Ghana’s Minister of Labor and Housing, Hon. Francis Asenso Boakye, has emphasized the need for African countries to increase investment in the housing sector as a means of boosting the continent’s economic growth.
Speaking at the Ministerial Roundtable during Shelter Afriqué’s 42nd Annual General Meeting in Abuja, Nigeria, on Tuesday, May 9, 2023, the Minister noted that the housing sector has great potential to help Africa emerge from the current global economic downturn if leaders prioritize and refocus resources on housing development.
“Demand for affordable housing is increasing, especially in Africa, and housing can be a powerful tool for economic mitigation. Investment in housing development can create more job opportunities, revitalize local economies and foster economic growth,” he added.
The Minister also called on African governments to increase the funds available for housing development through their respective treasuries and to raise long-term financing, as is done in Europe and other developed countries, to provide affordable housing that meets the needs and economic capabilities of their people.
The Minister of Finance of Nigeria, Hon. Zainab Shamsuna Ahmed responded by revealing that the Nigerian Ministry of Works and Housing receives the second highest budgetary allocation after the Ministry of Defence.
She said this was a sign that the government was prioritizing the housing sector and urged her continental finance minister colleagues to follow suit.
Mr. Asenso-Boakye also supported the call of the Nigerian Minister of Housing, Hon. Asenso. Babatunde Raji Fashola, Africa embraces reliable housing data and uses it to inform decision-making.
He cited Ghana’s 2021 Population and Housing Census which revealed that approximately 12% of homes in the country are currently vacant, and called for a change in this description as the prices of these homes exceed the standard of living for low to middle income earners.
About Shelter Afrik
Founded in 1982, Shelter Africa is a pan-African housing development financial institution with a mission to mobilize and invest resources in the housing sector across Africa.
The organization provides financing for a wide range of housing and urban development projects and provides technical assistance to governments and other stakeholders in the housing sector to help develop policies and regulations.
Shelter Afrik works closely with African governments, multilateral organizations, private sector actors and civil society to foster the development of the housing sector and improve living conditions across the continent.
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