The government of Ghana has signed an agreement with Solin, a Hungarian private company to construct 10,000 affordable housing units across the country.
According to the Minister for Works and Housing, Samuel Atta Akyea who confirmed the reports, the project came at the right time when the country was facing a 1.7 million housing deficit.
Rapid Housing Technology
The project dubbed Rapid Housing Technology will use polystyrene concrete technology to provide fast and cost effective housing units for Ghanaians. Signing of the agreement between the public and private companies commences construction of the housing units.
Solin will finance and build the affordable housing under the Public-Private Partnership (PPP). Part of the project is establishment of a Solin factory. András Szabó, Ambassador of Hungary to Ghana said that once the company is established and the materials to construct the rapid housing technology us produced locally, Solin will be able to construct 2000 housing units annually.
“Establishment of the Solin factory in Ghana will help the government’s One District One Factory initiative that is aimed at providing employment for Ghanaians,” said Atta Akyea.
Solin is partnering with Sino Africa Development Company Limited who will execute the civil works so as to meet the local construction standards and to transfer the technology to the local partners.
Once Solin completes the construction, the government will absorb the housing units which will then be presented to the citizens at flexible and affordable terms. Ghanaians will be able to own the houses at an affordable price through the mortgages that will be created by the government
Moreover, Ghana has established a US $190m mortgage and housing finance with a seed of US $19m every fiscal year for the next 5 years in order to address the country’s housing deficit.