage facilities to qualified buyers of State Housing property, allowing them to acquire homes and repay over an agreed period, provided they had sustained and verifiable income.
Mr Kwei noted that housing prices would vary depending on location, land acquisition costs, and the type of housing unit, such as two-, three- or five-bedroom houses. However, he stressed that SHCL was leveraging technology in its construction processes to keep prices as reasonable as possible.
“As a profit-making public organisation, land costs differ depending on whether land is acquired from government or private owners. But with technology in our development agenda, pricing will be more affordable, and with this partnership, costs will be even lower,” he said.
He said the housing projects under the scheme would be spread across the country, revealing that SHCL would soon launch new housing developments in the Savannah Region, among others.
The partnership also allows individuals who have started building but lack sufficient funds to complete their homes to access financing support through the State Housing–Ecobank product.
Mr Kwei emphasised that both public and private sector workers could benefit from the scheme, as long as their income levels met the bank’s requirements.
On his part, Mr Tara Squire, Executive Director and Regional Head of Consumer Banking for Ecobank Ghana and Anglophone West Africa, expressed confidence that the partnership would be well received by Ghanaians.
“I’ve seen some of the prices of the homes, and I believe they will make Ghanaians happy. When we roll out the full mortgage packages and rates, customers will also be satisfied with us as a bank,” he said.
Mr Squire said Ecobank was committed to offering competitive mortgage rates and pledged that as interest rates declined, the bank would continue to pass on the benefits to customers.
“As a responsible institution, we are committed to providing the best possible rates. State Housing is also assuring us that with technology, home prices can be pushed even lower over time,” he added.
The partnership is expected to strengthen mortgage financing in Ghana, improve housing affordability, and bring thousands of middle- and low-income earners closer to achieving home ownership.
GNA
Edited by George-Ramsey Benamba