Housing ministers in Africa have designed a 40-year plan of action to invest in affordable housing initiatives in Africa.
This much was disclosed at the end of a four-day Shelter Afrique assembly which held in Cameroon, according to a Xinhua report.
Celestine Ketcha Courtes, Cameroon’s Minister of Housing and Urban Development said: “Yaounde meeting permitted housing ministers to look at each other face to face and say the truth. The housing industry will create lots of job opportunities for the continent if we have the right investment.”
Andrew Chimphondah, Managing Director of Shelter Afrique: “We’ve achieved financial viability and made profit in 2020, and our financial sustainability is now showing our relevance to our shareholders. We are convinced that every country that is contributing to Shelter Afrique will be able to obtain loans to fund its projects.”
Daniel Garwe, Zimbabwean Minister of the National Housing and Social Amenities: “The exponential growth of people moving into cities is not measured up to the available accommodation, and African governments do not have the money to construct the required houses. That’s why we need to continue working with the private sector.”
“Land is very critical in affordable housing, and acquiring land in Africa is very challenging and cumbersome. What we are doing in Ghana is to acquire land, sell the land, give it out to investors then we look at the funding, financing, and marketing aspects through mortgage financing,” added Freda Akosua Prempeh, Ghana’s Minister of State for Works and Housing.