Republic Bank recorded an overwhelming public turnout at the 2026 JoyNews-Republic Bank Habitat Fair. This high interest signals strong demand for homeownership and mortgage financing solutions in Ghana.
Dan Adjetey Morhenu, Republic Bank's Head of Mortgage Banking, described the turnout as “exciting.” He noted long queues formed at the Achimota Retail Centre even before exhibitors opened their stands. This keen interest led Republic Bank's mortgage team to extend operations beyond scheduled closing times on the opening day.
Ghana's housing sector faces a significant deficit, estimated at over 1.8 million units. This persistent demand for housing drives events like the Habitat Fair. The fair connects prospective homeowners with developers and financial institutions. Data from the Ghana Statistical Service indicates a growing urban population, further increasing housing pressure. Mortgage financing remains a critical component for many Ghanaians to achieve homeownership.
Mr. Morhenu stated, “It was exciting. I was quite surprised that even before we set up on Friday, there was a long queue at the mall.” He shared this insight on Joy FM’s Super Morning Show on Monday, August 24. This statement underscores the unexpected level of public engagement.
The strong public interest suggests a resilient desire for property ownership despite economic conditions. Financial institutions like Republic Bank must adapt their offerings to meet diverse income levels. The bank's approach to mortgage financing aims to make homeownership accessible to more Ghanaians. This includes flexible terms and fixed interest rates.
Republic Bank does not enforce a fixed minimum salary threshold for mortgage qualification. Instead, a customer's income determines the most suitable homeownership path. Lower-income individuals might start by acquiring land and building gradually. Higher-income earners can directly purchase completed properties. This flexible approach caters to a broader segment of the population.
The bank also highlighted its fixed mortgage rates. These rates offer customers greater certainty in managing their finances over the repayment period. This stability helps homeowners plan their budgets effectively. It also protects them from unexpected fluctuations in interest rates.
In 2022, Republic Bank assisted customers by refinancing US dollar-denominated loans into cedi facilities. This initiative helped many struggling homeowners manage their debt. Mr. Morhenu urged others facing similar challenges to approach the bank. He emphasized that customers should not abandon their properties. The bank is willing to consider flexible terms for eligible customers.
This strong public engagement at the Habitat Fair indicates continued market activity in Ghana's real estate sector. Decision-makers and financial institutions will monitor these trends closely. The demand for affordable housing and flexible financing solutions remains a key economic indicator. Future policy and banking products will likely respond to these observed needs. The central bank, for instance, might consider policies to support local currency mortgage financing.