Afribiz Invest and Ghana’s National Home Ownership Fund (NHF) have formalized a landmark R27-billion master agreement to develop 22,000 mixed-use housing units across Ghana, making it one of the largest African-led urban development initiatives in recent years. The agreement, signed at a ceremony at the Seven Villa Hotel & Spa in Sandton, marks a significant milestone in strengthening the economic, infrastructure and diplomatic ties between South Africa and Ghana.
Afribiz Invest is a South African investment company founded in 2005 by entrepreneur Collen Mashawana. The company has grown into a large and diverse group with more than 25 subsidiaries in construction, real estate development, energy, information technology, mining, financial services and infrastructure consulting. Over the years, Afribiz Invest has become known for delivering large-scale urban development and infrastructure projects across South Africa, including large-scale mixed-use developments such as Rama City and Westland Megapark.
The newly signed agreement lays the foundation for a major housing program aimed at addressing Ghana’s rapidly growing demand for affordable urban housing. The country’s population is steadily growing and migration to cities is accelerating, putting increasing pressure on housing infrastructure. The Basic Agreement provides a structured framework for a multi-phase rollout of community-centered development aimed at providing dignified living conditions for thousands of families.
Pongo Pule, CEO of Afribiz Investment, said the signing reflects a defining moment for the African institution responsible for the continent’s development agenda. Mr Pule stressed that this partnership shows what African cooperation can achieve when driven by common purpose and ambition rooted in the upliftment of communities. According to Puru, AfriBiz Invest is proud to contribute to the creation of sustainable and contemporary living spaces that reflect the needs and aspirations of ordinary households. He added that the agreement demonstrates Africa’s growing ability to independently conceive, finance and implement large-scale development projects.
Prosper Hoetu, CEO of the National Home Ownership Fund, echoed this sentiment, noting that the partnership comes at a critical time for Ghana’s expanding cities. He explained that the basic agreement gives the Fund the ability to significantly expand the supply of affordable housing while stimulating economic development. Mr Hoetu said the project would not only provide housing, but also support job creation, strengthen local industry and strengthen long-term economic strength.
A key feature of this development is its mixed-use model, which departs from the traditional isolated housing layout. Instead, the project will integrate essential amenities, commercial space, and community facilities with residential units. This approach aims to build self-sustaining regions that foster economic activity, social cohesion and improved quality of life. By combining housing with extensive urban infrastructure, developers hope to set a new standard for community-oriented urbanization in Africa.
The partnership was facilitated by Black Knight Advisors, a firm that oversaw the financial, structural and strategic design of the deal. Their role includes ensuring that the project framework is profitable, sustainable and aligned with the development priorities of both countries. Their involvement helped shape the blueprint for the project, which balances commercial viability with social impact.
Now that the basic contract has been signed, the project will enter the implementation phase. This includes final planning, technical preparation and construction team mobilization. Once the development begins, it is expected to create thousands of job opportunities in a variety of sectors, from construction and engineering to manufacturing and the local supply chain.
For Ghana, the project promises not only much-needed housing but also broader economic stimulus. For Afribiz Invest and South Africa, it reaffirms our growing leadership role in driving infrastructure development on the continent.
