The agreement aims to improve access to affordable home financing and ease long-standing affordability challenges within the housing sector.

Ghana’s housing deficit is estimated at nearly two million units and would require massive investment and construction of thousands of houses every year to address the gap.

A Memorandum of Understanding (MoU) to that effect was signed in Accra on Tuesday, designed to expand mortgage availability to Ghanaians across various income levels, targeting one of the most significant constraints in the country’s real estate market.

Under the partnership, SHC will develop and supply housing units, while Republic Bank will provide tailored mortgage products aimed at increasing the number of Ghanaians who qualify for home financing.

The initiative is expected to enhance mortgage uptake and encourage greater investment in affordable housing.

Despite strong demand for housing, mortgage financing remains inaccessible to many, preventing a large section of the population from entering the formal housing market.

According to the World Bank, Ghana requires between 70,000 and 133,000 new housing units annually. However, current housing supply meets only about a third of this demand, with most developments concentrated in the high-end segment, far beyond the reach of middle- and lower-income households where the shortage is most acute.

The Managing Director of State Housing Company Limited, John Bawah, who signed for his company, described the collaboration as a significant step towards expanding homeownership.

Mr Bawa (3rd right) and Dr Dzoboku (right) with officials of the two instituions after the signing

He noted that the partnership was focused on enabling working Ghanaians who meet credit requirements to access mortgages when purchasing SHC properties, with customers of the company set to receive preferential consideration.

On his part, Republic Bank’s Managing Director, Dr Benjamin Dzoboku, said the agreement reinforces the bank’s commitment to deepening Ghana’s mortgage market.

He described the collaboration as a strategic alignment, with SHC driving housing supply and the bank supporting demand through accessible financing.

The partnership, he emphasised, was expected to support government efforts to reduce the housing deficit, strengthen urban development, and improve social welfare by making homeownership more attainable for a wider segment of the population.