EcoBank partners State Housing Company to make homeownership affordable for Ghanaians

Ecobank Ghana and the State Housing Company have signed a partnership to provide affordable housing and mortgage financing to help reduce Ghana’s housing deficit.

The agreement aims to make homeownership more accessible, especially for middle- and low-income earners.

The Memorandum of Understanding (MoU) was signed at Ecobank’s head office in Accra on Tuesday, February 3.

Ghana faces a housing deficit estimated at about two million units, with the World Bank projecting that the country requires between 70,000 and 133,000 housing units annually to meet demand.

The partnership seeks to bridge the gap by combining affordable housing delivery with flexible mortgage financing.

Under the arrangement, Ecobank will provide competitive mortgage financing, while the State Housing Company will deliver quality homes at relatively affordable prices.

The collaboration is also expected to leverage technology to reduce construction costs and improve access to housing across the country.

Head of Consumer Banking at Ecobank Ghana, Tara Squire, said the partnership reflects the bank’s commitment to helping Ghanaians own homes.

“Our job as a bank is to provide financing that’s affordable within the reach of Ghanaians, while State Housing provides quality homes at prices that will meet the pockets of the Ghanaian worker,” he stated.

Mr. Squire noted that the rising cost of housing has made it difficult for many salaried workers to acquire homes, stressing that the initiative would help ease that burden.

He added that the bank is committed to maintaining competitive mortgage rates as housing prices reduce through technological innovations.

On his part, Deputy Managing Director of the State Housing Company, Samuel Atukwei Quaye, said the partnership would create opportunities for many Ghanaians who struggle to finance housing projects.

“This mortgage financing will allow Ecobank to provide resources for customers to acquire houses and repay over a period of time, especially supporting middle- and low-income earners,” he said.

Mr Quaye explained that housing prices would vary depending on location and house type but assured that the company is adopting technology to make homes more affordable.

He added that the partnership would also support individuals who have started building projects but lack funds to complete them.

The State Housing Company further disclosed plans to expand housing projects across the country, including new developments expected in the Savannah Region, as part of efforts to increase access to decent accommodation for Ghanaians.