The Ghana Home Loans has begun moves to raise Gh¢380 million Ghana Cedis through domestic bonds on the Ghana Alternative Market.
Over the years, the company has relied on foreign investors to finance its operation. Its management now wants to give Ghanaians the opportunity to invest in the company to benefit from its fortunes.
The CEO of the company Dominic Adu told Starr Business the money will help the company to provide more affordable houses to help the nation tackle its housing deficit.
“Well, that Gh¢380m should be able to provide accommodation to about 10,000 Ghanaians. That should be able to allow Ghanaians to buy about 2,500 homes, it is moderate but makes a dent into the Gh¢ 1.7m deficit.”
He added that the money will be raised over a three-year period. “It’s not Gh¢ 380m being raised today; it is a Gh¢ 380m being raised over a period of 3 years. So whenever we need money we will come to the market to raise it.”
“As we speak today, at this launch, we are looking to raise the equivalent of Gh¢ 5m which is approximately Gh¢20m.
“We have raised that same amount of money over the last four years, we raised that from offshore. What we are trying to do is indigenize the fund raising capability, so yes we are very certain that we can raise it over the three years.”
By Osei Owusu Amankwaah
