OPIC Executive Vice President Highlights Affordable Housing Project in Ghana
Executive Vice President of the Overseas Private Investment Corporation (OPIC) David Bohigian today joined Appolonia City Chief Executive Officer Bright Owusu-Amofah and GHL Bank Chief Operating Officer Kojo Addo-Kufuor for a construction commencement ceremony at Appolonia City.
OPIC, the U.S. Government’s development finance institution, is playing a key role in the development of affordable housing in Ghana through the agency’s support for GHL Bank, the country’s largest mortgage provider.
OPIC has provided $60 million in financing to GHL Bank to support mortgage lending to low- and middle-income borrowers, helping the country address a demand for affordable housing that significantly exceeds supply. 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.
“Housing for low- and middle-income families is crucial for economic growth in Ghana where the need is critical,” said Bohigian. “OPIC is pleased to work again with GHL Bank on a project with many developmental benefits for Ghana.”
Bohigian’s visit to Appolonia City follows that of President Nana Akufo-Addo in November, when the Ghanaian leader announced the affordable housing project.
During Bohigian’s visit, Addo-Kufuor thanked OPIC for being a “long-term supporter that brings the vision and financial might of the United States to rapidly development Ghana.”
Frank Mosier, Rendeavour’s chairman and lead U.S. 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 United States and Ghana.”
About OPIC (www.opic.gov)
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets. Established in 1971, OPIC provides businesses with the tools to manage the risks associated with foreign direct investment, fosters economic development in emerging market countries, and advances U.S. foreign policy and national security priorities. OPIC helps American businesses gain footholds in new markets, catalyzes new revenues and contributes to jobs and growth opportunities both at home and abroad. OPIC fulfills its mission by providing businesses with financing, political risk insurance, advocacy and by partnering with private equity investment fund managers.
About GHL Bank (www.ghlbank.com)
GHL Bank is a home finance institution which operates under Bank of Ghana supervision as a non-bank financial institution. At present, the company is the largest provider of residential mortgage products in Ghana. The Company is majority owned by the Abraaj Group, a global private equity institution with over $10 billion of assets under management.
The International Finance Corporation, the investment arm of the World Bank Group, and the U.S. government’s Overseas Private Investment Corporation have provided long term financing to GHL Bank.
Since its inception in 2006, GHL Bank has disbursed mortgages of about $200 million through its financing products which include Home Purchase Mortgages, Home Equity Mortgages, Home Completion Mortgages and Home Construction Mortgages.