The United Nations Office for Project Services (UNOPS)
Landmark 100,000 affordable homes initiative for Ghana moves forward
The agreement with the government of Ghana has moved forward this week with an announcement by UNOPS Executive Director Grete Faremo in New York on Tuesday.
As part of the agreement, under UNOPS Social Impact Investing Initiative (S3I), the organization and its partners seek to attract $436 million worth of investment to deliver at least 100,000 affordable homes across the country.
The project, which will last between six and 10 years, will also provide job opportunities for local communities nationwide and help alleviate the housing crisis in Ghana.
The agreement is a major milestone in UNOPS commitment to foster innovative financing for the Sustainable Development Goals (SDGs), and will help the government of Ghana open access to sustainable, affordable and environmentally sound housing for its citizens.
There is great potential to improve access to sustainable and resilient housing for thousands of people in Ghana.
“At the same time, this project will work to boost livelihoods and the local economy. The knock-on effect means unlocking new opportunities and resources for local communities, which helps drive progress towards the SDGs,” said Mrs. Faremo.
The 100,000 houses are to be constructed using energy-efficient solar rooftops, and manufactured locally, which will provide up to 3,000 jobs for local people.
In a previous statement on the project, President Nana Akufo-Addo said: “I believe we are all well aware of the challenges Ghana, and most of Africa, face when it comes to the provision of decent, well-planned and organized housing for our citizens. The difficulty in addressing this on-going challenge has led to a huge housing deficit in our country.”
“I believe that with the signing of this project agreement, we shall be ushering into existence a new dawn for Ghana and our citizens,” said President Akufo-Addo.
About UNOPS Social Impact Investing Initiative (S3I)
UNOPS S3I seeks to de-risk and structure infrastructure investment projects in an effort to help attract financing from the private sector to national development agendas. Projects selected are subject to a rigorous and comprehensive due diligence process that will ensure positive environmental, social and economic impacts, with financial returns for private sector investors.