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Government
adopts new Public Sector Home Ownership Scheme
Accra, Oct. 25, Ghanadot/GNA - Government has sourced
692,000 Ghana Cedis (69.2 billion cedis) from the HFC
inflation index linked bonds to begin a Public Sector Home
Ownership Scheme aimed at addressing housing needs of public
sector employees.
In the scheme, Government has also set aside 300,000 Ghana
cedis (30 billion cedis) of the income accrued from the
bonds as seed money to HFC Bank to disburse as mortgages to
public servants.
Dr Anthony Akoto Osei, Deputy Minister of Finance and
Economic Planning, made this known in Accra on Thursday when
the Ministry inaugurated Management Trustees to manage the
Scheme.
He said the Scheme would offer a "Home Purchase Mortgage"
product that would provide a maximum loan of 25,000 Ghana
cedis (250 million cedis) with a maximum repayment period of
20 years.
He stated that there would be another product "Buy Build and
Own a Home" that would provide a maximum loan of 5,000 Ghana
cedis (50 million) for the purchase of land with a maximum
time of repayment of five years as well as a maximum loan of
20,000 Ghana cedis (200 million) within a maximum repayment
time of 10 years for building.
Dr Akoto-Osei said public servants with a monthly income of
200 Ghana cedis (two million cedis) could assess the loan
through a minimum contribution of 25 per cent of their
income with mortgage financing at a maximum interest rate of
15 per cent as against the HFC normal interest rate of 22
per cent.
According to the Deputy Finance Minister, the HFC Bank would
engage the services of estate developers to deliver proposed
mortgage housing products.
Dr Akoto-Osei charged the Management Trustees and the HFC
Bank to begin work immediately to meet the accommodation
needs of government employees, which was essential to
poverty reduction.
Ms. Cecilia Abena Dapaah, Minister of State at the ministry
of Water Resources, Works and Housing said the Scheme was
commendable to complement government's Affordable Housing
Project being undertaking by her sector to address
accommodation problems.
She also urged the Scheme Mangers to consider moving to the
informal sector.
Mr. Asare Akuffo, Managing Director, HFC Bank, also lauded
the initiative and expressed his Bank's commitment to make
the scheme successful.
The Management Trustees has Mr. Charles Bonsu, HFC Bank, the
Reverend Father Samuel Victor Dodoo, Ministry of Local
Government, Rural Development and Environment, Nana Siriboe
and Safo Kwakye, both at the Ministry of Finance, as
members.
GNA
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