The Kpone Affordable Housing Project has been formally commissioned by Vice President Dr. Mahamudu Bawumia on Monday, November 25, 2024, completing Phases 1-3. During this relatively short ceremony, 1,072 dwelling units were completed. Phase 4 of the project, which is expected to add 800 more housing units and bring the total number of dwellings in the Kpone enclave to 1,872, also had its groundbreaking ceremony conducted by Dr. Bawumia.
Due to a shortage of government funding, the Kpone Affordable Housing Project, which was started in 2006 under President John Agyekum Kufuor, saw a considerable period of dormancy throughout the succeeding Mills and Mahama governments. The occasion focused on the project’s resuscitation and completion under the current Akufo-Addo-Bawumia administration.
In his address, the Vice President empahsized the government’s dedication to tackling Ghana’s substantial housing deficit through a multifaceted and innovative approach. Dr. Bawumia emphasized the challenges faced by prospective homeowners in accessing affordable financing due to the absence of a robust, long-term mortgage system. The vice president drew a parallel between the health of the housing market and the overall economy, stating that a decline in one invariably impacts the other, particularly given the significant financial scale of the mortgage market in developed economies.
Also, he strongly advocated for Public-Private Partnerships (PPPs) as the primary model for delivering affordable housing solutions in Ghana. He proposed a comprehensive “Decade of Housing” program to address the country’s estimated 1.8 million housing deficit. He cited the successful financing model employed in the Kpone project as a blueprint for future initiatives, emphasizing its private-public partnership structure and its similarity to the National Home Ownership Fund.
The Minister of Works and Housing, Kojo Oppong Nkrumah, praised the Kpone project as a considerable accomplishment in the government’s efforts to alleviate the housing shortage. He described the completion of Phases 1-3, delivering 1,072 units, as a testament to the government’s commitment and the collaborative efforts of government agencies, the Tema Development Corporation (TDC), and the contractors involved.
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Mr. Oppong Nkrumah further highlighted the government’s broader achievements in housing since 2017, noting the delivery of over 10,000 homes through various initiatives, in addition to over 1,000 units specifically for security services. He also reassured the public of the government’s commitment to finalizing stalled housing projects, mentioning the ongoing efforts to complete the Adenta SHC flats and the transfer of the Saglemi housing project to a private partner for completion.
Following the Kpone commissioning, Vice President Bawumia inspected the ongoing construction of Phases 2 and 3 of the National Housing Fund (NHF) estates in the vicinity. These phases are expected to contribute an additional 534 homes to Ghana’s housing stock. Dr. Bawumia concluded by reiterating the government’s commitment to fostering a dynamic and inclusive housing sector, promising that a future NPP government would build upon these achievements, creating substantial job opportunities and stimulating economic growth.
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Big family