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According to the 2021 Population and Housing Census, Ghana has a housing crisis emanating from the high cost of construction and unavailability of housing, coupled with growing population of the country.

The Ghana Statistical Service (GSS) estimates that the country’s population increased by 6.1 million from the last population figures of 2010.

Aside the housing crises that the Ghana faces, the country’s unemployment numbers have almost tripled in less than 10 years. This means that more than 1.5 million people, or 13.4 per cent of citizens able to work, can’t find jobs.

This means government as well as corporate bodies must come up with innovative ideas to solve the growing challenges.

In a bid to solve these problems, the leading home loans provider in Ghana, First National Bank has introduced an initiative dubbed “Build-Up 2022″

The move follows an earlier initiative dubbed 2021 Year Of Home Ownership (YOHO) campaign which helped many Ghanaians, both home and abroad, get onto the property ladder.

The Build-Up 2022  initiative however, is a two-part campaign aimed at helping more Ghanaians construct or complete their own homes on one hand while giving home owners the opportunity to build wealth off their properties on another hand.

According to the Executive Head of Home Loan Business, Kojo Addo-Kufuor, the initiative was inspired by the response his outfit got from Ghanaians during the earlier campaign.

“That is why we are back with Build-Up 2022, to help people to build their own homes or complete what they’ve started. If you own a land with the necessary documentation and have all the plans ready to start off, our home construction home loan is what you need to bring the plan and drawing to life,” Mr. Addo-Kufuor said.

“If you’ve started constructing your dream home but halted it for some time and you need funding to remodel it because there are new home designs, you can also speak to us to help you with a home completion loan,” he added.

Build Up 2022 also offers property owners the opportunity to build wealth by unlocking value in their existing properties, so they can access cash to meet pressing business or personal needs.

“We have a special product for homeowners known as the equity release, which enables you to release part of the value of your home without having to move out,” Mr. Addo-Kufuor stated.

He continued that “You have worked hard for your house. Now let your house work hard for you. By releasing equity in your property, you get up to 70% of the value to take care of anything you wish for without any controls or restrictions and still get to keep the home.”

Aside the favourable arrangements, Mr. Kojo Addo-Kufuor explained that non-resident Ghanaians working in the diaspora, the self-employed, business owners and employees of corporate entities applying as groups will also benefit from special packages

NEWSWIRE GH

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