Private equity firm Abraaj Group has acquired a majority stake in Ghana Home Loans.

The acquisition is the latest example of private equity firms looking to Africa for deals, drawn by a growing middle class and increased consumer spending.

In June, Abraaj acquired West Africa dairy firm Fan Milk International.

Accra-based Ghana Home Loans is focused mainly on offering residential mortgages for first-time buyers, buy to let, equity release and home completion products.

Abraaj gave no details on its payment for the stake.