The 2012 Presidential Candidate of the New Patriotic Party, Nana Akufo-Addo, says his government in partnership with the private sector will reduce Ghana’s housing deficit by about 10% within the first four-year term of his administration.

“We believe that government’s role is to facilitate strong collaboration between land agencies, family/stools/skins, banks, insurance companies, mortgage houses, building material suppliers and real estate developers like GREDA. Our goal is to reduce the housing deficit by about 10% within the four-year term, by increasing national annual output from 40,000 units to 100,000 units,” Nana Akufo-Addo said

The NPP Presidential Candidate made this known when he addressed members of the Ghana Real Estate Association at an event at the Alisa Hotel on Monday, 22nd October 2012.

Nana Addo explained that Ghana’s housing deficit currently stands at some 1.5 million housing units. The demand for housing units every year, according to Nana Addo, currently stands at 70,000 units. However, only an estimated 40,000 housing units are added to the housing stock annually, leaving a deficit of 30,000 housing units.

Out of the 40,000 housing units delivered annually, only 10% is contributed by the real estate developers, a contribution described by Nana Addo as “a minute proportion.”

This, among others, the NPP Presidential Candidate stated, were some of the reasons why he had requested to meet with GREDA specifically to outline his housing policy proposals and also seek the association’s support and that of millions of Ghanaians who face daily accommodation challenges.

GREDA, over the entire tenure of the ruling National Democratic Congress, has faced challenges in trying to construct affordable housing units for Ghanaians, and have submitted proposals with financing options to help address the huge housing deficit, without much success.

This, Nana Akufo-Addo, said will change and maintained that “continuous constructive engagement with local industry players like GREDA will enable us better understand the challenges you face, and I look forward to deepening this interaction with you when, God willing, the NPP wins the December 7th election.”

Amongst other measures outlined by Nana Akufo-Addo in defraying the housing deficit to meet the annual demand of 70,000 housing units will be to facilitate strong collaboration between land agencies, family/stools/skins, banks, insurance companies, mortgage houses, building material suppliers and real estate developers like GREDA.

“To be able to play this facilitation role effectively, an Akufo-Addo government will separate the policy-making and implementation functions of the Ministry of Water Resources, Works and Housing. We shall set up a regulatory body and a housing agency which will be responsible for implementing our Public and Social Housing programs,” Nana Addo said.

The Housing Agency, Nana Addo explained, will be dedicated to developing new communities and townships in partnership with the private sector, as well as be responsible for acquisition, development, management and allocation of land banks for housing development.

Furthermore, the Housing Agency is expected to raise funding for housing infrastructure, “promote our social housing programs, partner and provide loan guarantees and off-taker agreements to the private sector to deliver affordable housing, promote the secondary mortgage market, and promote the use of local building materials and alternative technology in housing construction.”

Nana Akufo-Addo also said his administration will also engage with the Ghana Institute of Architects to “give us designs that would make buildings more environmentally appropriate and allow us to use local materials to construct houses that are not as expensive to build.”