GHL Bank opens, pledging “affordable” mortgages

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Ghana Home Loans has transformed into a universal bank, to be known as GHL Bank, and is hoping to use its new deposit taking position to mobilise funds and be able to offer cheaper mortgages.

Albert Essien is the Board Chairman of the new bank, and at its launch, he said “these should be good times” for mortgage takers, saying the banking licence presents the company an opportunity to source cheaper funds through deposits as against much dear funding sources.

“Hitherto, we had always been borrowing from our lenders for our mortgages. It is good that we also have an opportunity to mop up deposits so we can manage our own liquidity,” he said.

“GHL Bank’s entry into the universal banking space has been long awaited. We have taken time to develop a very strong and effective corporate governance structure and we are poised to execute unflinchingly on the many expectations of our clients, shareholders and regulators.”

“There is a lot of opportunity in property financing in our country and these should be good times for those who would seize the chances being offered. This is the time to meet the needs of our clients, satisfy the requirements of our regulators and contribute immensely to the economy of Ghana with robust strategies,” Mr. Essien added.

With banks charging an average of 30percent on mortgage financing, and with salaries generally very low in the country, mortgages are a no go area for many Ghanaians, including working class people.

Widening the horizon

The CEO of GHL Bank, Dominic Adu, said they are keen on working with government and building partnerships to make mortgages affordable and creating the environment to making home ownership much easier.”

As the leading mortgage lender in the country, he said Ghana Home Loans achieved a lot, except that the housing and home ownership situation in the country is nowhere near satisfactory, which is why the company took the decision to move a notch higher in the journey of transforming the housing industry.

“We are transforming into a universal bank in order to grow and expand our existing offering, to help the average Ghanaian fulfill their dream of acquiring their own home, coupled with the option to buy land, as well. As a universal bank, we believe we would have the added advantage to operate in the housing market,” he said.

“We have the experience and the knowhow to better serve our clients and help more people realise their dreams of home ownership. Today, as GHL Bank, our vision is to be the foremost bank for wealth creation.”

Mr. Adu added that the strategy would be to build on the impressive foundation of GHL to deliver a truly unique experience to clients, including a comprehensive range of personal, private, and business banking solutions.