Abraaj aims at rising Ghana real estate, financial sectors with GHL mortgage stake buy

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home-service-2_sqEmerging markets-focused private equity investor The Abraaj Group has bought a majority stake in residential mortgage provider Ghana Home Loans.

Abraaj said it had backed a business operating at the intersection of real estate and financial services, two of the fastest-growing sectors in Ghana and the wider West African region.

Jacob Kholi, a partner at the firm, said, “We are pleased to be backing an experienced local management team that has grown GHL into the market leader it is today, playing a key role in homeownership growth in Ghana and in an under-developed industry that has huge potential.

“We are confident that our support will now further drive scale and consolidate the business’ market leadership position, and build a world-class financial institution in terms of its operating systems, processes, human capital and ethics.

“We are also looking forward to creating greater operational efficiency through IT-enabled processes, and looking at broadening its portfolio to include new product offerings.”

Earlier this month Abraaj backed African Industrial Services Group (AIS), a Cote d’Ivoire-headquartered engineering services and component manufacturing company.

AIS currently operates in eight countries in West Africa including Benin, Togo, Guinea, Senegal, Burkina Faso and recently launched branches in Liberia and Sierra Leone.

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