Ghana Home Loans obtains
USD15.5 million to support housing finance
Accra, Jan. 12, Ghanadot/GNA – Ghana Home Loans, a
specialized mortgage provider in Ghana, and FMO, The
Hague-based Dutch Development Bank announced on Monday
that they have signed and partially disbursed a $15.5
million long-term facility to Ghana Home Loans.
This facility enables Ghana Home Loans to further grow
its residential mortgage lending portfolio and improve
better access to housing finance for Ghanaians,
according a statement e-mailed to the Ghana News Agency
in Accra.
FMO’s funding allows Ghana Home Loans to provide both
Cedi and US Dollars based loans to Ghanaians to enable
them to acquire, complete or improve their homes, the
statement said.
It said applicants were not required to open a bank
account with Ghana Home Loans or participate in any kind
of saving scheme before qualifying for a mortgage.
Dominic Adu, Chief Executive Officer of Ghana Home
Loans, said, “In light of the worsening global financial
crisis, and its consequent negative impact on mortgage
funding, we are, especially proud to have raised this
long term facility for Ghanaians. It shows investor
confidence in our business model and further
demonstrates Ghana Home Loans’ commitment to doing all
we can to make housing easier and accessible to
Ghanaians”.
Ruurd Brouwer, Director, Financial Institutions of FMO,
said, “The huge gap between demand and supply of
affordable housing finance solutions is recognized as
one of the biggest challenges in emerging economies.
“In these turbulent financial times, FMO remains
committed to invest in sustainable business models that
deliver these housing solutions. Our long term facility
will capacitate Ghana Home Loans to further improve
access to housing finance in the Ghanaian market and
will enable Ghana Home Loans to introduce new innovative
products."
Ghana Home Loans is currently the leading mortgage
finance institution in Ghana with loan advances and
commitments of over USD40 million.
Ghana Home Loan's key objective is to leverage
information technology and modern mortgage finance
techniques to consistently provide Ghanaians with
competitively priced long term mortgage finance to
facilitate home ownership and to become the pre-eminent
mortgage finance institution in Ghana and eventually
within the region.
Shareholders of Ghana Home Loans include Standard Bank
(South Africa), FMO (The Netherlands), Broad Cove
Partners (USA), and the Company’s staff.
GNA
