Ecobank Ghana has entered into a Memorandum of Understanding (MoU) with the State Housing Company (SHC) to enhance home ownership and help address the country’s housing deficit.
Under the MoU, Ecobank Ghana will provide mortgage financing to individuals seeking to acquire homes developed by SHC, with the partnership aimed at expanding access to affordable housing for Ghanaians, particularly middle- and low-income earners.
The agreement to that effect was signed at a brief ceremony in Accra on Tuesday, bringing together officials of both institutions to formalise their commitment to tackling one of Ghana’s most pressing social challenges.
Speaking to journalists after the signing the MoU, the Executive Director and Head of Consumer Banking at Ecobank Ghana, Tara Squire, said the partnership formed part of the bank’s broader commitment to supporting national development.
“Our job as a bank is to provide financing that is affordable and within the reach of Ghanaians. We are committed to offering competitive mortgage rates, while State Housing provides quality homes priced to meet the pockets of the Ghanaian worker,” he said.
“For us at Ecobank, this is a proud moment to come together with the State Housing Company to help fix a key problem in the country, which is the housing deficit,” he stated.
Mr Squire emphasised that home ownership was a fundamental aspiration for all citizens, regardless of their stage in life, and noted that access to affordable financing remained a major barrier for many salaried workers.
Mr Squire acknowledged that the cost of housing in Ghana had become increasingly unaffordable for many workers but expressed confidence that SHC’s pricing, supported by technological innovation, would help ease the burden.
“As rates continue to decline, our commitment is to provide the best possible mortgage rates under this partnership,” he added.
On his part, the Deputy Managing Director of SHC, Mr Sam Atukwei Quaye, said the partnership aligned with the company’s mandate to help reduce Ghana’s estimated housing deficit of about two million units.
He noted that while high-income earners often had the capacity to purchase homes outright, many middle- and low-income earners struggled with financing, making mortgage support essential.
“We realised that access to mortgage financing is critical for a large segment of the population. That is why we approached Ecobank, and we found a shared understanding of our objectives,” Mr Quaye said.
He explained that SHC’s housing prices varied depending on location, land acquisition costs, and the type of housing unit, including two-bedroom, three-bedroom and larger homes.
Mr Quaye assured that the introduction of modern construction technologies had helped keep prices of SHC houses down.
“With this partnership, housing will become even more affordable. Ecobank will provide the resources, customers will pay over time, and SHC will deliver the homes,” he stated.
Mr Quaye added that the initiative was open to both public and private sector workers with sustained income and would cover housing developments in Accra and other parts of the country, including upcoming projects in the Savannah Region.
BY KINGSLEY ASARE
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