OPIC to increase investment, deepen trade ties

The Executive Vice President of the Overseas Private Investment Corporation (OPIC), David Bohigian, has assured of more investment in the economy and deepening trade and investment ties between the US and Ghana.

“OPIC’s portfolio in Africa, over the past fifteen years, has moved from US$1billion to US$7billion and represents a quarter of OPIC’s overall portfolio. The Trump administration intends to build upon those successes.

“Earlier this year I represented the President’s Council on Doing Business in Africa, and I can tell you that the Trump administration is committed to opening paths to doing more business through trade and investment with Africa.”

He added during a visit to the Appollonia City site in Accra that: “At OPIC, we intend to continue building on the successes of Power Africa. So, I think as more and more U.S investors continue to see the opportunities in Africa and Ghana they will be able to build on the successes and continue to increase our portfolio”.

The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets.

OPIC also 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.

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On Appolonia City visit

Commenting on the projects currently ongoing at Appolonia City, Mr. Bohigian was upbeat that they will help bridge the housing deficit in the country at a more affordable price.

“It is really a thrill to see this site you have developed from a vision to a community. OPIC’s work with Ghana Home Loans provides more affordable housing to people, as the terms offered are longer and go beyond a simple ten-year mortgage,” he said.

CEO of Appolonia City, Bright Owusu-Amofa, urged government to continue supporting the real estate sector by providing an enabling environment for the private sector to thrive.

“We are fortunate that the government is supportive of our projects and the wider push to provide the private sector to provide the much-needed housing stock this country requires. We also look forward to special engagements regarding special economic zone status for Appolonia City,” he said.

He further stated that the partnership between his outfit and the GHL Bank will see to it that affordable housing is provided for the country’s growing middle class.

Also speaking at the event, Kojo Addo-Kufuor – Executive Director Business, GHL Bank – thanked OPIC for providing it with the needed funds that have enabled his outfit to transition into a bank.

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“In 2006 we set out to establish Ghana Home Loans, and at the time we had no idea where the funding was going to come from. Our enquiries took us to OPIC, and within less than a year US$30million had been established for us to start the business. Since then we have raised another US$30million from OPIC, making it US$60million. It has been the anchor-financing that has made Ghana Home Loans possible, and the transition to become GHL bank,” he said.

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