Dubai’s Abraaj buys majority stake in mortgage firm Ghana Home Loans

Dubai-based private firm Abraaj Group says it has acquired majority stake in Ghana Home Loans (GHL), a leading mortgage finance provider in Ghana.

Abraaj made the announcement today October 21, 2013 in a statement without given basic details of the transaction.

The company said it invested in GHL through one of its Funds without naming.

Commenting on the investment, Jacob Kholi, Partner at Abraaj Group, said “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 home-ownership growth in Ghana and in an under-developed industry that has huge potential.

Officials at GHL have confirmed the transaction. Dominic Adu, CEO of GHL said “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.”

Established in 2006, the GHL 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.

By Ekow Quandzie