The housing sector in Ghana is facing a significant challenge.
The demand for housing far exceeds the available supply, leading to a housing gap that affects many Ghanaians.
The statistics are dire. The housing deficit is estimated at approximately 1.8 million units.
The country's rapid urbanisation and population growth have exacerbated the shortage, leading to overcrowded living conditions, proliferation of informal settlements and inflated housing costs.
This situation has further marginalised low- and middle-income earners, making it challenging for them to access decent and affordable housing.
Several factors have contributed to Ghana's housing deficit.
The housing supply has not kept pace with demand, resulting in a significant shortfall.
Another factor is the high construction cost.
The cost of building materials is high, partly due to the reliance on imported materials.
Also, limited access to mortgage finance. Home mortgage loans are not readily available, making it difficult for people to purchase homes.
Weak legal and regulatory framework around mortgage finance in the country. The existing framework hinders the development of a thriving home mortgage finance market.
The Ghana Real Estate Developers Association (GREDA) has rightly described affordability as a national crisis that requires urgent collective action.
Government and all the stakeholders in the housing and the home ownership space must show stronger commitment and also take certain drastic actions.
It is becoming clear that prospective home owners are struggling to own a home, especially those in the low-income bracket. Even for the middle-income earners, owing a home without mortgage finance is gradually becoming a mirage.
Yesterday at the formal opening ceremony of the Daily Graphic/GREDA Home Fair, the President of GREDA, Dr James Orleans-Lindsay, underscored the need for a strong partnership between government, financiers, and the private sector to address the housing gap.
He highlighted the importance of long-term funds, such as pension investments being channelled into real estate to make housing truly affordable.
The theme of the three-day fair, "Technology enabled and eco-friendly housing, now and the future," underscores the critical role that technology can play in bridging Ghana's housing gap.
The Daily Graphic/GREDA Home Fair provides a platform for stakeholders to come together and discuss the challenges and opportunities in Ghana's housing sector.
It is an important step towards finding solutions to the country's housing gap and promoting sustainable and affordable housing development.
We commend the organisers of the fair and look forward to seeing the positive impact of their efforts in the country's housing sector.
Bridging the housing gap requires a collaborative effort between government, financiers and the private sector.
Public-private partnerships can play a critical role in delivering affordable housing solutions, while technology can enhance the security and sustainability of homes.
By working together, we can create a brighter future for Ghana and ensure that every citizen has access to safe and affordable housing.
As we move forward, it is essential that we prioritise affordability, sustainability and security in housing development.
We must also ensure that our housing policies and programmes are inclusive and cater to the needs of all Ghanaians, particularly the most vulnerable members of society.
The Daily Graphic believes that as a country, providing affordable home may require a rethink about the materials we use in building.
Isn’t it possible to begin exploring more cost-effective and durable building materials?
The time has come for us as a nation to have a frank discussion on the way forward regarding how we build our houses.
The Daily Graphic/GREDA Home Fair is an important step towards finding solutions to the country's housing gap, and we look forward to seeing the positive impact of the discussions and initiatives that will emerge from this important event.
The housing sector faces significant challenges but by working together, we can bridge the housing gap and create a better future for all Ghanaians.
