President John Mahama has warned that Ghana’s high rent advances are forcing families to divert savings meant for education, business and other important needs towards securing accommodation.
Speaking about his own experience of finding a home after leaving his father’s house to start married life with Lordina Mahama, the President said the financial burden of renting remains a major challenge for young Ghanaian families.
He said substantial rent advances can wipe out savings that families would otherwise use to educate their children or establish small businesses.
“Substantial rent advances can deplete savings that were intended for a child’s education or to run a small business for the family,” Mahama said.
The President said his own experience with Lordina showed how deeply the housing problem affects ordinary families.
The couple eventually settled at Madina New Road after what Mahama described as an exhausting search across Accra for suitable and affordable accommodation.
He said the issue should not be viewed only through housing statistics because every figure represents a person or family trying to secure a stable future.
“And so behind every housing statistic is a person seeking or family seeking security and hoping for a better future,” he said.
