The State Housing Company Limited (SHC) has signed a Memorandum of Understanding (MoU) with Absa Bank to expand access to mortgage financing to support efforts in bridging Ghana’s estimated 1.8 million housing deficit.

The partnership is expected to improve access to home financing and make it easier for more Ghanaians, particularly those at the lower end of the housing market, to afford homes.

This comes at a time where Ghana’s mortgage market continues to remain as one of the smallest in relation to the size of the economy, with mortgage financing accounting for less than one percent of GDP. 

Speaking at the signing ceremony on Wednesday, August 19, 2026, in Accra, the Managing Director of SHC, John Sheriff Bawah noted that majority of Ghana’s housing deficit is concentrated at the lower end of the market, with most private developers targeting the top segment of the housing market.

According to Bawah, this approach creates an opportunity for SHC to focus on affordable housing for a wider range of the population, while developing homes based on geographical location and purchasing power.

He added that the company is targeting house prices between 25 and 40 percent lower than competing properties as part of efforts to make home ownership more affordable.

“We try to come in around the 25 to 40% price differential between us and the competition. And we believe this helps us maintain affordability and not compromise on quality. We are looking for a partner who is not just talking about helping but ready to walk that talk,” he said.

Also Speaking at the ceremony, the Managing Director of Absa Bank Ghana, Dr. Edward Nartey Botchway, described the agreement as a bold commitment towards addressing the country’s housing gap.

He said the Bank is bringing its financial capacity and experience to the partnership, while SHC has a proven track record in housing development.

“What this partnership will help to do is to help to speed up the effort at building, number one, but also for customers to be able to access homes. We are not assigning a document. We are making a commitment, a bold one,” he said.

The bank further expressed that the decline in interest rates presents a perfect opportunity to improve access to mortgages to help Ghanaians particularly young Ghanaians to buy and buy more homes.

The partnership comes at an opportune time, following a drop in interest rates which makes it easier and convenient for customers to access mortgages to build or purchase homes.