Republic Bank Ghana in partnership with State Housing Company (SHC) has signed an agreement to make available quality and affordable homes to Ghanaians.
The partnership agreement which will span over two decades, will see the bank provide mortgage financing to the SHC.
The financing facility will offer the SHC 12 per cent mortgage rate for its nationwide affordable housing agenda.
Speaking at a short ceremony observed for the agreement signing, Managing Director of the State Housing Company, Kwabena Ampofo Appiah, said the nation’s number one builder, SHC is well-positioned to solve all housing needs of Ghanaians.
According to him, the investment is well aligned with wider efforts to close Ghana’s housing gap which is estimated at two million.
“The core mandate of SHC is to increase the availability of dwelling houses in Ghana by providing affordable houses in Ghana and quality is one thing we don’t compromise on,” he said.
He adds that accommodation facilities under the partnership will not sell over GH₵140,000.
On his part as the Managing Director of Republic Bank, Ghana, Farid Antar said the bank’s partnership with SHC is expected to improve the country’s relatively low mortgage finance penetration rate, which is one of the most critical factors contributing to the housing gap.
“Home financing will remain one of our key strengths, and we confirm the bank’s commitment to play our part to help reduce the housing deficit in the country,” he added.