Mr Enoch Teye Mensah, Minister for Water Resources, Work and Housing on Friday cut the sod for the construction 5,000 housing units christened Nyame Dua Estates at Kpone near Tema under the Mass Housing Project.
Mr Mensah said Sethi Realty of India is executing the project in a private-public partnership agreement in which the government of Ghana is providing the land and the costs for the project is being borne by the real estate company.
He said there would be tax exemption for building materials imported purposely for the project.
"It gives me great joy to be part of this ceremony to commence a project, which will deliver 5,000 housing units to persons in the low and middle income brackets," he said, adding that "my joy comes firstly, from the fact that, the project is going to supply urgently needed housing and the fact that apart providing jobs and incomes it will further stimulate the general economy of Kpone and its surrounding areas."
The Minister said the housing sector employs literally thousands of people directly and indirectly and acts as boost for other industries and sectors, from primary to tertiary.
He said the importance of housing in national development is not in doubt as it provides the basic need of shelter.
Mr Mensah said that Ghana faces a huge housing shortfall estimated to be 1.7 million housing units and explained that to be able to clear this deficit alone the nation would require an annual delivery rate of about 170,000 units for the next 20 years.
He said regrettably, current annual supply ranges between 40,000 and 50,000 units.
He commended Sethi Realty for their intervention and for choosing to invest in the area and thereby bring the needed stimulation to the local economy.
Mr Manab Pattnaik, Chief Executive Officer of Sethi Realty, gave the assurance that his company would deliver the project at an affordable cost to the low and middle-income people.
He said housing was very important to every society and was full of praise for the Mr Alban Bagbin, the former Minister of Water Resources, Work and Housing for initiating the project whiles in office.
Mr Parag Date, Architect and Town Planner of the company, said they were into the construction of smart cities, which aside the residential facilities would have a school, hospital, church, market, open parks, packing lots, among others.
He explained that the project, located on a 90-acre piece of land, would include the construction of two to three bedrooms apartments at affordable costs.
The sod cutting ceremony was witnessed by Ajaneesh Kumar, Deputy Indian High Commissioner to Ghana, Mr C. S. Sethi, Chairman Sethi Realty Group Ltd, Alhaji Yahaya H. Yakubu, Director Housing of the Ministry and Mr Joe Abbey, Managing Director of Tema Development Corporation.