By Celestine Avi and Seth Eyiah
President John Dramani Mahama has cut sod for the Green City Housing Project at Dedesua in Kumasi, marking what he described as a “new phase in Ghana’s housing journey,” while announcing a $3 billion revolving housing fund with cedi-indexed mortgages to address the country’s estimated 1.5 million housing deficit.
Speaking at the ceremony, the President said it was an honour to launch the project on land within the Ashanti Kingdom, praising Otumfuo Osei Tutu II for making 200 acres available for the development, describing it as a symbol of commitment to development and public welfare.
He noted that Ghana’s housing deficit, now estimated at over 1.5 million units, is driven by rising land costs, high construction prices and limited access to long-term financing, resulting in overcrowding, informal settlements and growing urban pressure.
President Mahama warned that without urgent and large-scale intervention, urban centres such as Accra and Kumasi risk being overwhelmed by rapid population growth, with projections indicating that up to 70% of Ghanaians will live in cities by 2050.
Reaffirming government’s “reset agenda,” he stressed that decent housing is a right, not a privilege, adding that housing plays a critical role in improving health, education and productivity.
As part of the broader policy shift, he announced that the Saglemi Affordable Housing Project will be prioritised for completion, alongside new district-level housing schemes aimed at expanding access beyond major cities.
A key highlight of the policy is a $3 billion revolving housing fund being developed in partnership with government, organised labour, SSNIT and financial institutions. The initiative will provide financing to State Housing Company, TDC and other developers, while banks offer long-term mortgages to workers over 15–20 years.
Crucially, the President announced that all housing units under the scheme will be indexed in cedis rather than foreign currency, a move he said would protect homeowners from exchange rate volatility and stabilise affordability under low inflation conditions.
On rentals, he reiterated that the law limiting rent advances to six months remains in force, but acknowledged enforcement challenges. He emphasised the need for fairness, tenant protection and dignity, while also providing alternatives through the National Home Ownership Fund, particularly for retirees.
The Green City Project itself, being developed by the State Housing Company Limited, will deliver over 1,000 housing units within an integrated, sustainable community featuring roads, drainage systems, schools, commercial spaces and green infrastructure.
President Mahama said the project would also create jobs, stimulate local enterprise and support long-term economic growth in the Bosomtwe District.
He assured that the housing units will be available to both Ghanaians at home and in the diaspora, stressing transparency, security of ownership and protection from land disputes.
He also disclosed that Otumfuo has allocated additional land for the Tema Development Corporation (TDC) to undertake a similar housing project in Kumasi, extending national housing development beyond the capital.
Commending the State Housing Company, he urged the institution to scale up delivery and maintain quality standards, while directing that roads, drains and other infrastructure under the “Big Push” programme be absorbed by government to reduce housing costs.
President Mahama expressed optimism that the Green City initiative will set a new benchmark for affordable, dignified and sustainable housing in Ghana, with phase one expected to be commissioned next year.
