)
This according to him was due to the problem of high rent and long rent advance.
He made this known at a press conference on Monday, October 26, 2020.
He said the "government will in effect pay the rent Advance for you, and you pay the rent monthly to the scheme.
"In effect then, the NPP government in its next term will eliminate the big problem of rent advance facing the youth and indeed many other Ghanaians."
)
)
)
He explained that the government in its second term would implement the move through the National Rental Assistance Scheme – a new, novel, and a revolutionary scheme that would among other things provide low-interest loans to eligible Ghanaian youth solely to enable them to pay for rental accommodation adding that the beneficiary youth would repay the loans on a monthly basis.
He said the government would also set up seed capital of GH¢100 million, which would serve the purpose of leverage to attract additional investment from the private sector.
The "government will implement the necessary regulatory and operational bodies to anchor the policy...Indeed as we speak, a new Rent Control Act has been drafted for review by Cabinet in this direction. So basically, when this National Rental Assistance comes into being in the next NPP government, the big problem of two to three years Advance rent would greatly reduce, if not ended," he stated.