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Tag Archives: mortgage

Government abandons Housing & Construction Bank plans

Samuel Atta Akyea - Works and Housing Minister

Government has ditched the idea of establishing a Housing Bank which was aimed at reducing the high cost of mortgage in the country. Works and Housing Minister, Samuel Atta Akyea who disclosed this to Citi Business News however says the new plan is to allow the existing banks access to relatively cheaper funds to offer mortgages at affordable rates. The ...

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Occupancy rate for new houses is 40% [Infographic]

Houses

At a time that Ghana is grappling with solving her worsening housing deficit, it is emerging that some property developers are also finding difficulty in getting occupants for their properties. As a result, most of them have begun counting their losses as the continuous delay compounds their interests to be paid on loans contracted from banks. Statistics available to Citi ...

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Ghana’s housing crisis: High supply outstrips low demand?

Houses

At a time that Ghana is grappling with solving her worsening housing deficit, it is emerging that some property developers are also finding difficulty in getting occupants for their properties. As a result, most of them have begun counting their losses as the continuous delay compounds their interests to be paid on loans contracted from banks. Statistics available to Citi ...

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Ghana’s housing crisis: Cost of construction escalates

bedroom 2

The cost of accommodation in Ghana continues to rise over the years due to the increasing cost of building materials. Coupled with this is the depreciation of the cedi which has an impact on the total cost involved in building a house in Ghana. In the second of our new series dubbed, ”Ghana’s housing crisis” which focuses on the industry’s ...

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Ghana’s housing crisis: Cost of land up by 450% in 13 years

land site 2

For years Ghana has been battling with finding a solution to its housing challenges. Figures from players in the housing sector show Ghana’s housing deficit ranges from 1.7 million to 2 million. Despite moves by successive Governments and the private sector to reduce the deficit, it appears the multiplicity of the problem makes it difficult to find solutions. In the ...

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HFC Bank upbeat of competition in mortgage offers

Anthony Jordan - MD, HFC Bank

HFC Bank has ruled out any fears of losing to competition in the mortgage industry with the coming on board of GHL Bank. Managing Director of HFC Bank, Anthony Jordan explains that the vast housing needs of customers make it necessary for more players to come on board to address the issue. Considered as one of the leading mortgage centered ...

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GHL Bank eyes top 5 banks’ slot by 2020

GHL 1

GHL Bank has stressed that its strategy will dwell on providing competitive banking services to meet clients’ needs. The former mortgage company is seeking to assume a slot among the top 5 banks within the next five years. GHL bank becomes the 35th bank in Ghana. The Board Chairman for GHL Bank, Albert Essien gave the assurances at the inauguration ...

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Cost of home loans drop to 30.6 %

HOUSES

The average interest rate on mortgage loans offered by commercial banks has dropped to 30.6 percent as at August 2017. This is down from the 31.2 percent recorded in July 2017. According to the Bank of Ghana (BoG)’s Annual Percentage Rate (APR) and Average Interest (AI) report, the Royal Bank now offers the highest interest on mortgages which is between ...

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Banks reduce mortgage loans over high NPLs – BoG

bog microfinance

Banks have begun tightening their stance on mortgages due to the rise in their Non-Performing Loans (NPLs). At least according to the Bank of Ghana’s latest banking sector report, the commercial banks decreased their loans for house purchases by some two percentage points from 8 to 5 percent as at June this year. The position by the commercial banks according ...

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Average mortgage rate stays at 33.1%; Bank of Africa offers highest

housing

The average interest rate for mortgage loans among commercial banks remained at 33.1% as previously recorded in June. According to the Bank of Ghana’s Annual Percentage Rate (APR)and Average Interest (AI) report, Bank of Africa still offers the highest interest on mortgages at 36.6 percent. Bank of Baroda however offers the lowest interest on mortgage loans with interest rates between ...

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