Ghana’s premiere investment banking outfit, Databank Group has explained that access to decent housing is a basic human right, and shelter a basic need.
The banking outfit believes every Ghanaian should be able to afford decent accommodation.
However, Ghana’s housing deficit has increased from some 1.7 million to 2 million and is believed to rise further if drastic measures are not taken.
Emmanuel Akakpo-Aba, Sales Manager for the Databank Group explained that lack of proper planning is a major reason preventing people from owning affordable homes.
Sharing insights into the country’s housing deficit with Y107.9FM’s Rev Erskine in an interview on the Myd Morning Radio show, he detailed, “People simply forget to plan. People lack financial preparation and make no plans to owning a house someday. They will put it off later and that might be late.”
Emmanuel Akakpo-Aba added that there is also the story of people having the plan alright but “setting unrealistic goals for themselves. They are looking at having a 5-bedroom house when the family size is just 3 or 4. At the end of the day you retire and the kids don’t live in the house with you, and you end up not finishing your building.”
On his accord, most civil servants become comfortable staying in government provided bungalows and do not consider building their own homes until it is late. “They only remember when they are nearing retirement of getting homes for themselves and that might be too late for them so we all need to start planning now.”
The investment sales person championing the importance of home ownership described it as a great investment. “I think owning a home is a great investment. With rent increasing every year, you may want to rethink owning a property for yourself someday.”
He shared that owning a home affords you peace of mind. “You don’t need to worry about crazy landlords and rent increment all the time. You’re able to live in your own home as long as you want. Secondly it offers you investment opportunities. You can as well transfer these properties to future generations and it also helps you control cost. This in the sense that when you’re renting the landlord can decide to increase rent at any point in time and in such situations you have no choice but to go with the increase.”
Preliminary report from the Ghana Statistical Service on the 2021 Population and Housing Census (PHC) has revealed that about 2.1 million structures are metal containers, kiosks and structures.
This number represents twenty percent of the 10.7 million structures listed in the Population and Housing Census.
According to the report, “The 2021 PHC is the first time that data was collected on all structures regardless of use. Previous censuses only collected information on structures used for residential purposes. The 2010 PHC recorded 3.4 structures for residential use, which is 2.5 million less the 5.9 counted in 2021”.
