The New Patriotic Party (NPP) government in its second term will advance loans to young Ghanaians in formal employment to pay for their rents.
This is part of the housing policy captured in the 2020 manifesto of the party.
It was made known by Vice President Dr Mahamudu Bawumia at the party’s manifesto launch at the University of Cape Coast (UCC) in the Central Region.
Addressing invited members of the party at UCC’s New Examinations Centre (NEC) Hall on Saturday, August 22, Dr Bawumia said government noted the market failure between what tenants want and what landlords also want.
This, he opined, created a gulf.
In order to close that gulf, the National Rental Assistance Scheme will be set up to advance loans to applicants, but paid directly to landlords to cover rent advance payments.
In order to help young Ghanaians rent houses and rooms with ease, a seed money of GH¢100 million will be provided for the Scheme to take off.
“Under this scheme, if you have a job, and we can deduct regularly from your income, the National Rental Assistance Scheme will give you a loan to pay your rent allowance.
“But we are paying this not to you but to the landlord and then we will deduct monthly as we normally do.”
Dr Bawumia said the private sector will be roped in to give out loans in this bid.
Aside this, the Vice President said the digitisation programme of government will also be taken to the Rent Control Board with a new law to be promulgated – National Rent Control Act – to address the bottlenecks in the sector to meet modern demands.
