Hope is on its way for many Ghanaians, especially the youth who have just started making a living and seeking an affordable rented apartment. The burden of having to pay rent advances for accommodation over a two to three year period, which seemed to have become the norm in Ghanaian society, would soon be waved.
The most gratifying with a latest arrangement promised by the Vice President Dr. Mahamudu Bawumia is that the New Patriotic Party (NPP) would roll out a guarantee system for Ghanaians to secure low-interest loans to pay off their rent charges.
"In partnership with the private sector, the Scheme will provide low-interest loans to eligible Ghanaians to enable them pay rent advance. These loans will be repaid on a monthly basis to match the tenor of the rent, and will be insured to ensure sustainability. Government will seed the Scheme with GH¢100 million which will be leveraged to crowd- in additional investment from the private sector."
By this arrangement, and with the amended Rent Act, tenants in both the formal and informal sector could secure this credit facility and repay on a monthly basis. The two or three year advance payment would be shot down to 6 months, creating that space for tenants to have that fiscal space to attend to other matters of need.
"The Scheme will target individuals (both in the formal and informal sectors) with identifiable and regular income. The rent advance loans will be paid directly into the bank accounts of landlords, who would have to register with the Scheme. As part of our interventions, we will implement the necessary regulatory, institutional, and operational reforms of the Rent Control Department, including the digitisation of their operations, to enhance delivery, and make it better able to serve the changing needs of market players, including landlords and tenants," Dr . Bawumia explained.
This would surely save most Ghanaians who are homeless or have been evicted for non-payment of their rent advances.
Invariably, property owners who stand a greater chance to gain, as occupancy rates would be increased.
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