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Report: Ghanaian mortgage financing firm gets banking license

Ghana Home Loans, the West African country's largestmortgage financing firm, received a provisional banking license from theBank of Ghana earlierin 2016, Citi Business News reported July 7.

The license will allow Ghana Home Loans to operate as auniversal bank, according to the report. The Ghanaian Securities and ExchangeCommission, meanwhile, approved the company's plans to launch a domesticmedium-term loan program, through which it will be able to access 380 million Ghanaiancedis of market funding.

The bank will also issue MBS in either dollars or cedis, aswell as pursue a listing of the company on the Ghana Alternative Market, CitiBusiness News added.

Shareholders listed on its website are the firm'smanagement and the Aureos Africa Fund, which countsvarious development finance funds among its own shareholders.

Ghana at the end of March had 29 banks, with 14 of thesedomestically controlled, according to data from the central bank. The newsoutlet added that several savings and loans companies are expected to becomebanks, swelling the ranks to a total of 33.

As of July 7, US$1 wasequivalent to 3.96 Ghanaian cedis.