Headlines for African Home Building News
State Housing Company Limited (SHCL) to collaborate with the private sector to make housing more affordable for workers and the general public
FirstBank Ghana supports Ghana Armed Forces’ Quick Impact Accommodation Project
Shanghai’s property market is showing signs of stabilization, with new home prices rising 0.4% in January
The State Housing Company Limited (SHCL) is set to collaborate with the private sector to make housing more affordable for workers and the general public.
Acting Managing Director John Bawah has emphasized the company’s commitment to prioritizing low-cost housing, ensuring that more people can own homes in the country.
He stated that making housing units truly affordable is non-negotiable, and SHCL will actively explore modern construction technologies, including prefabricated materials, to drive down costs.
Mr. Bawah believes that this approach, combined with accessible mortgage financing, will create a sustainable and realistic housing market for low- and middle-income earners.
He made this commitment while accompanying the Minister of Works, Housing and Water Resources, Kenneth Gilbert Adjei, on an inspection of the SHCL site earmarked for an affordable housing project at Pokuase in Accra.
He explained that SHCL, as a state-owned institution, does not seek to operate as a profit-driven real estate company but rather to support the average citizen struggling to enter the real estate market. He noted that the prevailing home prices are far beyond the reach of the average Ghanaian, necessitating a shift towards providing housing that is genuinely affordable.
SHCL is a key participant in the sector ministry’s Affordable Housing projects, which operate under a public-private partnership model. Under this framework, the government provides critical infrastructure such as roads, drainage systems, and electricity, enabling developers to construct homes at a scale that ensures affordability.
Despite these efforts, housing prices remain a challenge due to their pricing in dollar terms, making homeownership unattainable for many. However, Mr. Bawah assured that SHCL’s vision includes innovative solutions, including unlocking public land banks to expand affordable housing developments.
Minister Kenneth Gilbert Adjei expressed confidence in SHCL’s leadership, affirming his belief in Mr. Bawah’s capabilities to steer the company toward delivering high-quality, affordable housing.
He further pledged his ministry’s full support to SHCL in realizing the government’s vision of providing low-cost housing for the people.
FirstBank Ghana has donated GH¢50,000 to support the Ghana Armed Forces’ Quick Impact Project, an initiative spearheaded by the Chief of the Army Staff (COAS), Lt Gen. Bismarck Kwasi Onwona.
The project aims to address the pressing accommodation challenges faced by young soldiers within the Southern, Central, and Northern Commands of the Ghana Army.
During a ceremony to present the cheque, the Managing Director of FirstBank Ghana, Victor Yaw Asante, emphasized the bank’s dedication to supporting initiatives that enhance the welfare of the Ghana Armed Forces (GAF)..
He further acknowledged the ongoing projects of GAF and assured that FirstBank would continue to support the successful completion of the Quick Impact Project.
Present at the presentation ceremony were several distinguished officers, including the Deputy Chief Staff Officer (Operations and Training), Brigadier General Kweku Dankwa Hagan; the Deputy Chief Staff Officer (Intelligence), Brigadier General Fuseini Salifu; and the Deputy Chief Staff Officer (Policy and Plans), Brigadier General Yehuza Salifu.
Also in attendance was FirstBank Ghana’s Country Team Lead for Marketing and Corporate Communications, Enoch Vanderpuye.
The Chief Staff Officer, Brigadier General Atogbakoga Alobawone, received the cheque on behalf of the COAS and expressed gratitude to the bank for its generous contribution.
He stated that the bank’s support would significantly advance the Quick Impact Project, which sought to alleviate the accommodation issues faced by young soldiers.
He also expressed hope for further collaboration with FirstBank to complete the structures needed for the project.
Shanghai’s property market is showing signs of stabilization, with new home prices rising 0.4% in January—the highest among China’s 70 major cities. This contrasts with Beijing, Guangzhou, and Shenzhen, which saw only 0.1% increases, while national home prices remained flat and second-tier cities saw significant declines.
Real estate, which accounts for over 70% of household wealth, plays a crucial role in consumer spending, particularly in the luxury market. Despite Shanghai’s momentum, the broader sector remains fragile, with developer distress persisting. China Vanke recently secured a $5.8 billion bailout, and housing starts have dropped over 60% from pre-pandemic levels.
In response, China’s central bank has pledged new support measures to stabilize the market. While Shanghai’s strength signals resilience in premium property segments, sustained weakness nationwide could continue to dampen luxury consumption.