Explore immense opportunities in housing sector … Yofi Grant urges private sector

The Ghana Investment Promotion Centre (GIPC) and the United Nations Development Programme (UNDP) have urged the private sector to explore the immense opportunities in Ghana’s Housing and Infrastructure sectors, using insights from the Sustainable Development Goal (SDG) Investor Map.

The call was made during the third edition of the SDG Investor Map Breakfast Meeting, held at the Labadi Beach Hotel in Accra last Thursday.

The event rallied together relevant stakeholders to create awareness on the huge investment prospects of the housing and infrastructure sectors, as identified by the SDG Investor Map.

It also set the stage to drive local and foreign investment into the housing industry, which is a priority sector under government’s Ghana CARES Obantaapaprogramme.

Ghana’s property development market has gained momentum, in lieu of the urbanisation rate of 3.51 per cent, an increasing middle class, and the influx of non-resident Ghanaians and foreign homebuyers.

In spite of an annual supply of 40,000 housing units, the Population and Housing Census conducted in 2021, revealed that the country’s housing deficit was still in excess of 1.7 million.

Addressing investors at the meeting, the Chief Executive Officer of GIPC, Yofi Grant, stressed the urgency of promoting investments into these sectors, in order to address Ghana’s housing deficit, and bolster the country’s industrialisation drive.

According to him, the real estate industry had a potential to provide investors satisfying returns, adding that “the Ministry for Works and Housing is working to bring on board new players in the mortgage industry.”

Mr Grant also encouraged investors to utilise the SDG Investor Map, describing it as “an important source of information for investors, both local and foreign, who are seeking to explore Ghana’s Housing and Infrastructure space, aside other critical sectors”.

The Deputy Resident Representative of UNDP in Ghana, SukhrobKhoshmukhamedov,noted that the country’s housing sector was brimmed with enough space for private sector participation.

He said an effective way to remedy the country’s housing deficit was through partnership with the private sector.

“Ghana is looking for ways to close the housing gap. To achieve this, the private sector has to be roped in as a major player,” Khoshmukhamedovnoted.

He reiterated UNDP’s commitment to supporting efforts to make Ghana a preferred investment destination.

Briefing stakeholders on some opportunities in the property sector that they could leverage, an Economic Analyst at UNDP, Sylvia Senu, noted that investors can explore the areas of “affordable housing construction, as well as road construction and maintenance”.

She proceeded to describe the potential in further depth, showing investors a sample business model that encompassed development needs, expected development outcomes, funding sources, and projected returns.

The National Home Ownership Fund chief executive, P. DelaZumanu, outlined some initiatives being undertaken by his outfit to bridge the country’s housing deficit.

He said “The Government has piloted a housing project that has worked and is partnering financial institutions to deliver affordable homes to those that need it”.