All over the world, the housing and real estate industries have been the backbone of the economic transformation. No wonder the collapse of the housing market in the United States triggered the current world economic meltdown. Housing brings in its wake, investments in several other sectors, building materials, household gadgets, etc. Houses are typically the largest investments most individuals make in their lifetime. Good housing ensures that citizens sleep well, think better for themselves and innovate.
The 2000 Population and Housing Census Report projected the country needs more than 4 million houses to meet housing demands and replace dilapidated dwellings by 2025. This amounts to building 160,000 houses each year but currently, only 42,000 houses are built each year creating a deficit of one million houses in Ghana to date. Some of the challenges to overcome include issues of land acquisition and building material resources.
The acute housing problem in Ghana is the result of failed policies, rapid urbanization and population growth, economic growth and a function of all these factors. The situation is further aggravated by poor and conflicting planning laws.
Ghana needs to put in place a number of comprehensive measures to address its housing problems. These include establishing research institutions to advocate and provide knowledge and leadership in the housing sector, use modern computer technology to design the space and model the skyline infrastructure, train a large number of middle level personal and skilled manpower, create a competitive construction industry, establish a state credit system and develop a savings culture. The Institute will stand by Government to undertake these tasks.