Housing Loans and Finance

The Government’s Affordable Housing and National Mortgage Scheme: A Good Example of Public-Private Partnership and Matters Arising.

The Government of Ghana announced plans to implement some interventions in the housing and housing finance markets in its 2019 budget last year. A GH¢1 billion mortgage fund was to be established to leverage private capital to provide affordable houses for the populace. The fund aims to expand access to housing and deepen the local …

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Is there a Role for REITs in Developing a Real Estate Investment Market in Ghana?

The real estate investment and finance markets in most developing countries are generally undeveloped, and Ghana is no exception. Housing for instance is usually financed by individuals and households using “sweat equity” over a period of time, often between 5 to 15 years for the average Ghanaian. In contrast, mortgage finance is available and relatively …

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Why Housing Minister Atta Akyea must hasten slowly in touching SSNIT Pension funds for ‘housing’

Housing deficit in Ghana is estimated as about 1.7 million affordable housing units. A lack of development finance has been identified as one of the limitations to affordable housing delivery. In an attempt to reduce the deficit, the Minister for Works and Housing, Lawyer Atta Akyea has proposed the channelling of a portion of the …

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Why do Landlords in Ghana charge Two-Years’ Rent in Advance? Neoclassical and Institutional Perspectives (Part II)

Introduction In part one of this article, we explored a neoclassical analysis of the rent in advance phenomenon in Ghana. While that analysis is valid, it assumes perfect information between landlord and tenants. In the real work, there is unequal information between landlords and tenants. This leads to a confounding result, stemming from the difficulty …

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Why do Landlords in Ghana charge Two-Years’ Rent in Advance? Neoclassical and Institutional Perspectives (Part I)

In Ghana, landlords often require two or more years’ rent payment in advance from prospective tenants. In other words, current tenants are likely to have paid a two-years rent in advance to landlords. The difficulty in raising the capital (lump) sum to pay rent in advance and the poor conditions of tenancies subsequently has received …

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Scrap the Rent Tax and Maintain the Real Estate Sales Tax in Ghana

After over 3 decades of policy vacuum, characterized by piece-meal attempts to recognize housing in some policy documents by succeeding Governments, a new National Housing Policy was promulgated in 2015. This article argues that the 8% existing Rent Tax should be scrapped while the VAT on real estate sales maintained for reasons discussed below. The …

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Path Dependence on Colonial Extractions: A Perspective on the High Cost of Housing in Ghana (Part I)

Housing is undoubted more than one third of global wealth. All over the world, meeting the need for housing in adequate terms especially for low and middle-income households have been difficult due to the high cost of housing. In essence, the prices of the houses in the market are beyond the affordability levels of about …

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Ghana Home Loans to Pioneer Mortgage Securitization: A Step in the Right Direction

The mortgage market in Ghana like many developing economies is a form of Fernand Braudel’s Bell Jar alluded to by De Soto (2000); which makes the market “… a private club, opened only to a privileged few”, referring to the rich in society. Research has shown that about 90% of Ghanaians cannot afford a mortgage to …

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Why Pension Loans and Pension-Secured Loans are Feasible: Propositions

Pension funds having long-term liabilities have long-term investment horizons. It is therefore a prerequisite in eliminating liquidity risk premium and the potential maturity gap created by the use of short-term assets in financing long-term liabilities. This inures pricing benefits to the borrower; for instance, loans are priced at the prime rate in South Africa (which …

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The Search for a Competitively Priced Long-Term Sustainable Housing Finance: The New Pension Law (Act 766) in Perspective

The history of Ghana’s housing finance system has been chequered with failed attempts to establish an efficient mortgage finance system; which is touted as the most capable and superior financier of housing. The mortgage market in Ghana like many developing economies is a form of Braudel’s Bell Jar; which according to Hernando De Soto skews …

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