HOUSING

Overview
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.

Key Challenges
According to the 2021 Population and Housing Census, the number of residential structures in the country increased from 3.39 million in 2010 to 5.86 million in 2021. That notwithstanding, there still exist a huge housing deficit. Rigorous projections in the Ghana Infrastructure Plan (GIP) indicate that given average population growth, Ghana needs to add an extra 8.84 million (backlog inclusive) houses to the existing housing stock of the country in order to accommodate the additional/anticipated households by the year 2047. 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.

Looking Ahead
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 personnel 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.