Mortage sector gets major boost as Ghana Home Loans secures US$10m credit facility
The Ghana Home Loans (GHL) has secured a US$ 10million credit facility from the ECOWAS Bank for Investment and Development (EBID), to expand the company’s operations.
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The facility is expected to enable the company increase the volume of mortgage loans in the country. The facility is in line with the bank’s objective to contribute to the infrastructure development in ECOWAS member states.
The Chief Executive Officer of GHL, Mr Dominic Adu, signed for the GHL, while the President of EBID, Mr Bashir Mamman Ifo, appended for the bank.
After the ceremony in Accra, Mr Adu said he was optimistic that the loan facility would enable the GHL to write as much as 300 home loans, which would provide shelter for approximately 1,500 individuals.
“I express our profound gratitude to the bank for reposing their confidence in us and granting us the facility which increases our capacity to make the dreams of many Ghanaians to own their homes a reality,” he said.
He indicated that the results of the facility was indirectly sustaining more than 100 jobs and contributing about US$500,000 to the state through stamp duties and taxes on the earnings of GHL and its employees.
“Given the confidence reposed in us, we will in return assure you that not only will we ensure the spread of the benefits of this facility beyond GHL but further promise to fully live by the obligations it imposes upon us,” he added.
EBID’s commitment to Ghana
Mr Mamman Ifo indicated that the facility to GHL brought EBID’s exposure to the Ghanaian private sector to about US$160million.
He said the bank would continue to support the development of the public and private sectors in Ghana and other ECOWAS member states in line with its mandate. — GB