The President Akufo-Addo Government has established the National Housing and Mortgage Finance (NHMF) Scheme to address both the housing supply and demand-side financing challenges and is in operation. In this regard, the NHMF has successfully piloted two projects in partnership with private sector banks and Tema Development Company (TDC):
1. In partnership with GCB and GCB Securities, 250 housing units have been completed under Phase I at Tema Community 22. Under Phase II, 200 additional homes will be delivered
2. A Pilot Phase to develop affordable housing Real Estate Investment Trusts (REITs) ecosystem commenced in partnership with GCB Securities, NHMF, and TDC. This initiative has resulted in the purchase of 80 completed flats for rentals at the Kpone Affordable Housing Project at Tema Community 26.
The Nana Addo Dankwa Akufo-Addo led Government has Offered tax incentives to local real estate developers and suppliers of building materials.
Under this, Developers constructing low cost affordable residential premises approved by the Minister for Works and Housing have a chargeable income tax rate of 1% for the first five (5) years
Also, the VAT on Real Estate sales has been removed.