The State Housing Company Limited (SHCL) has announced a strategic partnership with Ecobank Ghana to provide affordable mortgage financing targeting middle and low-income earners amid Ghana’s estimated two million housing deficit. Deputy Managing Director Samuel Atukwei Quaye confirmed the initiative aims to address financing barriers that prevent many Ghanaians from owning decent homes.
Quaye explained that while high-income earners typically purchase homes outright or through short-term instalment payments, the majority of middle and low-income workers struggle to access adequate financing. The partnership follows the signing of a Memorandum of Understanding (MoU) between both institutions to formalize the collaboration.
Speaking on the collaboration, Quaye stated that financing remains one of the biggest obstacles preventing home ownership in Ghana. He noted that State Housing identified this challenge and initiated discussions with Ecobank, which led to the formal partnership agreement designed to reduce the national housing deficit.
Under the arrangement, Ecobank will provide mortgage financing allowing customers to take possession of homes and repay loans over an agreed period, provided they maintain sustained and reliable income sources. State Housing will assist customers in meeting the bank’s financing requirements.
Quaye emphasized that SHCL is leveraging modern construction technology to reduce development costs and make homes more affordable. He noted that housing prices vary depending on location, land acquisition costs, and unit types, ranging from two-bedroom to larger configurations. However, he clarified that specific pricing details remain premature at this stage.
The Deputy Managing Director revealed that the partnership extends beyond new home purchases. State Housing can support individuals who have already commenced building projects but lack sufficient funds for completion. Through the mortgage product, Ecobank will provide financing to help customers complete their homes.
Tara Squire, Executive Director and Regional Head of Consumer Banking for Ghana and Anglophone West Africa at Ecobank, stated the partnership aligns with the bank’s mission to provide affordable and competitive financing. He acknowledged that current housing costs remain beyond reach for many salaried workers but expressed confidence that State Housing’s pricing and forthcoming mortgage packages would bring relief.
Squire assured that as interest rates decline, Ecobank remains committed to offering competitive mortgage rates under the partnership. He reaffirmed the bank’s dedication to providing optimal rates as economic conditions improve.
The initiative targets both public and private sector workers, with housing projects located within Accra and nationwide. Quaye disclosed that new housing projects would soon be launched in the Savannah Region, underscoring the national scope of the programme.
Both institutions expressed optimism that the collaboration would significantly improve access to home ownership, ease the housing deficit, and enhance living conditions for Ghanaians nationwide.
