David Bohigian (second left) planting a tree to commemorate his visit while Mr. Adu (left) lends him support
Executive Vice President of the Overseas Private Investment Corporation (OPIC), David Bohigian, has paid a working visit to Appolonia City.
Mr Bohigian was accompanied by United States (US) Ambassador to Ghana, Robert Jackson and other officials of OPIC and the US Embassy on the tour of the Appolonia City.
OPIC, the United States Government’s Development finance institution, is accordingly playing a key role in the development of affordable housing in Ghana through its support to GHL Bank, Ghana’s largest mortgage provider.
The institution has reportedly provided $60 million in financing to GHL Bank to support mortgage lending to low and middle-income borrowers, thus helping to address Ghana’s high housing deficit which is estimated at 1.7 million.
It would be recalled that 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.
Mr. Bohigian, in a short remark after the tour which saw him plant a tree at Appolonia City, highlighted the importance of homeownership in Ghana and the need for affordable housing initiatives.
Homeownership is the American dream and hope it becomes the global dream, he said, adding that “housing for low and middle-income families is crucial for economic growth in Ghana where the need is critical.”
He indicated that “the partnership between Appolonia City and GHL Bank was building not just houses or homes but building a community between Ghana, USA and the rest of the world.
According to him, OPIC has over the last seven years increased its investment on the African continent from $1 billion to over $7 billion.
Chief Executive Officer (CEO) of Appolonia City, Bright Owusu-Amofah, thanked OPIC for supporting his outfit’s partnership with GHL Bank.
Appolonia City is a 2,325-acre mixed-use and mixed-income urban development about 20 kilometers away from Accra.
OPIC is a self-sustaining U.S Government agency that helps US businesses invest in emerging markets.
Established in 1971, OPIC provides businesses with the tools to manage risks associated with foreign direct investment, fosters economic development in emerging markets and advances U.S foreign policy and national security priorities.
BY Melvin Tarlue