State Housing, Ecobank Partner to Tackle Ghana’s 2-Million Home Deficit

The Deputy Managing Director of the State Housing Company Limited (SHCL), Samuel Atukwei Quaye has reiterated the company’s commitment to helping address Ghana’s estimated two million housing deficit, announcing a strategic partnership with Ecobank Ghana to provide affordable mortgage financing for Ghanaians, particularly middle- and low-income earners.

According to the Deputy Managing Director, while high-income earners are often able to purchase homes outright or through short-term instalment payments, the majority of middle- and low-income earners struggle to access financing to own decent homes.

“We are told, and we know, that the housing deficit in Ghana is about two million. One of our key responsibilities is to find solutions to this challenge,” he stated.

He explained that State Housing identified financing as one of the biggest barriers preventing many Ghanaians from owning homes, prompting the company to seek a reliable mortgage partner. This led to discussions with Ecobank, which culminated in the signing of a Memorandum of Understanding (MoU) to formally commence the partnership.

“Today marks the climax of our engagement with Ecobank. We have signed an MoU to kickstart a relationship that will help us meet our shared objective of reducing the housing deficit in the country,” he said.

The Deputy Managing Director noted that the cost of State Housing homes varies depending on location, land acquisition costs, and house type, adding that prices differ for two-bedroom, three-bedroom, and larger housing units.

However, he emphasised that SHCL is leveraging modern construction technology to reduce costs and make homes more affordable.

“As much as possible, we are introducing technology into our development agenda so that pricing can be very reasonable. With this partnership, prices will be even cheaper,” he assured.

He clarified that while it would be premature to quote fixed prices, the partnership with Ecobank would enable customers to better understand housing options, costs, and repayment plans, thereby attracting more buyers.

Under the arrangement, Ecobank will provide mortgage financing, allowing customers to take possession of homes and repay loans over an agreed period, provided they have a sustained and reliable source of income.

“This is mortgage financing. Ecobank will come on board with resources, and customers can pay over time. State Housing will also assist to help customers meet the bank’s requirements,” he explained.

The initiative targets both public and private sector workers, with housing projects located within Accra and across the country. The Deputy Managing Director revealed that new housing projects would soon be launched in the Savannah Region, underscoring the nationwide scope of the programme.

Acknowledging the Ghanaian preference for self-building, the Deputy Managing Director disclosed that State Housing can also support individuals who have already started building projects.

“If you already have a plan and your funds are not enough to complete your building, State Housing can step in. Through this same product, Ecobank will also support you to complete the house so you can own your home,” he said.

Speaking on behalf of Ecobank, the Executive Director and Regional Head of Consumer Banking for Ghana and Anglophone West Africa, Tara Squire, said the partnership aligns with the bank’s mission to provide affordable and competitive financing to Ghanaians.

“Our job as a bank is to provide financing that is within reach of Ghanaians. The job of State Housing is to provide quality homes at prices that meet the pockets of the Ghanaian worker,” he noted.

Mr Squire acknowledged that the cost of housing in Ghana remains beyond the reach of many salaried workers but expressed confidence that State Housing’s pricing and the mortgage packages being developed would bring relief.

“I’ve seen some of the prices of State Housing homes, and I believe they will make Ghanaians happy. When we finally outdo the mortgage packages and rates, Ghanaians will be happy with us as a bank,” he added.

He further assured that as interest rates decline, Ecobank remains committed to offering the best possible mortgage rates under the partnership.

“As a responsible institution, our commitment to Ghana and to State Housing is to continue providing the best rates possible as conditions improve,” he said.

Both institutions expressed optimism that the collaboration would significantly improve access to home ownership, ease the housing deficit, and enhance the living conditions of Ghanaians nationwide.

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