Ghana Home Loans Limited (GHL), the only dedicated mortgage specialist in Ghana, has recently signed a memorandum of understanding with the International Finance Corporation (IFC), the private sector arm of the World Bank Group, to collaborate in the provision of long term Cedi funding for the residential mortgage market.

Under the arrangement, IFC will 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 underlines IFC’s commitment to support the development of the mortgage market and housing finance in Ghana. Ms. Imoni Akpofure, IFC’s country manager for Ghana, said, “IFC is pleased to have GHL as an additional participating bank in the initiative. 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 African countries”

Signing on behalf of GHL, Dominic Adu, CEO, said – “We at Ghana Home Loans are delighted to have the IFC as a potential funding partner given our mutual commitment to making the purchase of residential homes affordable and easier for Ghanaians”.

Earlier this year, GHL (www.ghanahomeloans.com) signed a $30mm long term credit facility with OPIC, a US agency, for the provision of 15-year fixed rate residential mortgages in Ghana.