President John Dramani Mahama has encouraged Ghanaians living in the Caribbean to use a $1 billion mortgage initiative intended to help citizens at home and abroad buy their own homes.
He made the appeal during a meeting with members of the Ghanaian diaspora in the Caribbean, held on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) in St. John’s, Antigua and Barbuda.
President Mahama said housing was a key priority for his administration and that the new mortgage scheme would allow successful applicants to repay the cost of a property over 15 to 20 years.
“Housing is one of the main areas we are beginning to look at. We are doing a mortgage of $1 billion. I announced one billion Ghana Cedis so that people who want to own houses can get a mortgage for 15 or 20 years. You pay it little by little until you own it,” he said.
The President said the scheme would also be available to Ghanaians living overseas, giving them a formal way to invest in property in Ghana.
He urged members of the diaspora to use the official process rather than relying on informal arrangements to send money for house construction or purchases.
“When we do this, we will involve the diaspora and everybody, so that you do not have to send money to ‘Wofa.’ You send money through a more legal route that will enable you to own a house and become a homeowner,” President Mahama said.
The initiative is aimed at making long-term home ownership more accessible by allowing beneficiaries to spread their repayments over an extended period.
During the engagement, President Mahama also sought to reassure Ghanaians abroad about conditions in the country.
“Everything is fine back at home. I am sure you know more about what is happening at home than we do because we have been away,” he said.
He acknowledged that members of the diaspora could sometimes have a clearer sense of developments in Ghana than officials who were travelling outside the country.
The meeting was part of President Mahama’s wider engagement with the Ghanaian diaspora during CHOGM in Antigua and Barbuda.
While attending the summit, he also held bilateral discussions with other world leaders on trade, investment and cooperation.
About the Author
