Ghana Launches National Rental Assistance Scheme
Richmond Setrana
Posted On February 1, 2023
The government of Ghana has launched the National Rental Assistance Scheme which aims to help residents acquire funds for monthly rent repayments instead of a year or two’s rent advance as is the norm. The news has been received well by the general public who in times past, lamented about the government’s inefficiency in enforcing the country’s rent laws that demand landlords to take only six months’ rent upfront.
How the National Rental Assistance Scheme works
The government will pay the total rent to the potential landlord and then the renter is expected to make monthly repayments to the National Rental Assistance Scheme. Ghanaians over the age of 18 who possess a valid national ID card and a source of income that can be verified are eligible for a rent loan under the program within five to ten working days.
Vice-President Bawumia speaks on the scheme’s feasibility
The Vice-President of Ghana, Dr Mahamudu Bawumia, explained on Tuesday, 31st January 2023, during the launch of the rent scheme that the National Rental Assistance Scheme works with private investors who don’t want to see their money wasted and will use whatever means necessary to get their money back. This will prevent any government meddling.
He also revealed that the Ministry of Works and Housing on behalf of the government has presented a bill to parliament to replace the current rent legislation, which was enacted more than 50 years ago and is no longer relevant.
Selected regions in Ghana to benefit from the rent scheme
Although the scheme is anticipated to be implemented throughout the nation, it will first be tested in Greater Accra, Ashanti, Western, Eastern, and Bono East Regions. The five locations were chosen for the pilot because they are where there is pressure on rent in the country, according to Dr Mahamudu Bawumia.
ALSO READ: Africa’s Economic Growth To Outperform Rest Of the World – ADB Reports
Trending Now
You may also like
