A GH¢100,000,000 NATIONAL RENTAL ASSISTANCE SCHEME TO BE INTRODUCED BY THE GOVERNMENT OF GHANA

Joel Kwame Owusu Ansere

A GH¢100,000,000 NATIONAL RENTAL ASSISTANCE SCHEME TO BE INTRODUCED BY THE GOVERNMENT OF GHANA

As reported by myjoyonline.com on 15 March 202 at 12:54pm, the government of the Republic of Ghana reveals its plan to introduce a new housing scheme called the National Rental Assistance Scheme.

This was revealed in the 2021 Budget statement which was read in parliament by Hon. Osei Kyei Mensah Bonsu (Member of Parliament, Suame constituency in the Ashanti Region, Majority Leader and Minister of Parliamentary Affairs) on 12th March 2021. This scheme will be a partnership between the government and the private sector with a GH¢100,000,000 capital from the government.

The scheme will make rent easy for the citizens of Ghana because there will be a provision of low interest credit eligible citizen pay their house rent in advance, to reduce the challenges faced by Ghanaians in acquiring a decent home.

In the minister’s own words, he said “Mr. Speaker, in partnership with the private sector, we will commence the establishment of a National Rental Assistance Scheme (NRAS), with a seed of GH¢100 million”, and he also noted that “The scheme will crowd-in additional investment from the private sector, to provide low-interest loans to eligible Ghanaians to enable them pay rent advance”.

If the government of Ghana execute this scheme, the problem of house rent would be minimal in the sense that most eligible Ghanaians would have access to a lump sum cash to fund their accommodation with the ability to pay later at a low interest rate.  

 

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