Republic Bank Ghana and the State Housing Company Limited (SHC) have joined forces to address Ghana’s significant housing deficit, estimated between 1.8 and 2 million units.

The two institutions formalized their commitment with the signing of a Memorandum of Understanding (MoU) aimed at making quality and affordable homes more accessible to Ghanaians.

Dr. Benjamin Dzoboku, Managing Director of Republic Bank Ghana, highlighted the agreement as a crucial step towards improving housing accessibility and fostering long-term social stability. He emphasized the fundamental role of secure and affordable housing for families nationwide.

“This collaboration is aligned with Republic Bank’s five-year strategic plan, which prioritizes support for national development, including bridging the housing gap,” Dr. Dzoboku stated.

Under the terms of the MoU, Republic Bank will provide mortgage financing to both Ghanaians and customers of the State Housing Company, aiming to make homeownership a reality for more households.

John Bawah, Managing Director of the State Housing Company, welcomed the partnership, noting its potential to alleviate financial obstacles for prospective homeowners. He explained that individuals with proven creditworthiness will now be able to access mortgage support for building or acquiring homes.

“We realized the problem wasn’t just a lack of supply, but also affordability. Many Ghanaians desire homes but are priced out of the market,” Bawah said. “Our goal with Republic Bank Ghana is to open up access to all working Ghanaians who can demonstrate creditworthiness and apply for a mortgage.”

The collaboration is anticipated to significantly boost the housing sector, which currently faces major challenges related to affordability and financing. Both institutions hope to increase mortgage availability, stimulate construction, and ultimately deliver more affordable housing units across the country.

Image Source: MYJOYONLINE