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,” said
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 the market.”
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 laws.
About IFC
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
.
