President Akufo-Addo has cut the sod for the commencement of the first phase of the joint affordable housing project of Appolonia City and Ghana Housing Loans (GHL).
The first phase of the project, which would take place at Appolonia in the Greater Accra Region, will see the construction of 100 housing units on six acres of land over a period of 18 months.
BUSINESS GUIDE gathered that the multi-million dollar project would address the housing deficit in Ghana, which currently stands at 1.7 million and is projected to rise to 2.4 million by 2026.
The second phase of the project, which is expected to come on stream in 2019, is to add an additional 2,500 units.
Under the joint venture agreement, which was signed on August 2, this year, GHL is to provide the financing for the project while Appolonia City is to undertake the construction of the housing units.
Speaking at the ground-breaking ceremony yesterday at Appolonia, President Akufo-Addo, expressed his delight at the companies’ commitment to employing indigenes of Appolonia to undertake the project and work in tandem with traditional rulers of the area to ensure the success of the project.
According to him, the project is in line with government’s vision of providing affordable homes for the mass of Ghanaians.
He pledged his administration’s support for players in the housing industry, saying that under his watch, Ghana will be the best destination for real estate business.
The president urged stakeholders in the sector to comply with laws regulating the housing sector.
Chief Executive Officer (CEO) of Appolonia, Bright Owusu-Amofah, in a statement, indicated that “the partnership between Appolonia City and Ghana Home Loans will contribute to improving the housing sector in Ghana.”
“We believe that all income-earning Ghanaians deserve to live and work in a community designed for the needs of 21st century Ghana,” he said.
According to him, “The project will benefit from Appolonia City’s high-quality infrastructure, including tarred roads, ICT network and integrated safety and security systems, as well as social infrastructure, such as schools, clinics, open green space and shops.
By Melvin Tarlue