Accra, Ghana, November 18, 2008—IFC,
a member of the World Bank Group, will invest in Ghana Home Loans to help
the specialized mortgage provider boost residential mortgage lending and
provide better access to housing finance for Ghanaians.
IFC will acquire an equity stake of
approximately 14 percent equity in Ghana Home Loans. The investment, which
is part of IFC’s Ghana Mortgage Market Initiative, will strengthen Ghana
Home Loan’s equity base, enable the company to develop an additional platform
for mortgage lending, and raise origination, underwriting, and servicing
standards. IFC is also providing advisory services to Ghana Homes Loans.
“We are delighted to have IFC as a
partner in our business, given our shared commitment to creating a vibrant
residential home loans market in Ghana and across the African continent,”
Dominic Adu, Chief Executive Officer
of Ghana Home Loans. “IFC’s investment and expertise will enable Ghana
Home Loans to reach out to people who dream of becoming homeowners.”
James Scriven, IFC Director for Global
Financial Markets, said: “Lack of access to affordable housing finance
in Africa is a major impediment to increased living standards. Our investment
in Ghana Home Loans supports an innovative mortgage originator that is
committed to bringing affordable and novel housing finance solutions to
IFC has invested in and provided advisory
services to several banks in Ghana as part of its Ghana Mortgage Market
Initiative. IFC also has supported improvements to the regulatory environment
for mortgage lending in Ghana and has advised regulators on new mortgage
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.
About Ghana Home Loans
Ghana Home Loans is the only specialized
mortgage finance institution in Ghana. Its key objective is to take advantage
of information technology and modern mortgage finance techniques to consistently
provide clients with competitively priced long term mortgage finance. Loan
applicants are not required to open a bank account with Ghana Home Loans
or participate in any kind of saving scheme before qualifying for a mortgage.
For more information, visit www.ghanahomeloans.com.