Ghana’s Ministries of Finance and Housing have initiated discussions with real estate developers and stakeholders to propose a package of incentives to address the country’s housing deficit.
At the Built Environment National Conference on Housing and Hydrology (BENCHH) 2024 in Accra, the Minister for Works and Housing, Kojo Oppong Nkrumah, outlined the proposed measures. He emphasized that the collaborative efforts between the ministries seek to incentivize developers to undertake large-scale affordable housing projects nationwide.
“Our goal is to deepen public-private partnerships and create an enabling environment for private developers,” Nkrumah stated during the conference opening. He underscored the urgency of overcoming Ghana’s current housing deficit of 1.8 million units and meeting the rising demand for decent housing.
Key components of the proposed incentives include:
- Tax breaks.
- Reduced tariffs on construction materials.
- Streamlined approval processes for housing developments.
Nkrumah highlighted that these measures are crucial for attracting master developers into the sector and ensuring economically viable projects that meet quality standards and deadlines.
Furthermore, the collaboration aims to streamline Public-Private Partnership (PPP) processes through the introduction of a Master Framework. According to Nkrumah, this framework will reduce bureaucratic delays by eliminating the need for frequent approvals from the Ministry of Finance during project stages.
In addition to housing incentives, Nkrumah addressed ongoing efforts to establish a Works Inspectorate Unit within the Ministry of Works and Housing. This unit is slated to enforce building codes and safety standards across construction sites nationwide, enhancing the quality and durability of housing infrastructure.
The BENCHH 2024 conference, spanning three days, will delve into regulatory reforms and the establishment of the Works Inspectorate Unit to ensure adherence to building and safety standards. Government initiatives, achievements, and challenges will be comprehensively discussed, seeking input from stakeholders on innovative approaches.
Minister Nkrumah expressed optimism about the outcomes of BENCHH 2024, emphasizing the potential for collaborative efforts to drive tangible progress in Ghana’s built environment sector. He urged participants to actively contribute to crafting actionable strategies comprehensively addressing the nation’s housing and hydrology challenges.