The Abraaj Group, a leading investor operating in growth markets, today announced its acquisition of a majority stake in Ghana Home Loans (“GHL”), the leading provider of residential mortgages in Ghana.
Established in 2006, GHL, headquartered in Accra, 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. It has also supplemented traditional mortgage lending with consumer education via housing fairs and seminars.
Abraaj has invested through one of its Funds in a firm that operates at the intersection of real estate and financial services, two of the fastest growing sectors in Ghana and the wider West African sub-region.
Commenting on the investment, Jacob Kholi, Partner at The 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 homeownership growth in Ghana and in an under-developed industry that has huge potential.”
Dominic Adu, CEO of Ghana Home Loans, 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.”
Abraaj has a strong track record of investing in the country, with its experience dating back to the mid-1990s. Earlier this year Abraaj completed the largest African FMCG private equity transaction in Sub-Saharan Africa, outside South Africa, with the acquisition of Fan Milk International.
Source: Official statement
