The Civil and Local Government Staff Association of Ghana (CLOGSAG) has launched the Pempamsie Housing Scheme in a quest to meet the housing needs of its teeming members.
Addressing the media on Wednesday, October 17, 2023, Executive Secretary of CLOGSAG, Dr. Isaac Bampoe Addo, who read the statement on behalf of Hedge Pensions Trust, a financial service provider, said the collaboration between CLOGSAG and Hedge to provide primary residence for workers while they are still at work rather than after retirement is a laudable idea since that will afford public sector workers the chance to own homes in the form of mortgages.
According to the statement from Hedge, both current and previous governments have tried so hard to provide affordable houses but have failed, as the prices are expensive and go beyond the financial reach of a large majority of civil and public servants.
Management of Hedge expressed joy at the partnership with CLOGSAG, putting to use something that should have been done long ago.
“This privilege, which has remained dormant for more than fifteen years, is being actualized by the association.”
The Pempasie Mortgage product is an innovative pension-related product for members of CLOGSAG that has received approval from the National Pensions Regulatory Authority (NPRA).
The building will be done in phases, according to the statement of the CEO, and the loan disbursement will also be done in phases, with a minimum of fifty thousand Ghana cedis (GHC 50, 000.00) per phase.
Terms and conditions of accessing the Pampiesie Mortgage product (PMP) would include active membership in CLOGSAG, contribution to the Hedge Master Trust Occupational Pension Scheme (Tier 2), contribution to the Pempamsie Fund (Tier 3), and contribution to the CLOGSAG fund.
