When Roland Akwei-Sekyere ’24, Kwadwo Asare Debrah ’24, and Kwasi Boamah Tano ’24 learned about Ghana’s housing market, they were struck by a stark fact: despite a rise in residential structures since 2011, the country still faced a housing deficit of 1.8 million as of 2022. Moreover, about 60% of Ghana’s urban population requires government assistance to access decent housing facilities, according to the Ministry of Finance. The three Business Administration students decided to tackle this issue by developing a mortgage financing model to make homeownership more affordable for more Ghanaians.
Partnering with Ghana Commercial Bank’s Real Estate Investment Trust (GCB REIT), the students aimed to bridge the gap between income levels, home affordability, and real estate investor returns.
Guided by Duke George Blankson, a seasoned quantity surveyor with over three decades in the built environment—and an Ashesi parent—the students spent a year refining their model. The team also collaborated closely with Wilson Kyeremeh, Manager at GCB REIT, to ensure their proposal was both practical and impactful.
After several iterations, the team devised a model inspired by airline ticket pricing tiers. Their approach leverages investment funds to subsidize mortgages for lower-end buyers by offsetting costs with mortgages for higher-end buyers.
“We ran feasibility simulations using scenario and sensitivity analysis,” the team explained. “Our model’s dynamic nature allows clients to simulate various investment and purchasing power scenarios and assess outcomes under different conditions. The proposal made homeownership financing 50% more affordable than traditional mortgage plans in similar scenarios. Moreover, it integrates seamlessly into existing housing financing systems.”
Project supervisor Duke Blankson praised the students’ work as highly innovative.
“I haven’t seen any company in Ghana approach mortgage financing this way,” he said. “If we’re going to overcome housing shortages, we need to build homes at lower costs that are affordable to more Ghanaians.”
