Usually, the way renting of houses or properties in many African countries has been to pay an “advance”. This is a down payment for the unit in question. Here in Ghana, the same is done. The laws of the land stipulates that the rent price be set at six months’ rent in advance for down payment. But, that isn’t the reality on the ground. Private housing owners and landlords demand an advance down payment of two years or in some cases three years, before giving out their properties.
Most people struggle to pay these prices which are mostly exorbitant and higher than their monthly salaries. The government has therefore proposed a new rental scheme to assist with the current rent advance payment system. This scheme seeks to give out monetary or financial assistance to its beneficiaries to assist then with these costs.
Government is introducing the “National Rental Assistance Scheme” (NRAS). The scheme constitutes a portion of government’s initiatives in addition to reforms in various sectors of the economy to further enhance the quality of life of Ghanaians. The NRAS is to commence with a seed of GHc100 million. Furthermore, this project will crowd-in additional investment from the private sector to provide low interest loans to eligible Ghanaians. This would help them pay their rent advances.