President John Dramani Mahama has announced a new low-cost housing scheme for public sector workers, enabling nurses, teachers, doctors, and civil servants to acquire government-built homes with cedi-denominated mortgages repayable over 15 to 20 years.
Speaking on Saturday, May 9, 2026, at the sod-cutting ceremony for the Dedesua Green City project in the Bosomtwe District of the Ashanti Region, President Mahama said the initiative would spare workers the burden of dollar-linked mortgages currently offered by many real estate firms in Ghana.
“It will enable workers to acquire homes in cedis with manageable long-term repayments,” he said.
The President outlined a GHC3 billion Revolving Fund backed by a partnership between the government, Organised Labour, the private sector, Social Security, the National Insurance Trust, and the Republic Bank of Ghana.
“Companies like State Housing Company (SHC), Tema Development Company (TDC), and all the housing companies will be given credit from this fund to build houses. Banks will then provide mortgages for workers to buy the houses and pay over a 15- to 20-year period,” he explained.
“Let me also announce that these houses are going to be indexed in cedis, not dollars. This will solve the problem where pressure on the cedi led to rising mortgage costs for people.”
President Mahama added that new social housing initiatives are also being rolled out at the district level to ease the financial burden of homeownership.
“We are also pursuing geographical equity. Housing must not be confined to only major cities. Regional and district capitals must also benefit from our housing initiatives,” he said.
The Dedesua Green City project, being developed on 200 acres of land donated by the Asantehene, Otumfuo Osei Tutu II, is expected to deliver more than 1,000 housing units.
President Mahama appealed to Ghanaians in the diaspora to invest in the project, assuring that the land is free from litigation.
“Here, you will get your house built for you, complete. You collect your key. There is no litigation on the land. Nobody will come and demolish your house,” he said.
He also disclosed that the Asantehene has agreed to release another parcel of land to the TDC for a housing project in Kumasi.
To further reduce costs for buyers, the government will absorb the cost of roads, gutters, and drains within the Dedesua estate under the Big Push infrastructure programme.
Touching on the country’s housing challenges, President Mahama noted that Ghana’s housing deficit now exceeds 1.5 million units, with rapid urbanisation, rising construction costs, and limited access to long-term mortgage financing making home ownership difficult for many.
“More than half of Ghana’s population currently lives in urban areas, and that figure is expected to rise to about 70 per cent by 2050,” he said.
On rent advances, the President acknowledged weak enforcement of the law restricting advance rent payments to six months.
“Both the house owner and the one who wants to rent the property are not prepared to go and report,” he said.
President Mahama expressed optimism that phase one of the Dedesua Green City project would be completed within a year.
“I look forward to next year coming back here to commission phase one of this Green City project,” he said.
