Ghana Home Loans (GHL) has secured a £5 million loan facility from the Ghana International Bank (GIB), a wholly Ghanaian-owned bank based in London.
The facility will enable the GHL to meet the increasing demand for mortgages by overseas customers.
The Chief Executive Officer of GHL, Mr Dominic Adu, signed for the GHL, while the Chief Executive Officer of the GIB, Mr Joe Mensah, appended for his bank.
The agreement was witnessed by representatives of the two institutions including the Chief Operating Officer of the GHL, Mr Kojo Addo-Kuffuor and the Chief Operating Officer of the GIB, Mr Andrew Kairu.
After the signing ceremony in Accra, Mr Adu said he was optimistic that the loan facility would enable his outfit to write as much as 300 new mortgages that would offer 300 families decent accommodation.
“The loan would provide a stronger platform to enable us offer our customers more products in terms of construction loans to build their own homes, buy new houses, sell their houses and other educational and business purposes.”
“We are excited because this agreement has increased the number of our funders, especially as it is the first time we have secured funding from a purely private entity,” Mr Adu added.
For his part, Mr Mensah said the partnership demonstrated the bank’s commitment to support the country’s economic development, especially in the area of home market.
“Because we are so many miles away from Ghana, we partner indigenous organisations such as GHL and other financial institutions to support the local economy,” he stated.