By Morkporkpor Anku
Accra, Aug. 13, GNA – The National Homeownership Fund (NHF) will resume lending under the National Mortgage Scheme at an interest rate of 8.4 per cent.
Mr Prosper Hoetu, Chief Executive Officer (CEO) of the NHF, announced this at the Fund’s Fourth Annual General Meeting in Accra on Thursday.
He said the decision followed a comprehensive review of the National Mortgage Scheme undertaken by the NHF in collaboration with Republic Bank.
Under the revised scheme, Mr Hoetu said a worker with a net monthly income of GH¢2,500 would be eligible to access up to GH¢143,000, with a monthly repayment of GH¢1,231.95 over a maximum tenor of 20 years.
He described the 8.4 per cent interest rate as a significant development in Ghana’s housing finance sector, saying it was the first time in more than three decades that a single-digit interest rate had been achieved on a cedi-denominated mortgage.
Mr Hoetu said the rate had been supported by lower lending rates resulting from what he described as prudent management of the economy, as well as a blended financing arrangement between the NHF and participating banks.
Under the arrangement, he said, the Government, through the NHF, provided financing to participating banks at a lower rate to enable them to offer mortgages at more affordable rates to workers.
Mr Hoetu also announced that the Fund had reviewed its Rent-to-Own Scheme to introduce more flexible payment terms and improve access to homeownership.
He said the interventions formed part of efforts by the NHF to create practical pathways for more Ghanaians to acquire decent homes.
Mr Hoetu, however, said the Fund’s ability to expand the programmes to benefit more Ghanaians remained constrained by inadequate resources.
“We are therefore making a passionate appeal to our shareholder, the Ministry of Finance, for more funding to enable the Fund to serve many more Ghanaians,” he said.
Mr Hoetu said the housing sector remained central to Ghana’s economic transformation because it provided decent shelter while stimulating economic growth, creating jobs, strengthening local industries and improving citizens’ quality of life.
He said the NHF would continue to pursue innovative and sustainable financing solutions through construction financing, the National Mortgage Scheme, Rent-to-Own initiatives and strategic partnerships with public and private-sector institutions.
Mr Hoetu said the Fund, in partnership with the Ministry of Works, Housing and Water Resources, had signed an agreement with Shelter Afrique Development Bank to undertake a rapid diagnostic assessment of Ghana’s housing sector.
He said the assessment, being undertaken using Shelter Afrique Development Bank’s VIRAL model, would inform the development of a Country Housing and Urban Partnership Strategy (CHUPS) to attract investment into the housing sector.
Mr Hoetu said the findings would be presented at a National Conference on Housing Finance scheduled for October 2026, where stakeholders would seek to adopt a framework for affordable housing financing and delivery in Ghana.
He said the NHF had also developed a five-year Corporate Strategic Plan for 2026-2030, anchored on institutional excellence, sustainable housing finance, digital transformation, strategic partnerships, and environmental, social and governance integration.
GNA
Edited by Kenneth Sackey
Reporter: Morkporkpor Anku