Ghana Politics

Tenants Association express gratitude to government for promising to pay rent as loans

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Members of the Tenants Association of Ghana have actually shared appreciation to the government for the promise to modify as well as change the current rent law and institute the National Rental Assistance Scheme (NRAS).
The Organization shared its admiration when its leadership paid a courtesy call Vice President Dr Mahamudu Bawumia at the Jubilee House on Wednesday, 2 September 2020.
Housing and also cost of lease, along with regulations regulating them, are of great worry to the majority of Ghanaians.
The NRAS, as a result, is a campaign pledge by the President, Akufo-Addo and the New Patriotic Event (NPP) to provide low-interest loans to eligible Ghanaians to allow them pay rental fee advance.
The NRAS will be seeded with GHS100 million.
Dr Bawumia included that the government’s real estate policy would certainly put an emphasis on social real estate for the poor.
Talking at the NPP’s policy launch on Saturday, 22 August 2020, Dr Bawumia said that in his evaluation, the problem of lease has lingered due to the fact that “there is a market failing between what the tenant desires and what the owner wants and this is why the government has chosen to come in and bridge this market failure by establishing the National Rental Aid Scheme”.
Dr Bawumia described that “under this scheme, if you work and also we can deduct on a regular basis from your revenue, the National Rental Assistance Scheme will provide you a loan to pay your [lease] allocation however we are paying this not to you but to your landlord and it will be deducted monthly as you ‘d typically pay, so, we are bringing this”.
“You need to have a formal work”, he clarified, “which will certainly enable us or somebody that will ensure to make sure that you can pay, but it is very vital that we address this and also we are most likely to be putting in place GHS100 million for the National Rental Assistance Scheme and work with the private sector to crowd in more to make sure that we can get this done and release a great deal of individuals of the burden”.

Source: Ghana Waves

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