Ghana's mortgage holders feel the pain as dollar climbs

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• Mark Smith 9 years ago

  The old African way of purchasing a land and building bit by bit is always the best way. Though slow and time consuming, you can always take a break in building during tough times. Credit availability is a great thing for eme ...
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  The old African way of purchasing a land and building bit by bit is always the best way. Though slow and time consuming, you can always take a break in building during tough times. Credit availability is a great thing for emerging markets but you cannot always predict future market or personal conditions accurately. I wish the guy well and the cedis will keep swinging up and down for a while. When dollar rates drop, he'll save money only to repay it to the lender when the rates go back up. TOUGH!

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• MR TRULY TRULY 9 years ago

  Yes , those living in Ghana taking mortgages can suffer the lost of jobs easily without compensations most times. Those diaspora loans in mortgages in Ghana can pay it even at apace of job lose but the increase in the mortgag ...
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  Yes , those living in Ghana taking mortgages can suffer the lost of jobs easily without compensations most times. Those diaspora loans in mortgages in Ghana can pay it even at apace of job lose but the increase in the mortgage interest rate being affected by the local currency can suffocate them to pay more than expected. That is why its better to build on your own with time without any stress from the banks. All these happen in a country where imports drains the foreign base cash flow are massively higher than export sales with less foreign cash inflow.

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• eii ghana 9 years ago

  if you have the money please build yourself at your own pace

  if you have the money please build yourself at your own pace

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• FWK AKUFFU 9 years ago

  Artificial middle class. Take four zeros off the cedi denominations and call it cedi power. Because 500,000 old cedis then became 50 new cedis. So you thought 1 us dollar was only 0.70 cedis worth, instead of 70,000 cedis. Wh ...
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  Artificial middle class. Take four zeros off the cedi denominations and call it cedi power. Because 500,000 old cedis then became 50 new cedis. So you thought 1 us dollar was only 0.70 cedis worth, instead of 70,000 cedis. What is Kuffour saying now? Only ghanains can accept this crap

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• Yaw Yeboah 9 years ago

  I would never use a mortgage facility in Ghana to purchase a house because of the crippling high interest rate. In Britain which has an established mortgage market the interest rate is less than 5%. Whereas in Ghana, the inte ...
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  I would never use a mortgage facility in Ghana to purchase a house because of the crippling high interest rate. In Britain which has an established mortgage market the interest rate is less than 5%. Whereas in Ghana, the interest rate is approximately 25%.
  It is preferable to purchase a plot and build at your own pace.

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• The Mask 9 years ago

  Many families are saying that blog.boachsoft.com is the most helpful family finance resource they have ever come across.

  Many families are saying that blog.boachsoft.com is the most helpful family finance resource they have ever come across.

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• kk 9 years ago

  I do read stories on individuals who take mortgages in USA and its horrible should u loose your job,that's when u feel the heat not to talk about other situations in Ghana .Once u can't pay u r evicted and just imagine no wo ...
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  I do read stories on individuals who take mortgages in USA and its horrible should u loose your job,that's when u feel the heat not to talk about other situations in Ghana .Once u can't pay u r evicted and just imagine no work n no place to put your head.It rather safe going for bank loan if u r a salaried worker and build at your own pace and less pressure

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• Hovah 9 years ago

  FIRST OF ALL. ANY SMART PERSON WILL NEVER MORTGAGE ANYTHING IN U.S CURRENCY OR ANY OTHER FOREIGN CURRENCY IF U RESIDES IN GH FOR THAT MATTER REGARDLESS OF HOW LOW THE INTEREST RATE MIGHT BE. IT WAS A DUMB MOVE ON HIS PART AND ...
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  FIRST OF ALL. ANY SMART PERSON WILL NEVER MORTGAGE ANYTHING IN U.S CURRENCY OR ANY OTHER FOREIGN CURRENCY IF U RESIDES IN GH FOR THAT MATTER REGARDLESS OF HOW LOW THE INTEREST RATE MIGHT BE. IT WAS A DUMB MOVE ON HIS PART AND NOW MUST PAY THE PRICE

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• Withheld 9 years ago

  Great comment

  Great comment

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• Patriot 9 years ago

  The purpose of this article is to fan up mistrust in the local currency (cedi)..therby creating a a high demand for dollars to further weaken the cedi in the interest of some selfish people...Wise up ghanaians and dont buy in ...
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  The purpose of this article is to fan up mistrust in the local currency (cedi)..therby creating a a high demand for dollars to further weaken the cedi in the interest of some selfish people...Wise up ghanaians and dont buy into this cheap propaganda..

