In a speech, Mr Dominic Adu, CEO for GHL Bank described home ownership as a tedious effort in Ghana with some people never completing their homes. He said Ghana Home Loans has placed Ghana on the international scene  enabling it secure over 200 million USD long term funding from Overseas Private Investment Corporation (OPEC), the Dutch Development Bank FMO, Ghana International Bank and other international financial institutions. He said that housing and home ownership in Ghana is still not satisfactory. "The bank's decision  to become a universal bank was not taken lightly but it was done in order to grow and expand their existing offering to help the  average Ghanaian fulfill their dream  of owning a home. As a universal bank, I believe we will have an added advantage to operate in a broader housing market.  Today, GHL Bank's vision is to be the foremost in delivering mortgage financing."

The Board Chair for GHL Bank Mr Albert Essien, thanked the Bank of Ghana for granting them the license to start operations  saying that there is nothing more reassuring to clients and operators than knowing there is an active and straight forward regulator that keeps everyone on the straight and narrow path .  He pointed out that GHL Bank is a  solid bank that intends to build on its strength. "We fully acknowledge the requirements of the Bank of Ghana to ensure that by the end of 2018, we will have a capital of GHC400 million " he added.

Mr Essien said  "we are aggressively going to build on our current clientele base with our complete products and services for the various private individual segments and corporate clients. We at GHL Bank  are committed to providing cutting edge solutions that will enable private individuals and businesses realise their full potential in creating wealth. We intend to stay relevant in this industry and  build the right partnerships that will foster growth in the banking and  especially housing industry." He expressed gratitude to all stakeholders,  the government, the Bank of Ghana, shareholders, management, staff and client of GHL Bank as well as the general public.

The 1st Deputy of the Bank of Ghana, Dr Maxwell Opoku-Afari  said that GHL Bank is now positioned to  offer primary mortgage finance and a wide range of other private banking products and services. He said it is  BoG's prime responsibility to ensure that newly established financial institutions as well as existing ones have adequate capital to  match the risk profile of the business they wish to undertake and that they have the capacity to assume and manage risks.

He said that the energy crisis and unstable oil production resulted in  significant deterioration in economics prospects that impacted the banking sector heavily . In the past 11 months however. Government policies have started to gain roots, inflation has fallen significantly  and on course to achieve the medium term inflation target of 8+ and -2 per cent.

The Honorable Deputy Minister of Housing, Madam Freda Prempeh expressed joy at GHL Bank's effort to offer affordable housing in partnership with government for the purpose of making housing affordable. He said Ghana is emerging out of a period of slow growth attributed to challenging domestic and external conditions with large twin deficits in the fiscal and current accounts which have impacted on the financial sector. 

She said the private sector's inability to take up the challenges of housing delivery in the anticipation of national housing is one of the reasons of the highly unacceptable housing deficits in the country. "Despite the presence of good estate housing companies, the non existence of strategic financing of housing products  has rendered the demand for their type of housing insignificant and as a consequence has put the building industry in Ghana below expectation".

For the individual household she said, ownership would mean more than just shelter. The  current housing needs assessment has shown a deficit of about 1.7 million units in the country and an annual required supply of about 170  units per year. "This shows the high potential that it attracts private sector investment in the development of residential houses and commercial houses. It is the inability of the private sector  to close up this gap that government is compelled to involve itself directly with the building of affordable houses for workers throughout the country".

She pointed out government's role in facilitating access  to the various resources it requires in housing development through encouraging deep private involvement in the provision of shelter to the masses.

The problem of housing shortage is real she disclosed and it requires practical considerations and submissions, saying that the country has not been able to meet its housing requirements for any period in the last two decades.  Social Security and National Insurance Trust (SSNIT), she said, has been requested by government to review its involvement in the provision of financing with pensions funds. It is therefore anticipated that SNNIT will invest substantially in the provision of housing in the immediate future.

Ghana Home Loans, now GHL Bank, was established in 2006, focusing exclusively on providing mortgage products. In 2007, it became the national leader in the mortgage industry.

Over the past decade, it has served over 3,000 households with approximately US$190 million in home financing. In doing so, it has transformed the housing finance industry, addressing systemic challenges that previously made mortgages almost unobtainable in Ghana.

In 2012, the Dubai-based private equity fund, Abraaj, acquired a majority stake in Ghana Home Loans, now GHL Bank.

The bank currently employs about 160 professionals and will offer a full bouquet of universal banking services.

The Bank's products include Corporate Finance Business Account Scheme Loans, electronic Banking, Retail Banking, Treasury and others such as Bancassurance and Safe Deposit Box.

Other dignitories at the launch included Former Minister for Defence, Dr Kwame Addo Kuffour, the Osu Alata Mantse, Nii Kwabena Bonnie.