A new chapter in housing development in Africa is taking shape and thousands of Ghanaian families are about to see real change.
This marks the signing of a formal agreement between Afribiz Invest (Pty) Ltd, a South African-incorporated infrastructure investment company, and Ghana’s National Homeownership Fund (NHF), a government-sponsored organization focused on making homeownership more accessible.
The deal was signed on Friday at the Seven Villa Hotel & Spa in Sandton.
Afribiz Invest CEO Pongo Pule says this project shows what can be achieved when African cooperation is done with intention.
Partnership impact
She says people need homes, not promises.
“This partnership allows us to take a serious step towards building communities that work for families. We are proud to bring our experience and expertise to a project that will bring long-term change to Ghana’s urban landscape,” she said.
She added: “Africa has the talent and ability to build itself. This partnership is proof of that.”
The partnership is said to be more than just a business deal, but reflects a shared vision to make housing more affordable, support economic growth and strengthen ties between South Africa and Ghana.
20,000 housing opportunities
The project is valued at R27 billion and will provide 20,000 housing opportunities. These homes form part of a contemporary mixed-use development designed to meet the needs of Ghana’s rapidly growing urban communities.
The plan includes smart, practical and sustainable living spaces for ordinary families to call home.
NHF CEO Prosper Hoetu says the project comes at the right time for Ghana’s growing cities and landscape.
“Our focus is simple: families must have access to safe, dignified and affordable housing. This partnership gives us the scale and expertise to make that a reality for thousands of Ghanaians. We value our collaboration with Afribiz Invest because it brings practical solutions, not just plans,” he said.
He added that the project “will support jobs, empower local businesses and uplift our communities for years to come.”
The partnership is said to have been made possible through Black Knight Advisors, a leading advisory and management consulting firm. Their work brought together all key stakeholders and ensured the project had the financial and strategic support it needed to succeed.
sharing skills
The cooperation is said to go beyond building homes and create scope for sharing skills, sharing investment and shared growth between the two countries. For Ghana, it is said to mean thousands of new homes, more jobs and business opportunities for local suppliers.
Regarding AfriBiz and South Africa, he said they will strengthen their role in shaping sustainable urban development on the continent. They said the signing is a major step towards rebuilding access to housing while building stronger economic and diplomatic ties between South Africa and Ghana.
Afribiz Invest is a South African company with a strong track record across engineering, property development, construction, energy, ICT, logistics, security, training and financial services.
Increase in housing problems
According to the African Center for Affordable Housing (CAHF), as Ghana’s population continues to grow, housing issues are becoming increasingly evident, especially in urban areas.
South Africa’s independent think tank, pursuing a mission to make Africa’s housing finance market work, says housing supply has not kept pace with rising demand for housing, resulting in large deficits, resulting in soaring rents and the proliferation of slums and informal settlements.
“It is estimated that 33% of Ghana’s urban residents live in slums. The lack of a comprehensive solution to the housing shortage remains a problem, with existing interventions remaining fragmented approaches by diverse actors.”
Key interventions have focused on large-scale housing projects, the establishment of a National Home Ownership Fund (NHF), public-private partnerships, and creating an environment for private developers.
Living standards continue to decline due to rising unemployment and high currency fluctuations, causing a sharp increase in poverty, especially in urban areas.
2 million housing shortage.
The World Bank estimates that Ghana’s annual housing demand is between 70,000 and 133,000 units, with a housing shortage of about 2 million units.
Only 33% of the country’s housing demand is supplied each year. Statistics show that there is an oversupply of luxury accommodation for high-income earners, and a chronic shortage of housing for low-income earners.
*This article was first published by IOL News
