The State Housing Company (SHC) Limited has joined forces with the Republic Bank to offer favourable mortgage terms to clients.
The two parties have signed a memorandum of understanding (MoU) to formalise the arrangement.
The Managing Director of SHC, John S. Bawah, after the signing ceremony in Accra, said the ultimate objective of the partnership was for the developer and the finance company to work together to make housing more accessible to majority of Ghanaians.
“When we took office, we realised that housing was not only a supply problem but there were challenges on the demand side, and the biggest challenge was that of access to financing.
So, one of the first things we did was to create a desk to provide mortgage facilitation for people that wanted to buy home financing, and that is what has developed into what we are here to do today,” he explained.
Home ownership
Mr Bawah said the initiative was significant, and therefore expressed the hope that it would herald the start of a very strong and sustainable partnership based on Republic Bank’s long history of supporting home ownership in the country.
“It is no coincidence that SHC’s first such partnership is with the Republic Bank because as far as the history of housing support and financing is concerned in the country, the bank has been at the forefront,” he added.
The SHC Managing Director was, therefore, hopeful that both institutions would open doors for a lot more Ghanaians to access better interest rates, better conditions that were slightly more flexible.
Mr Bawah was confident that SHC would continue to deliver on its 70-year heritage of delivering quality affordable homes, saying that the numbers, going forward, would continue to increase and more people would qualify for mortgage.
Commendation
The Managing Director of the Republic Bank, Benjamin Dzoboku, for his part, commended the SHC for taking the bold initiative to help address housing deficit in the country.
He said the bank believed that mortgage represented security for families, stability for communities and legacy for generations.
In that regard, Mr Dzoboku said the objectives of SHC virtually aligned with that of the objectives of the bank.
He was, therefore, hopeful that the partnership would be successful and impactful for the people of Ghana.
