Is housing really affordable? — Study of Ghana’s situation by Deloitte

As of 2023 in Ghana, there were about nine (9) Affordable Housing Projects (AHP) at various stages of completion including; The Asokore Mampong Affordable Housing Project (Completed) the Borteyman Affordable Housing Project (Completed), the Community 26 Kpone Affordable Housing Project (In-progress), the Saglemi Affordable Housing Project (In-progress), the Amasaman Affordable Housing Project (In-progress), the Shai Hills Affordable Housing Project (In-progress), the Gbetsile Affordable Housing Project (In-progress) and the most recent 8,000 Unit Pokuase Affordable Housing Project.

Affordability of housing is best considered on a household basis, using the average household size of 3.6.

According to the United Nations, a household is a small group of persons who share the same living accommodation, pool some or all of their income and wealth, and consume certain types of goods and services collectively, mainly housing and food

Thus, assuming a minimum household of two (husband and wife) in the working class, the average annual household income using the same base individual income of GH¢3,000 (US$ 251) is estimated at GH¢72,000.00 (US$ 6,013) per annum. 

For a house to qualify as affordable for the category of citizens, with an annual income of GH¢72,000 (US$ 6,013), given a mortgage tenure of 20 years for cedi-denominated mortgages at an average interest rate of 21.5% the price of the house should fall within the bracket of GH¢ 120,180 (US$ 10,037) and GH¢171,685 (US$ 14,338)

This would be the definition of affordable housing in Ghana. 

Way ForwardIn light of the concerns raised, questioning the true affordability of affordable housing is important