The Abraaj Group has acquired a majority stake in Ghana Home Loans (GHL), a provider of residential mortgages in Ghana.
Established in 2006, GHL, headquartered in Accra, has a primary focus on the Ghanaian residential home buyer, offering mortgages for first time buyers, as well as buy to let, equity release, refinance and home completion products. It has also supplemented traditional mortgage lending with consumer education via housing fairs and seminars.
Jacob Kholi, partner at The Abraaj Group, says: “We are pleased to be backing an experienced local management team that has grown GHL into the market leader it is today, playing a key role in homeownership growth in Ghana and in an under-developed industry that has huge potential.
“We are confident that our support will now further drive scale and consolidate the business’ market leadership position, and build a world-class financial institution in terms of its operating systems, processes, human capital and ethics. We are also looking forward to creating greater operational efficiency through IT-enabled processes, and looking at broadening its portfolio to include new product offerings.”
Dominic Adu, chief executive of Ghana Home Loans, says: “Given the deep local experience that the Abraaj team has, we are confident that this is the perfect partnership for us. Together, we have laid out a clear plan for value creation for all stakeholders. We look forward to executing this plan together.”
