New Patriotic Party (NPP)
1. To address the short-to-medium term market failures in the renter-segment of the housing market, the next NPP Government will establish a National Rental Assistance Scheme (NRAS).
In partnership with the private sector, the Scheme will provide low-interest loans to eligible Ghanaians to enable them pay rent advance.
These loans will be repaid on a monthly basis to match the tenor of the rent, and will be insured to ensure sustainability.
Government will seed the Scheme with GH¢100 million which will be leveraged to crowd in additional investment from the private sector.
The Scheme will target individuals (both in the formal and informal sectors) with identifiable and regular income. The rent advance loans will be paid directly into the bank accounts of landlords, who would have to register with the Scheme.
2. As part of our interventions, we will implement the necessary regulatory, institutional, and operational reforms of the Rent Control Department, including the digitisation of their
operations, to enhance delivery, and make it better able to serve the changing needs of market players, including landlords and tenants. A new Rent Control Act has been drafted for review by Cabinet in this direction.
National Democratic Congress (NDC) (Page 24)
a. engage landlords, real estate investors and tenants to review the Rent Act to provide tax incentives to landlords and real estate investors to reduce the cost of rent advance for residential and commercial purposes.
b. restructure rent control office into Ghana Rent Authority to effectively implement the new Rent Act in the interest of tenants and landlords.