OPIC supports GHL Bank to build homes at Appolonia City

Overseas Private Investment Corporation (OPIC), a US Government development finance institution, as part of playing a key role in the development of housing in Ghana, has pledged to support GHL Bank with financing to build homes at Appolonia City.

In helping the country address a demand for affordable housing that significantly exceeds supply, where the price of housing and a widespread lack of access to financing remain the most significant barriers to homeownership, GHL Bank has partnered with Appolonia City developer Rendeavour to build a pilot project of 100 affordable homes with plans to expand the development to over 2,000 homes with support from their financier, OPIC.

Since 2006, OPIC has previously provided $60 million in financing to GHL Bank to support mortgage lending to low- and middle-income borrowers.

Executive Vice President of OPIC, David Bohigian on Monday, January 8th, joined the CEO of Appolonia City Bright Owusu-Amofah and GHL Bank COO, Kojo Addo-Kufuor for a commencement ceremony at Appolonia City for the construction of low and middle-income homes.

Addressing the media, the Executive Vice President of OPIC David Bohigian said they are pleased to work again with GHL Bank on a project with many developmental benefits for the country as housing for low and middle-income families is crucial for economic growth.

David Bohigian’s visit to Appolonia City follows that of President Akufo-Addo in November when he announced the affordable housing project.

COO of GHL Bank, Kojo Addo-Kufuor thanked OPIC for being a “long-term supporter that brings the vision and financial might of the United States to rapidly develop Ghana”.

Frank Mosier, Rendeavour’s Chairman and lead US investor said “OPIC’s presence at Appolonia City helps Rendeavour’s mission to provide quality affordable housing, using American products and services to the benefit of both the US and Ghana.

CEO of Appolonia City, Bright Owusu-Amofah expressed his excitement indicating how fortunate they are to have the support of government by creating an enabling environment for the private sector.

Moreover, he said, "The GHL project is the first of its kind here in Ghana and we are delighted to have such partners to understand the need for the provision of home financing thereby helping to reduce the strain on housing deficit in the country”.