Mahama briefs diaspora Ghanaians on $1 billion housing mortgage scheme

President John Dramani Mahama has urged the Ghanaians in the Caribbean to take advantage of a $1 billion mortgage initiative designed to help citizens at home and abroad to become homeowners.

He appealed for an engagement with diaspora Ghanaians in the Caribbean on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) in St. John’s, Antigua and Barbuda.

Addressing the Ghanaian community, the President said housing had become a priority for his administration, with the rollout of a mortgage scheme that would allow beneficiaries to spread the payment over a period of 15 to 20 years.

“Housing is one of the main areas we are beginning to look at. We are doing a mortgage of $1 billion. I announced one billion Ghana Cedis so that people who want to own houses can get a mortgage for 15 or 20 years. You pay it little by little until you own it,” President Mahama said.

He explained that the scheme was opened to the diaspora, noting that it will provide a formal route for Ghanaians abroad to invest in property back home and avoid the risks associated with informal arrangements.

“When we do this, we will involve the diaspora and everybody, so that you do not have to send money to ‘Wofa.’ You send money through a more legal route that will enable you to own a house and become a homeowner,” he said.

President Mahama assured the diaspora that the situation at home remained stable, adding that Ghanaians abroad often had a better pulse on developments at home than officials travelling abroad.

“Everything is fine back at home. I am sure you know more about what is happening at home than we do because we have been away,” he said.

The engagement forms part of the President’s broader diaspora outreach during the CHOGM Summit, where he held bilateral discussions with other world leaders on trade, investment, and cooperation.