The call was made during the third edition of the SDG Investor Map Breakfast Meeting held in Accra by Ghana Investment Promotion Centre (GIPC) and the United Nations Development Programme (UNDP).
The event brought together stakeholders to create awareness on investment prospects of the housing and infrastructure sectors as identified by the SDG Investor Map, with presentations from key players in the sector.
They included the Ministry of Finance, Ministry of Works and Housing, KPMG auditing firm and Saka Homes, a real estate development company.
It ended with a Business to Business (B2B) session to spur interactions between mapped stakeholders.
It also set the stage to drive local and foreign investment into the housing industry, a priority sector under the Government’s GH¢100 billion Ghana COVID-19 Alleviation and Revitalisation of Enterprises Support (Ghana CARES) programme.
This comes as Ghana’s property development market has gained momentum in recent times due to the growing urbanisation rate of 3.51 percent, an increasing middle class, and the influx of non-resident Ghanaians and foreign homebuyers.
In spite of an annual supply of 40,000 housing units, the Population and Housing Census conducted in 2021 revealed that the country’s housing deficit was still in excess of 1.7 million.
Addressing investors at the meeting, Mr Yofi Grant, Chief Executive Officer (CEO), GIPC, reiterated the urgency of promoting investments into the sectors to address Ghana’s housing deficit, and bolster the country’s industrialisation drive.
He said the real estate industry had the potential to provide investors satisfying returns, adding that “the Ministry for Works and Housing is working to bring on board new players in the mortgage industry.”
He encouraged investors to utilise the SDG Investor Map, describing it as “an important source of information for investors, both local and foreign, who are seeking to explore Ghana’s housing and infrastructure space, aside other critical sectors.”
The Deputy Resident Representative of UNDP in Ghana, Sukhrob Khoshmukhamedov, noted that the country’s housing sector had enough space for private sector participation.
In his view, an effective way to remedy the country’s housing deficit was through partnership with the private sector.
He said: “Ghana is looking for ways to close the housing gap. To achieve this, the private sector has to be roped in as a major player,” and reiterated UNDP’s commitment to supporting efforts to make Ghana a preferred investment destination.
Mrs Sylvia Sefakor Senu, an Economic Analyst at UNDP, noted that investors could explore the areas of affordable housing construction, as well as road construction and maintenance through the SDG investor map.
She showed investors a sample business model that encompassed development needs, expected development outcomes, funding sources, and projected returns.
Mr Dela Zumanu, CEO of the National Home Ownership Fund, outlined some initiatives being taken by his outfit to bridge the country’s housing deficit.
He said: “Government has piloted a housing project that has worked, and is partnering financial institutions to deliver affordable homes to those that need it.”
Meanwhile, the SDG Investor Map is currently identifying specific investment opportunities at the local levels, starting with six Metropolitan, Municipal, and District Assemblies (MMDAs).
The pilot MMDAs are Kumasi Metropolitan Assembly, Ketu South Municipal Assembly, Sefwi Wiawso Municipal Assembly, Jomoro Municipal Assembly, Sagnarigu District Assembly and Kassena–Nankana West District Assembly.