Mahama Woos Diaspora Ghanaians With $1 Billion Mortgage Scheme at CHOGM

President John Dramani Mahama has urged Ghanaians in the Caribbean to take advantage of a $1 billion mortgage initiative designed to help citizens at home and abroad become homeowners, pitching the scheme as a formal alternative to the risky informal channels many diaspora members currently use to invest in property back home.

Speaking at an engagement with the Ghanaian community on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) in St. John's, Antigua and Barbuda, Mahama said housing had become a priority for his administration, with the mortgage scheme allowing beneficiaries to spread payments over 15 to 20 years.

"Housing is one of the main areas we are beginning to look at. We are doing a mortgage of $1 billion," Mahama said. "I announced one billion Ghana Cedis so that people who want to own houses can get a mortgage for 15 or 20 years. You pay it little by little until you own it."

The President's remarks contained a notable inconsistency, referring to both "$1 billion" and "one billion Ghana Cedis" in the same statement—a discrepancy that appears in the official Ghana News Agency report and was carried by other outlets . The government has separately announced a GH¢1 billion allocation to the National Housing Fund in the 2027 Budget, which is distinct from the dollar-denominated figure cited by the President .

A Formal Route for Diaspora Investment

Mahama explained that the scheme would be open to the diaspora, providing a legal channel for Ghanaians abroad to invest in property and avoid the pitfalls of informal arrangements. "When we do this, we will involve the diaspora and everybody, so that you do not have to send money to 'Wofa,'" he said, using the Ghanaian term for a uncle or relative. "You send money through a more legal route that will enable you to own a house and become a homeowner."

The President also sought to reassure the diaspora about conditions at home. "Everything is fine back at home. I am sure you know more about what is happening at home than we do because we have been away," he said .

Background: A Housing Crisis and Nascent Mortgage Market

The scheme addresses a profound housing deficit. The Minister of Works, Housing and Water Resources, Ahmed Ibrahim, has put Ghana's housing deficit at approximately 1.83 million units, based on the 2020 Population and Housing Census, with about 1.302 million Ghanaians living in containers . A joint statement from the Ministries of Works, Housing and Water Resources and Local Government noted that only about 5 percent of Ghanaians can secure decent housing without assistance, while 60 percent require state-facilitated support .

The National Mortgage Scheme, implemented in partnership with the National Housing Fund and Republic Bank, offers mortgage financing at approximately 8.4 percent per annum—down from 13.5 percent—with repayment periods of up to 20 years . The National Housing Fund's CEO, Prosper Hoetu, has noted that Ghana's mortgage penetration stands at an estimated 0.3 percent of GDP, with about 90 percent of housing delivery relying on incremental self-financing that takes an average of 10 years to complete .

The President has also directed the Finance Minister to allocate GH¢1 billion in the 2027 Budget as government's contribution to a proposed GH¢3 billion revolving fund for the National Housing Fund, which would finance housing delivery on a revolving basis .

Diaspora Outreach at CHOGM

The engagement formed part of Mahama's broader diaspora outreach during the CHOGM summit, where he held bilateral discussions with other world leaders on trade, investment, and cooperation . The President's pitch to Caribbean Ghanaians reflects a growing recognition of the diaspora's potential role in addressing Ghana's housing crisis—a point he has made before, calling for the mobilisation of long-term capital from pension funds, insurance companies, development finance institutions, and diaspora investors to support housing projects .

For diaspora Ghanaians accustomed to navigating informal property arrangements through relatives, the scheme's promise of a formal, long-term mortgage route offers a compelling alternative—provided the details of eligibility, currency denomination, and accessibility from abroad are clarified in the months ahead.