In a bid to help reduce Ghana’s housing deficit which currently stands at about 1.5 million units, Investigroup LLC is set to begin its affordable housing project in 2023.
The 2-year project will churn out about 156 housing units on a 5-acre land at Maame Dede in the Upper West Akim district near Nsawam in the Eastern region.
Speaking to Joy Business at the ribbon-cutting ceremony of a model house, Chief Executive Officer of Investigroup LLC, Dr. Owusu Kizito said there is a mortgage in place to help prospective buyers.
“This project is for those who can afford right from the middle class up. We get mortgages from the banks. We have arranged with CalBnk to do just that for us, so that anybody that is able to prove something, they can get mortgages to own a unit,” he said.
Typically, a 2-bedroom unit will be priced between $38,000 and $48,000 and $52,000 and $62,000 for the 3-bedroom unit for foreign investors, while local owners pay in cedis.
“We intend to put up 11 blocks of 3-bedroom. The 11 blocks will be four storey and the two-bedroom will be nine blocks. We will have 156 units by upon completion,” he said.
For Dr. Owusu Kizito, commencement of this project remains part of a bigger dream of contributing his quota to Ghana’s development.
This project at Maame Dede is expected to be the launch pad for the company to expand into other parts of the country.
“We have been mandated to build across the country by the Ministry of Works and Housing. Starting off with this one, we can build about 1000 to be modest and scale up to 10,000 from there”
“You look at the deficit numbers, 1.4 million is quite a bit. So across the country, we can do that over time. Think of 10 years down the line to be able to build a million homes,” he continued.
Investment partner, Louvina Robinson Ford was happy about the price of the units and will market the project in the US.
“We know how important it is to make sure that people have affordable housing and in the US, a lot of us want to invest in other things and other opportunities, and this project is one of those opportunities that we are all interested and excited about investing in,”
“In the US, property is a lot more expensive than it is here. With property as low as $50,000 is a phenomenal price point for us in the States to invest here,” excited Louvina added.
She hinted of people in the US being able to purchase the property through GOPX token.
“So anytime an investor in the US purchases a property here with a GOPX token, part of that funding will go back into our liquidity pool to help build our ecosystem”,,
“Through GOPX as well, in addition to people that purchase the GOPX token at $1 and projected to be at $500 they’re typically getting these properties for a lot less”, she added.
Representing Works and Housing minister, Francis Asenso-Boakye as the guest of honour, Director for Policy Planning, Budget Monitoring and Evaluation, Rev. Stephen Yaw Osei shared government’s revised approach to affordable housing to attract investors.
“And this revised strategy, government will subsidize the provision of affordable housing by providing unincumbent land, infrastructure, social services, commercial, support services and mortgage schemes. The private sector will complement this effort by raising funds to build apartments on cost recovery basis.
“It is worth emphasising that the business climate in Ghana has remained conducive over the years despite the global shocks. We are particularly committed to exploring partnerships and opportunities that exist for the growth for the housing and construction sub-sectors towards ensuring sustainable development of the country,” he read.
Meanwhile, District Chief Executive of Upper West Akim, Eugene Sackey and Member of Parliament for the area, Frederick Adom-Obeng were happy for such a project in the area due to its immense benefits.