Ghanaians above the age of 18 with a valid national ID card and verifiable employment with an income can now obtain loans for house rental purposes.
The National Rental Assistance Scheme (NRAS), a program to help Ghanaians find appropriate housing, was officially inaugurated on Tuesday, January 31.
The event, which was under the auspices of the Ministry of Works and Housing, took place at the Accra International Conference Centre.
Speaking at the launch, Vice President Dr. Mahamudu Bawumia said five regions—Greater Accra, Ashanti, the Western, Eastern, Northern, and Bono East—have been selected to pilot the program due to the pressure of rent payments in those regions.
Dr. Bawumia disclosed that the government had set aside GHC 30 million as seed money towards the implementation of the scheme.
Total rent is paid to the applicant’s prospective landlord, and the applicant makes a monthly payment to the National Rental Assistance Scheme.
“In partnership with the private sector, the scheme will provide low-interest loans for eligible Ghanaians to enable them to pay rent in advance.” These loans will be repaid on a monthly basis to match the tenor of the rent and will be supported by a bank guarantee to ensure sustainability.
He stated that, in contrast to earlier policies that were frequently marred by defaults, the NRAS is a collaboration with private investors who wouldn’t want to lose their investments and will use any means possible to recover their funds.
The collaboration will also eliminate any form of political interference, according to the Vice President.
Dr. Bawumia revealed that a draft to replace the present rent law, which was approved more than 50 years ago and is no longer relevant, has been submitted to Parliament by the government’s Ministry of Works and Housing.
“I am happy to inform you that the government has made significant strides as far as the housing sector and rental management are concerned. The government, acting through the Ministry of Works and Housing, has submitted to Parliament for consideration and passage a rent bill to replace the existing Rent Act of 1963, Act 220. “The current Act was passed by Parliament 59 years ago, and therefore its relevance has been outlived by the current population growth, urbanization, housing availability, and general trends.”
Present at the launch were the Chairman of the Council of State and Juabenhene, Nana Otuo Siriboe II, the Minister for Works and Housing, Francis Asenso Boakye, the Minister for Employment and Labour Relations, Ignatius Baffour-Awuah, and the Secretary-General of the Trades Union Congress (TUC), Dr. Anthony Yaw Baah.
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