In St John's, Mahama said Ghanaians abroad should buy homes through a formal mortgage, payable over 15 to 20 years, rather than sending cash to relatives.

Published 5 Nov 2026, 19:17 GMT

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President John Dramani Mahama has urged Ghanaians in the Caribbean to use a housing mortgage he says will let buyers pay for a home over 15 to 20 years.

The Information Services Department said King Charles III convened the summit under the theme "Accelerating Partnership and Investment for a Prosperous Commonwealth". The visit is scheduled for two days, and it is President Mahama's first CHOGM since his re-election in December 2024.

What he said the mortgage would cover

Housing, he told the meeting, was one of the main things his administration was starting to work on.

"We are doing a mortgage of $1 billion. I announced one billion Ghana Cedis so that people who want to own houses can get a mortgage for 15 or 20 years."

"You pay it little by little until you own it," he said.

He used a dollar figure and a cedi figure in the same answer. He did not say which sum the scheme would lend, or whether one was the state's contribution and the other the size of the fund.

The diaspora would be included, he said, so buyers abroad would have a formal route instead of sending cash to a relative.

"When we do this, we will involve the diaspora and everybody, so that you do not have to send money to 'Wofa.' You send money through a more legal route that will enable you to own a house and become a homeowner," he said.

He added that conditions at home were calm.

"Everything is fine back at home. I am sure you know more about what is happening at home than we do because we have been away," he said.

At the same Caribbean meeting he said inflation, interest rates and the cedi were holding, and that remittances should go into investments people could still find when they came home.

"When you come home, your investment would not have dwindled away, but it would have grown. Then you yourself can supervise what you want to invest in," he said.

What he left unspecified

He named no bank, no state agency and no interest rate. He gave no deposit, no income test and no place to apply.

On eligibility he spoke only of "people who want to own houses", and of involving the diaspora and everybody. He did not say that civil servants would come first, or that a buyer must already hold a Ghana Card or an account in Ghana.

There was no start date, no list of houses and no closing date for applications.

Earlier announcements on housing finance

In May, at Dedesua in the Bosomtwe District, he announced a GH¢3 billion revolving fund for state developers to build homes, with banks offering workers mortgages over 15 to 20 years. He spoke then of nurses, teachers, doctors and other civil servants.

At the National Conference on Housing Finance in October, the Presidency said he had directed the Minister of Finance to place GH¢1 billion in the 2027 Budget as the government's share of a GH¢3 billion revolving National Housing Fund.

At that conference, National Housing Fund chief executive Prosper Hoetu said the Fund had resumed lending under its National Mortgage Scheme at 8.4 per cent, down from 13.5 per cent.

President Mahama did not say in St John's whether the mortgage he described to the diaspora is that scheme, or whether 8.4 per cent would apply to buyers living abroad.

Araba IncoomAraba Incoom writes on multiple topics with a vast knowledge across different sector. You can almost call me an AI, after all, my initials are Araba Incoom.

Mahama urges Caribbean Ghanaians to use a 15- to 20-year housing mortgage

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