Ghana Home Loans to commence operations as mortgage bank in 2017

Nov 18, 2016

The company is in the process of meeting the requirements to commence operations as a bank

Ghana Home Loans (GHL) a mortgage finance institution which operates under the supervision of Bank of Ghana as a non-bank financial institution has made it known that it will start operating as a bank early 2017. The CEO of GHL, Mr. Dominic Adu, hinted that the company is in the process of meeting the requirements to commence operations early 2017. "We have a provisional banking license that comes with conditions that we are satisfying now; included is the minimum capital requirements, recruitment requirements, manuals and technology deployment among others." "We may take time to fine tune exactly the products and systems to make sure they are up to the level that we expect our customers to experience so maybe in the second-third quarter you should see GHL Bank" he said. GHL is currently the only company that focuses exclusively on the provision of mortgage products, and the prospective bank
aims to change the phase of mortgage banking in Ghana. GHL will join Sovereign Bank, Omni Bank and Premium Bank who recently joined the community of universal banks operating in Ghana. With a decade experience in Mortgage finance, GHL listed tranche 1 and 2 of its 100 million dollar 5 year bond issued this year on the Ghana Fixed Income Market (GFIM). With this development, GHL has commenced trading of 5 million dollars of the total amount issued on the GFIM beginning from Thursday, November 17, 2016.