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• JOSEPH 9 years ago

  CHINESE TAKING TRADING SPACES IN GHANA IS A PROBLEM THAT IS WHY CEDI KEEP FALLING BECAUSE THEY IMPORT EVERYTHING EVEN THE SHIT AND WHOSE FAULT CURRENT NDC GOVERNMENT. THEY SHOULDN'T BE EVEN OPPOSITION IN 2016 THEY SO USELESS ...
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  CHINESE TAKING TRADING SPACES IN GHANA IS A PROBLEM THAT IS WHY CEDI KEEP FALLING BECAUSE THEY IMPORT EVERYTHING EVEN THE SHIT AND WHOSE FAULT CURRENT NDC GOVERNMENT. THEY SHOULDN'T BE EVEN OPPOSITION IN 2016 THEY SO USELESS LIKE A TITS.

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• MR TRUELY TRUELY 9 years ago

  Joseph, you have open my eyes ooh. So the china has jobs rate is high, they produce massively in job creation. They export to earn hard currency. They do the trading themselves on your land, get profits & return it back to ch ...
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  Joseph, you have open my eyes ooh. So the china has jobs rate is high, they produce massively in job creation. They export to earn hard currency. They do the trading themselves on your land, get profits & return it back to china to boost their dollar base rate. Wow Ghana zero product, zero jobs, zero dollar so GH Cedi depreciation.

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• Kofi Sarpong 9 years ago

  If you are in your own country and u can't use your currency, this is what happens. And the government thinks, lending money from the IMF is the safe thing to do. Ghana economy is based on borrowing. Nothing is in Ghana that ...
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  If you are in your own country and u can't use your currency, this is what happens. And the government thinks, lending money from the IMF is the safe thing to do. Ghana economy is based on borrowing. Nothing is in Ghana that's for us. We are foreigners in our country.

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• ZZX 9 years ago

  Most of the so-called middle class take bribes to pay for the mortgages. Tell me how much these guys make on salaries?

  Most of the so-called middle class take bribes to pay for the mortgages. Tell me how much these guys make on salaries?

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• kweks 9 years ago

  GhanaWeb stop your conflicting stories on the Ghana cedi. Yiu read cedi appreciating and its problems then you scroll down a bit and you are confronted with cedi depreciating. Which is which. Stop the politics!

  GhanaWeb stop your conflicting stories on the Ghana cedi. Yiu read cedi appreciating and its problems then you scroll down a bit and you are confronted with cedi depreciating. Which is which. Stop the politics!

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• Joseph 9 years ago

  What do you Ghanaians want as to do with the CEDI's up or down

  What do you Ghanaians want as to do with the CEDI's up or down

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• show man 9 years ago

  It's a complete illusion or better said delusion to contemplate such a move. Ghanaians believe in very high taste. Why build plush mansions which comes with huge mortgages. Here in the UK some banks lend as low as 1.99 per ce ...
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  It's a complete illusion or better said delusion to contemplate such a move. Ghanaians believe in very high taste. Why build plush mansions which comes with huge mortgages. Here in the UK some banks lend as low as 1.99 per cent per annum. Yet we still struggle to pay our mortgages. You drive big cars and own big homes. Stop complaining or go hang. I don't know what is wrong with Ghanaians. You think a mortgage rate of about 13 per cent in dollars is affordable. It's absolutely no brainer to me.

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• anokwale 9 years ago

  The truth is that it makes more sense to rent in Ghana. Owning makes no sense when there is no resale market.

  The truth is that it makes more sense to rent in Ghana. Owning makes no sense when there is no resale market.

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• musa 9 years ago

  1ST IF YOU CANT AFFORD YOUR HOME YOU CAN LISTED FOR RENT WITH ALOCAL ESTATE AGENT FOR THE AMOUNT THAT COVERS YOU MORTGAGE LOAN THAT WAY WHILE YOPU NOT LIVING THERE YOUR LOAN GET PAID.

  1ST IF YOU CANT AFFORD YOUR HOME YOU CAN LISTED FOR RENT WITH ALOCAL ESTATE AGENT FOR THE AMOUNT THAT COVERS YOU MORTGAGE LOAN THAT WAY WHILE YOPU NOT LIVING THERE YOUR LOAN GET PAID.

