NATIONAL MORTGAGE, FINANCING AND GUARANTEE SCHEME ACT - 1976 (SMCD 23)

    Section - 2 - Objects of the Scheme.

    The objects of the Scheme are:-

    (1) to promote the financing of the construction of dwelling houses by private individuals for their personal occupation including the financing of the making of extensions and renovations to dwelling houses;

    (2) the financing of the construction of dwelling houses by organisations engaged in the business of building dwelling houses for sale or letting out to individuals for their occupation;

    (3) the provision by the Bank of Ghana, in this Decree referred to as the "Bank" of an indemnity in respect of losses incurred by financial institutions participating in the Scheme arising out of defaults in payment of loans granted by them under the Scheme;

    (4) the establishment by the Bank of a secondary mortgage market with a view mainly to providing for the liquidity when required of any financial institution participating in the Scheme.