President John Dramani Mahama has unveiled a significant low-cost housing initiative aimed at providing affordable and dignified accommodation for public sector workers across Ghana. Announced on Saturday, May 9, during the sod-cutting ceremony for the more than 1,000-unit Green City Housing Project, this program is a collaborative effort involving the government, organised labour, and financial institutions.

The initiative targets various public servants, including teachers, nurses, doctors, and other civil servants, enabling them to acquire homes under flexible and affordable arrangements. President Mahama emphasized that access to safe and dignified homes is crucial for these essential workers.

Central to this housing scheme is an innovative financing framework built around a GH¢3 billion revolving fund. This fund is established through a partnership between the government, organised labour, private sector players, and financial institutions. Specifically, the Social Security and National Insurance Trust (SSNIT) and Republic Bank Ghana will work alongside the government and labour unions to operationalize this crucial fund.

The revolving fund is designed to provide financing support to state-owned housing developers, such as the State Housing Company (SHC) and the Tema Development Corporation (TDC), as well as other private housing firms, to construct residential units across urban areas nationwide. Once these housing units are built, commercial banks will offer mortgage packages to workers, allowing them to purchase the homes and repay the loans over an extended period of 15 to 20 years.

A distinctive feature of this policy is the decision to denominate both housing prices and mortgages exclusively in Ghana cedis, rather than foreign currencies. President Mahama highlighted that this strategic move is intended to protect citizens from the volatility of exchange rates, which had previously led to increasing mortgage costs during periods of cedi depreciation. This new system is designed to ensure greater stability and predictability for homeowners, providing a "Ghanaian solution" tailored to the nation's reality.

President Mahama articulated that this comprehensive arrangement is designed to make home ownership more attainable and sustainable for public sector employees, simultaneously strengthening the country’s housing delivery framework through structured and long-term financing mechanisms. The programme is expected to be implemented in phases, with further details on eligibility criteria, financing terms, and construction timelines to be announced by the relevant agencies.