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• jerry 9 years ago

  1-why are you not asking the bank to restructure your loan and work your missing payments into the loan amount?
  IF THE BANK ARE ASSHALES ,THEN FILE ALAW SUIT AGAINST THEM FOR FRAUD LET THEM PROVE THAT THE LOAN ACTUALLY CA ...
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  1-why are you not asking the bank to restructure your loan and work your missing payments into the loan amount?
  IF THE BANK ARE ASSHALES ,THEN FILE ALAW SUIT AGAINST THEM FOR FRAUD LET THEM PROVE THAT THE LOAN ACTUALLY CAME FROM THE BANK AND NOT SOME 3RD PARTY FUNDS? FORCE THEM AND ASK THEM TO PROVIDE YOU WITH A FULL BANK ACCOUNT LEGER PROVING HOW THE BANK "THE LENDER" CALCULATE WHAT IS OWED ON THE LOAN, HOW DID THEY CREDITED,DEBITED,AJUSTED AND AMORIZE THE MORTGAGE ACCOUNT, FORM ORIGINATION TIME TO THE PRESENT TIME.
  ASK THEM TO EXPLAIN WHAT RATIOS DID THEY USED TO QUILFY YOU AND GRANT YOUR LOAN THIS ALL TAKES TIME THE BANK CANNOT REPLY IMMD IT WILL THEN GIVE YOU TIME TO EITHER RENT THE PLACE OR SALE IT FOR THE PRICE YOU PAID HELPING YOU TO RECOVER THE CASH YOU INVESTED IN THE HOUSE SO FAR. REMMBER YOU NEVER DEFULTED EVEN IF YOU STOP PAYMENT SINCE THE ONLY ENTITY THAT CAN DECLAIRE DEFULT IS THE PERSON WHO FUNDED THE LOAN THAT GAVE THE ACTUAL MONEY,NOT SOME BANK THAT ACT AS SERVICER[WHICH ONLY COLLECT THE MONTHLY MORTGAGE PAYMENT ON BEHALF OF THE TRUE AND REAL LENDER THAT OWN YOUR LOAN AND GAVE YOU THE MORTGAGE LOAN ] DO NOT LEAVE THE HOME REMMBER EVEN IF THE BANK WIN IN COURT POSSESTIONOF THE HOME IS VERY IMPORTANT AND NO ONE CAT TROW YOU OUT OF THE HOME.TAKING YOU HOME IN GHANA BASE ON THE COURT SYSTEM TODAY SHOULD TAKE YEARS WHICH WILL ALLOW YOU TO LEAVE RENT FREE WHILE THE CASE PENDING IN GHANA COURT.FIGHT THE BANKSTERS DONT GIVE UP BROTHER

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• Democrat 9 years ago

  Rent out one bedroom to a trusted person as a short-term mitigation measure.

  Rent out one bedroom to a trusted person as a short-term mitigation measure.

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• Sen 9 years ago

  We applied for a home loan with Ghana home loans and I must say the service we got was the worse I've experienced. We are a couple based in the UK and through research found a property we liked in Ghana.We looked into mortgag ...
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  We applied for a home loan with Ghana home loans and I must say the service we got was the worse I've experienced. We are a couple based in the UK and through research found a property we liked in Ghana.We looked into mortgage finance and come into contact with Ghana Home Loans  through one of their  extensive and airbrushed advertisements .After much deliberation ,we decided to give them a try, which was the biggest mistake one could make especially if you are based  abroad.
  We applied for a home purchase  mortgage facility with a 45%down payment. Bear in mind we both have good credits even though mine has some minor  issues 5 years ago which has been sorted out. We even have a mortgage over here in the UK and have made almost 70%equity on our property so for us to be rejected we found that very suspicious  so i decided to investigate and to my surprise, I was told by my vendor that the same person I introduced them to from Ghana  home loan as  my representative, approached him offering to buy the same property I intended to buy.She was recorded saying the vendor should ignore me and sell the property to her and her husband for cash.
  I was also made to pay $500 into an account  they provided and was made to believe that everything was fine with my application and was even promised dates of disbursements of funds to my vendor for them to refuse it at the last minute. They promised to refund the $500 we paid but so far what we've got is "we are processing the refund " . We applied for the same loan with Hfc and they approved  it without any problems so the question I ask is :were we mislead to believe we will be getting a mortgage so we  can get pay $500 ?Imagine 20 application get refused a week and everyone pays $500 which they invest in a high interest account ?What do you think this company is making from this well orchestrated fraud ?I want this to be a lesson to most Ghanaians STAY AWAY FROM GHANA HOME LOANS.

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