On Wednesday, October 7, 2026, the National Housing Fund (NHF) announced a dramatic reduction in the interest rate for its National Mortgage Scheme, cutting the rate from 13.5% to 8.4%. The move was unveiled at the opening of the National Conference on Housing Finance in Accra, where NHF Chief Executive Officer Prosper Hoetu highlighted the aim of making homeownership more attainable across the country.
Hoetu said the Fund had resumed lending under the scheme at the lower rate last month, and that financing for housing developers had been reduced to 10.4%. He explained that the new rates were made possible through improved economic management and a blended financing arrangement between the NHF and partner financial institutions.
“Last month, the Fund resumed lending under the National Mortgage Scheme at an interest rate of 8.4 percent, down from 13.5 percent. Developer financing is now at 10.4 percent. This has been made possible through prudent management of the economy and a blended financing arrangement between NHF and our partner financial institutions. The response has been very encouraging,” he said.
Hoetu noted that Ghana’s housing challenge is closely linked to limited access to affordable financing, with many households unable to qualify for conventional mortgages. He cited mortgage penetration at an estimated 0.3% of GDP and that about 90% of housing delivery relies on incremental self-financing. The 2024 Housing Profile shows that about 60% of Ghanaians needing financial assistance to own homes face financing constraints.
To broaden access, the NHF is reviewing its National Mortgage and Rent‑to‑Own schemes, aiming to accommodate households with varying income levels and circumstances. Informal‑sector workers, who often lack payslips or conventional banking records, were highlighted as a key group needing reform.
Demand for the mortgage scheme has been encouraging since the rate cut, with more prospective homeowners submitting applications and financial institutions expressing interest in participating. Hoetu said the Fund will need to increase its investment in the scheme to meet the growing demand.
The conference, organised in collaboration with the Ministries of Finance, Works, Housing and Water Resources, Local Government, Chieftaincy and Religious Affairs, the Bank of Ghana and Shelter Afrique Development Bank, aims to identify practical ways to mobilise financing for the housing sector. A rapid diagnostic assessment of Ghana’s housing sector, completed using Shelter Afrique’s VIRAL Diagnostic Toolkit, will inform a Country Housing and Urban Development Partnership Strategy.
The NHF has also developed a homebuyers database to provide real‑time information on housing demand and supply, which will be showcased during the conference for stakeholder feedback.
With the new rates in place, the NHF expects to see a surge in homeownership applications and a broader impact on Ghana’s housing market in the coming months.
