President Nana Addo Dankwa Akufo-Addo is optimistic Ghana will be a great place for private investors in all sectors of the economy to do business under his watch.
Speaking at a ceremony to officially cut the sod for the commencement of the affordable housing project by Appolonia City and Ghana Home Loans, President Akufo-Addo said the surest way to deal with Ghana’s housing deficit is through effective public and private partnerships.
He praised the private partnership being witnessed between Appolonia City and Ghana Home Loans.
Akufo-Addo urged the Project Partners to at all times play by the rules of the building industry in order to ensure that the Project does not suffer any undue legal and avoidable social challenges.
The Project
Appolonia City, Accra’s new city development, will build 100 affordable homes as part of a partnership with the country’s leading mortgage provider, Ghana Home Loans. The multi-million dollar project on six acres of land at Appolonia City will commence construction in the third quarter of 2017, with all 100 homes due for completion within 18 months. The project represents the first phase of a strategic partnership that aims to address the housing deficit in Ghana.
The project will benefit from Appolonia City’s high-quality infrastructure, including tarred roads, ICT networking and integrated safety and security systems, as well as social infrastructure, such as schools, clinics, open green space and shops – all at an affordable price, starting from $45,000.
The partnership brings together Ghana Home Loans, which is backed by Abraaj Group, International Finance Corporation and the Overseas Private Investment Corporation, and Rendeavour, the developer of Appolonia City, which is a unique partnership between the Chiefs, elders and community of the Appolonia stool in Ghana.
THE TWO PARTNERS
Ghana Home Loans
Ghana Home Loans is a home finance institution which operates under Bank of Ghana supervision as a non-bank financial institution. At present, the company remains the only such institution that focuses exclusively on the provision of mortgage products in Ghana. Ghana Home Loans is majority owned by the Abraaj Group, a global private equity institution with over $10 billion of assets under management. The International Finance Corporation, the investment arm of the World Bank Group, and the U.S. government’s Overseas Private Investment Corporation have provided financing to Ghana Home Loans.
Appolonia City
Appolonia City is a 2,325-acre (941-hectare) mixed-use and mixed-income urban development just 20km from the centre of Accra. The project includes a variety of social infrastructure underpinned by world-class construction and estate management services. Residential sales with a range of financing options are available by purchasing a plot to build your own house in Nova Ridge or an existing home at the Oxford development. Appolonia Business Park offers 70 acres (30 hectares) of modern commercial areas. The park is designed to accommodate a range of uses including manufacturing, processing, storage, logistics and service companies.
