The Deputy Resident Representative of the United Nations Development Programme (UNDP), Sukhrob Khoshmukhamedov, has revealed that for Ghana to attain the Sustainable Development Goals (SDGs), an annual infrastructure investment by the government will need to reach about US$9.3billion by 2030.
“Ghana is increasingly looking for ways to close the infrastructure gap. The private sector is seen as a key partner in the attainment of infrastructure development outcomes.
The Global Infrastructure Hub (GIH) estimates that in for Ghana to facilitate the attainment of the SDGs, annual infrastructure investment will need to reach USD 9.3 billion by 2030,” he said at the GIPC/UNDP Breakfast Meeting on SDG Investor Map Utilisation; Identification of Opportunities in Housing and Infrastructure in Accra.
According to him, despite government’s commitment to increase investment in the sector, there is the need to create an enabling environment to attract private investments for expansion in the infrastructure sector.
While initiatives such as the National Housing and Mortgage Fund, the ‘Year of Roads’ among other initiatives are commendable, there is still space for investment to build and improve infrastructure across the country.
The Deputy Resident representative indicated that there are several potential opportunities for the private sector to invest in the areas of real estates, water and sanitation, roads, and waste management as well as recycling of waste.
He indicated: “There are many opportunities for investment in the real estate area especially when it comes to the area of alternate building materials.
Some areas such as the recycling of plastic into building blocks is one of such areas. The goal must be to increase housing units at affordable prices for the average Ghanaian.”
Silvia Sefakor Senu, an Economic Analyst at the UNDP further told Business24 in an interview that “investments from local sources, foreign direct investment sources are needed to inject life and attain the goals that Ghana has set for itself in the Ghana Infrastructure Plan but also the SDGs.
“If we are talking about US$9.3bn and in a lifespan of three years we have contributed about US$20m, that means that the gap is really wide, so looking at these concerted efforts is required; local,private and foreign investors.
Meeting has provided platform for dialogue to happen and shape policy. You need policies, interventions to get into the provision of accommodation, ”she added.
70% cannot own a home
According to the Chief Director at the Ministry of Works and Housing, Rev. Stephen Yaw Osei, statistics show that approximately 70percent of Ghana’s urban population will require some form of government assistance to access to decent housing.
He maintained that investment in safe, secure and affordable housing stock is essential for shelter, health and increased productivity.
Rev. Osei also announced that government will soon roll out a district housing scheme, with 500 units of houses to be constructed for professionals in all the sixteen regions.
“We are talking to the Controller and Accountant General, where monies will be deducted at source, so if you are professional and you are posted to a region, you can have a place.”
The Chief Director, also touched on the rent law, which he said was under review and has been approved by Cabinet but is presently before the Attorney General’s department and is hopeful sometime this year, it will be brought to parliament for it be passed.
CEO of GIPC, Yofi Grant underscored the significance of the sector by stressing that the housing and manufacturing sectors have significant impact on all other sectors and have great connectivity to other parts of human endeavours.
“It is pertinent we have conversations on the housing and infrastructure sectors to generate ideas for policy formation. In the near future, there will be new direction for the mortgage sector as the Ministry for Works and Housing is working to bring on board new players in the mortgage industry.”
The CEO of National Home Ownership Fund, Dela Zumanu stated that government has piloted a housing project that has worked and is partnering financial institutions to deliver affordable homes to those that need it.