Mortgage Company signs MOU with IFC

Accra, Oct. 10, GNA - Ghana Home Loans Limited (GHL), a dedicated mortgage specialist in Ghana, has signed a Memorandum of Understanding (MOU) with the International Finance Corporation (IFC), the private sector arm of the World Bank, to provide long-term cedi funding for the residential mortgage market.

A statement issued in Accra on Tuesday said under the arrangement, IFC would consider providing partial credit guarantees to potential investors in order to attract long-term financing to GHL, as well as provide the Company with technical assistance related to mortgage underwriting and servicing.

The MOU was signed by Mr Dominic Adu, Chief Executive Officer of GHL, and Ms Imoni Akpofure, IFC's Country Manager for Ghana. It gave no details of the money involved.

The statement said the MOU underlined the IFC's commitment to support the development of the mortgage market and housing finance in Ghana.

"IFC is pleased to have GHL as an additional participating bank in the initiative," Ms Akpofure said.

"The development of the mortgage market is critical for the growth of any economy and IFC will continue to support it in Ghana and other Sub-Saharan countries," she said.

Mr Adu said: 'We at Ghana Home Loans are delighted to have the IFC as a potential funding partner given our commitment to making the purchase of residential homes affordable and easier for Ghanaians.'

Earlier this year, GHL signed a 30 million-dollar long-term credit facility with OPIC, a US agency, for the provision of 15-year fixed rate residential mortgages in Ghana.