John Dramani Mahama urges diaspora to use $1bn mortgage initiative

President John Dramani Mahama has encouraged Ghanaians living in the Caribbean and other parts of the diaspora to take advantage of a newly introduced $1 billion mortgage initiative. Speaking in Antigua and Barbuda during the Commonwealth Heads of Government Meeting (CHOGM), the President highlighted the scheme as a pivotal tool for making homeownership more accessible and secure for citizens residing abroad. The initiative is designed to provide a structured financial pathway for the diaspora to contribute to and benefit from the domestic real estate market.

The mortgage program allows beneficiaries to spread property payments over a period of 15 to 20 years through formal financial channels. By utilizing this framework, President Mahama noted that Ghanaians abroad can mitigate the significant risks often associated with informal property investments and family-led construction projects, which frequently lead to litigation or financial loss. He emphasized that this secure route ensures that hard-earned remittances are protected while directly supporting the national housing stock.

Beyond the diaspora, the initiative is structured to bolster homeownership for public sector workers across all 261 districts in Ghana. The government intends to engage essential service providers, including teachers, nurses, doctors, and civil servants, offering flexible mortgage terms that are repayable through salary deductions. This broad approach aims to address the national housing deficit while providing economic stability for professionals working within the country.

During his engagement, President Mahama also underscored the current stability of the Ghanaian economy, expressing confidence that the diaspora remains well-informed about the positive developments at home. The outreach in Antigua forms part of a broader strategy to strengthen ties with the global Ghanaian community and attract sustainable investment. The President's participation in the CHOGM summit also included high-level discussions on trade and international cooperation.