President John Dramani Mahama has announced a GHS3 billion revolving fund to support home ownership for public sector workers as part of efforts to address Ghana’s housing deficit, estimated at 1.5 million units.

The President made the announcement during the sod-cutting ceremony for the Green City Housing Project at Dedesua in the Bosomtwe District of the Ashanti Region.

According to him, the initiative introduces a new financing model aimed at reducing barriers to home ownership, including high housing costs and dollar-indexed pricing.

The programme will be implemented through a partnership involving government, organised labour, the Social Security and National Insurance Trust (SSNIT), and Republic Bank Ghana.

Under the arrangement, the fund will provide low-interest financing to state housing developers such as the State Housing Company and the Tema Development Corporation to accelerate housing construction.

Financial institutions are expected to use the fund to offer mortgage packages to workers, with repayment periods ranging from 15 to 20 years.

President Mahama stated that, unlike previous housing arrangements, the homes under the initiative will be priced in Ghana cedis instead of dollars to protect homeowners from exchange rate fluctuations and ensure more predictable repayment terms.

He described the policy as a practical solution designed around Ghana’s economic realities.

The President also highlighted the growing pressure on urban centres, noting that more than half of Ghana’s population currently lives in urban areas, with projections indicating the figure could rise to 70 percent by 2050.

According to him, the Green City project is intended to promote housing development beyond Accra by expanding opportunities in regional and district capitals to accommodate increasing urban migration.

President Mahama further reaffirmed government’s commitment to completing the Saglemi Affordable Housing Project, describing affordable housing as essential to improving social welfare and living standards.

He said the broader goal is to ensure that teachers, nurses, doctors and other public sector workers can access decent and affordable homes that match their income levels.

At the ceremony, Osei Bonsu II, who represented Otumfuo Osei Tutu II, commended the government for initiating the Green City project.

He also cautioned against encroachment on the more than 200 acres of land allocated for the development.

Managing Director of the State Housing Company, John S. Bawah, said the project will deliver more than 1,000 housing units over a five-year period.

He explained that phase one will include 214 housing units, comprising 158 two-bedroom and 56 three-bedroom houses.