OPIC visits Rendeavour housing project in Ghana

Executive Vice President of the Overseas Private Investment Corporation (OPIC) David Bohigian today joined Appolonia City Chief Executive Officer Bright Owusu-Amofah and GHL Bank Chief Operating Officer Kojo Addo-Kufuor for a construction commencement ceremony at Appolonia City, the Rendeavour satellite city development in Greater Accra.

OPIC, the U.S. Government’s development finance institution, is playing a key role in the development of affordable housing in Ghana through the agency’s support for GHL Bank, the country’s largest mortgage provider.

OPIC has provided $60 million in financing to GHL Bank to support mortgage lending to low- and middle-income borrowers, helping the country address a demand for affordable housing that significantly exceeds supply. GHL Bank has partnered with Appolonia City developer Rendeavour to build a pilot project of 100 affordable homes, with plans to expand the development to over 2,000 homes.

“Housing for low- and middle-income families is crucial for economic growth in Ghana where the need is critical,” said Bohigian. “OPIC is pleased to work again with GHL Bank on a project with many developmental benefits for Ghana.”

Bohigian’s visit to Appolonia City follows that of President Nana Akufo-Addo in November, when the Ghanaian leader announced the affordable housing project.

During Bohigian’s visit, Addo-Kufuor thanked OPIC for being a “long-term supporter that brings the vision and financial might of the United States to rapidly development Ghana.”

Frank Mosier, Rendeavour’s chairman and lead U.S. investor, said, “OPIC’s presence at Appolonia City helps Rendeavour’s mission to provide quality affordable housing, using American products and services, to the benefit of both the United States and Ghana.”