Hon. Francis Asenso-Boakye, Ghana's Minister for Works and Housing, has emphasized the need for African nations to enhance their investment in the housing industry in order to stimulate economic growth on the continent.
The Minister noted that, provided that leaders prioritize and refocus resources on housing development, the housing sector has significant potential to help Africa emerge from the current global economic slowdown. The Minister was speaking at a ministerial roundtable during the 42nd Annual General Meeting of Shelter Afrique in Abuja, Nigeria, on Tuesday, May 9, 2023.
"Housing may be a potent instrument for economic development, particularly in Africa, where the need for cheap housing is growing. The creation of housing may provide employment possibilities, strengthen local economies, and encourage economic progress.
The Minister urged African governments to source long-term financing, as is done in Europe and other advanced economies, and to increase the amount of funding available for housing development through their respective Ministries of Finance in order to meet their citizens' housing needs and financial capacity.
The Ministry of Works and Housing in Nigeria receives the second-highest financial allocation in the country, behind the Ministry of Defense, said the Nigerian Finance Minister, Hon. Zainab Shamsuna Ahmed, in response.
She asked her other finance ministers on the continent to follow suit, claiming that this was a sign that the government had prioritized the housing industry.
Additionally, Mr. Asenso-Boakye backed the plea for Africa to embrace reliable housing policies made by Nigeria's Hon. Babatunde Raji Fashola, the minister of housing data, and use it to guide decisions.
He called for a shift in this narrative and highlighted Ghana's 2021 Population and Housing Census, which showed that around 12% of homes in the nation are now vacant due to the prices of these dwellings being beyond the capabilities of low- to middle-income earners.
Concerning Shelter Afrique
Shelter Afrique, a pan-African housing and development finance agency with the purpose of mobilizing funds and investing in the housing industry across Africa, was founded in 1982.
The organization gives technical advice to governments and other players in the housing industry to facilitate the creation of laws and regulations. It also finances a variety of housing and urban development projects.
In order to foster the growth of the housing sector and enhance living conditions throughout the continent, Shelter Afrique collaborates closely with African governments, international organizations, private sector actors, and civil society.
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