- Salutations
Nana Otuo Siriboe II, Chairman of the Council of State, - The Chief of Staff at the Office of the President,
- The Minister for Works and Housing,
- The Minister for Employment and Labour Relations,
- Distinguished Invited Guests,
- Nii Mei Naa Mei,
- Our Friends from the Media,
- Ladies and Gentlemen.
ALL PROTOCOLS OBSERVED
I am happy to witness the launch of this important programme, the National Rental Assistance Scheme (NRAS).
Allow me to take this opportunity to acknowledge the valuable contributions the Ministry of Works and Housing (MWH) has been making to institute the needed institutional and regulatory regime for the development of the works and housing sub-sectors of the economy.
Distinguished Ladies and Gentlemen,
You may well be aware that successive governments have instituted several housing policies geared toward increasing access to various housing options across the country.
However, these efforts are mainly concentrated on home ownership services and have not achieved the desired impact in addressing the market imbalances of the rental housing market.
Globally, rental housing forms an integral part of a well- functioning housing market and plays a critical role in increasing access to affordable housing options, particularly for the youth and low-to-middle-income groups.
As a people-focused Government, providing meaningful shelter for our citizens has formed a significant part of this Governments developmental goals, and measures taken to address problems associated with the housing sector, especially the rental housing sector, have remained vital to our development agenda.
When I visited the Rent Control Department in July 2020, I noted the overall importance of the rental housing market in our quest to increase access to housing options. I reiterated plans of Government to digitalize the operations of the Rent Control Department (RCD) to make it more effective and efficient, while also, reviewing the Law governing rent management in the Country to make it more relevant to evolving trends.
More importantly, I also mentioned that on the issue of payment of rent advance, Government is putting in place plans to introduce a new programme to bridge the information and financial gap between tenants and landlords.
These measures would enhance tenants creditworthiness and reduce the need for large rent advance requests by landlords.
Distinguished Invited Guests, Ladies and Gentlemen, I am happy that after these statements found expression in the 2020 Manifesto of the New Patriotic Party, and subsequently in the national budget, Government, acting through the Ministry of Works and Housing (MWH), has today established the National Rental Assistance Scheme (NRAS) and is ready to fully roll-out the policy intervention.
The Schemes implementation will initially commence in five (5) regions: Greater Accra, Ashanti, Western, Eastern, and Bono East Regions.
In partnership with the private sector, the Scheme will provide low-interest loans to eligible Ghanaians to enable them to pay rent in advance. These loans will be repaid on a monthly basis to match the tenor of the rent and will be insured to ensure sustainability.
The Scheme will target individuals in the formal and informal sectors with identifiable and regular income. The rent advance loans will be paid directly into landlords bank accounts, who would also have to register with the Scheme.
I am aware of the series of engagements that have gone on between key stakeholders on the operationalization of the Scheme, and I look forward to the enormous relief that the Scheme will bring to its beneficiaries and the good people of Ghana.
Also, Ladies and Gentlemen, I am happy to inform you that this Government has made significant strides as far as the housing sector and rent management of the country is concerned.
Government acting through the Ministry of Works and Housing has submitted to Parliament for consideration and passage of a Rent Bill, to replace the existing Rent Act 1963 (Act 220). The current Act was passed by Parliament fifty- nine (59) years ago, and therefore, its relevance has been outlived by the current population growth, urbanization, and housing availability, among others.
Additionally, to enhance the service delivery standards of the Rent Control Department, processes have begun in earnest, and a service provider has been engaged to digitalize the work of the Department across the country. Digitalization will provide a consolidated platform for the operations of the Rent Control Department while at the same time improving revenue generation and collection for the country.
I commend the Minister for Works and Housing for his leadership on these important initiatives in the housing space.
Distinguished Ladies and Gentlemen,
I believe the implementation of the National Rental Assistance Scheme will, among other things, provide a new pathway for Government to leverage its policy functions to streamline the rental sub-sector in respect of the quantity and quality of rental housing.
I am particularly excited to learn of the eligibility criteria that have been adopted in the selection of beneficiaries for the Scheme. It does not only support the call to synchronize all platforms with the National Identification System but also the data produced from the implementation of the Scheme will facilitate government efforts at expanding our revenue stream through the improved collection of Rent Tax.
I wish to take this opportunity to charge the Ministry of Works and Housing, not to renege on its oversight and supervisory responsibilities for the successful implementation of the Scheme. While doing same, I wish to call on all well-meaning Ghanaians to support this initiative. As a Government, we remain committed to the successful implementation of the Scheme for the benefit of every Ghanaian. Do not hesitate to go online to apply to the Scheme for support.
To conclude, it is evident that statutes play a key role in establishing the platform for good practices. Therefore, in order to strengthen the regulatory regime within the building and construction industry, I had the privilege to launch the Ghana Building Code in 2018. The code covers all essential areas necessary for the smooth and safe operation of the building and construction industry.
In a bid to efficiently operationalize the Building Code, it became necessary to review the current Building Regulations LI 1630 (1996) to reflect all aspects of the Building Code.
Thankfully, Parliament has considered and approved new Building Regulations, 2022 (L.I. 2465), which came into force on Tuesday, 29th November, 2022.
This New Building Regulations will help streamline activities within the building and construction industry as well as effectively enforce any current law for the building and construction industry.
On this note, Distinguished Ladies and Gentlemen, I hereby declare the National Rental Assistance Scheme duly launched.
Thank you, and May God bless our Homeland Ghana, and make our Nation Great and Strong.
