State Housing and Republic Bank Join Forces to Address Ghana’s 2 Million Housing Deficit

Ghana’s housing sector, grappling with an estimated two million-unit deficit, is poised for a significant boost as the State Housing Company Limited (SHC) and Republic Bank have signed a new mortgage partnership. This initiative aims to alleviate long-standing affordability challenges and enhance access to home financing for Ghanaians.

The memorandum of understanding (MoU), signed in Accra, is expected to broaden mortgage accessibility across various income brackets, tackling one of the most persistent bottlenecks in the country’s real estate market. Despite a strong demand for housing, many potential homeowners find themselves locked out of the formal housing system due to limited access to mortgage financing.

According to the World Bank, Ghana requires between 70,000 and 133,000 new housing units each year. However, only about a third of this demand is currently met, with much of the available supply skewed towards high-end properties that are often unaffordable for middle- and lower-income households, where the deficit is most acute.

Under the new MoU, SHC will be responsible for supplying and developing housing units, while Republic Bank will offer tailored mortgage products designed to increase the number of creditworthy Ghanaians who can purchase homes.

John Bawah, Managing Director of SHC, described the collaboration as a pivotal moment for expanding homeownership in Ghana. He stated, “Our aim with Republic Bank is to open up accessibility to all working Ghanaians who can demonstrate creditworthiness to apply for mortgages when buying from us. Customers of State Housing Company will receive preferential treatment, and the bank is partnering with a developer with almost seventy years of experience in housing delivery.”

Dr. Benjamin Dzoboku, Managing Director of Republic Bank, emphasized that this partnership reinforces the bank’s long-standing commitment to developing the mortgage market. “This is a partnership we have long looked forward to. SHC will serve as the supplier and developer, while the bank supports the demand side. This collaboration is therefore significant,” he noted.

This initiative has the potential to stimulate mortgage uptake, enhance the flow of capital into affordable housing, and support government efforts to address the widening housing deficit—an issue that continues to impact urban development and social welfare in Ghana.

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