The Republic Bank Ghana Limited has partnered the State Housing Company (SHC) to tackle the housing challenges facing the country.

Under the partnership, Republic Bank would provide funding to SHC to build new houses and support the public to secure mortgage to acquire houses from the SHC and pay over a period of twenty years.

Speaking to the media after the two organisations signed a Memorandum of Understanding (MoU) to effect the partnership, the Managing Director (MD) of SHC, Kwabena Appiah Ampofo said the move formed part of the commitment of the SHC to solve the housing problem facing the country.

He said the interest on twenty-year mortgage scheme had been pegged at 11.9 per cent, more than fifty per cent below the current rate for mortgage in the country.

Mr Ampofo said there was an urgent need for the country to address the housing deficit in view of the increasing population.

The MD said data from the Ministry of Works and Housing indicated that the country was facing a housing deficit of about 2 million housing units.

 Mr Ampofo said the houses to be constructed across the country on demand basis, would be in the ranges of one bedroom, two-bedroom and apartment units.

Mr Ampofo said SHC chose to partner with Republic Bank to provide mortgage for the public in view of the bank’s expertise in providing mortgage schemes, adding that the bank’s rate was the lowest on the market.

The Managing Director of Republic Bank, Farid Antar said that there was the need for all stakeholders to address the growing housing deficit in the country.

He said the focus of the previous HFC Bank which the Republic Bank took over was on housing and that legacy continued.

Mr Antar said the scheme was opened to both public servants and the informal sector workers.

 Mr Antar entreated the public to take advantage of the scheme to purchase a house in any part of the country.