Vice President Dr. Mahamudu Bawumia has officially commissioned the 1,072-unit Kpone Affordable Housing Project, marking the completion of Phases 1 through 3 of the initiative.
The event, held on Monday, November 25, 2024, also saw the Vice President break ground for Phase 4 of the project, which will add an additional 800 housing units. Once completed, the total number of homes in the area will reach 1,872.
Originally launched in 2006 under former President John Agyekum Kufuor, the project stalled during the Mills and Mahama administrations due to a lack of government funding. However, it has experienced a revival under the Akufo-Addo-Bawumia administration, which is focused on delivering affordable and decent homes for Ghanaians.
In his remarks, the Vice President emphasized the government’s dedication to tackling Ghana’s housing deficit through a comprehensive and innovative strategy.
He noted, “The lack of a robust, long-term mortgage system has made it challenging for many potential homeowners to access the affordable financing necessary to achieve their dream of homeownership. Both the housing and mortgage markets are critical to any economy, especially in advanced nations.”
He further explained, “When the housing market struggles, the economy follows suit. Similarly, when the economy falters, it is reflected in the housing market, as the mortgage market is valued in the trillions of dollars and pounds across various developed economies.”
The Vice President stressed the importance of utilizing Public-Private Partnerships (PPP) as the key model for providing affordable housing in Ghana. He proposed a “Decade of Housing Programme” aimed at addressing the country’s 1.8 million housing deficit.
“We have seen the impact of the Year of Roads and the progress it has made in Ghana. What I am introducing, God willing, is a Decade of Housing to tackle our housing needs. We have already begun, drawing from our experiences with the financing model for this project. It’s a public-private partnership approach. This is the model we will continue to apply, as we did with the National Home Ownership Fund, to effectively solve the housing problem,” he stated.
The Minister of Works and Housing, Kojo Oppong Nkrumah, praised the project as a significant milestone in the government’s efforts to provide affordable housing. He highlighted that the completion of Phases 1 to 3 of the project is a clear demonstration of the government’s unwavering commitment to closing the housing gap in Ghana.
“Phases 1, 2, and 3 of this transformative project have delivered a remarkable 1,072 housing units. This achievement is a testament to the exceptional leadership of the government and TDC, as well as the commitment, expertise, and professionalism of the contractors who brought these phases to fruition,” said Kojo Oppong Nkrumah.
He also emphasized the government’s broader housing accomplishments, noting that since 2017, over 10,000 homes have been completed through various initiatives, in addition to over 1,000 homes built for security services.
The Minister reassured Ghanaians of the government’s dedication to completing stalled housing projects. “We are in the process of finishing the Adenta SHC flats, and we have handed over the Saglemi stalled units to a selected private partner for financing and completion,” he stated.
Alongside the Kpone Affordable Housing Project, Vice President Bawumia also inspected ongoing work on Phases 2 and 3 of the National Housing Fund (NHF) estates nearby, which will add 534 new homes to Ghana’s housing stock.
Dr. Bawumia reiterated the government’s commitment to developing a vibrant and inclusive housing sector, should he be granted a mandate in the upcoming elections. He assured that the next NPP government would build upon these efforts, creating thousands of jobs and contributing significantly to the country’s economic growth.
