Societe Generale (SG) Ghana has introduced a new mortgage product, the SG Ghana Home Sweet Loan, aimed at helping Ghanaians achieve their dream of homeownership. The product, launched on September 12, 2024, offers flexible and competitive loan options tailored to meet the diverse needs of customers in Ghana’s dynamic real estate market.

Speaking at the launch, Managing Director of SG Ghana, Hakim Ouzzani emphasized the importance of homeownership as more than just acquiring a property, but rather creating a sanctuary and investing in long-term security.

“The SG Ghana Home Sweet Loan is designed to assist our customers in purchasing, constructing, or releasing equity from their homes, with flexible repayment terms that cater to individual financial goals.”

Ouzzani also highlighted partnerships with credible real estate developers, including the Ghana Real Estate Developers Association (GREDA), to provide a variety of housing solutions ranging from high-end properties to affordable units. He reassured customers that the bank had streamlined its approval process to ensure faster and more efficient access to funds, making homeownership more attainable.

In his speech at the event, Patrick Ebo Bonful, President of GREDA, underscored the severe housing deficit in Ghana, with a shortfall of 1.8 million housing units.

He pointed out that Ghana’s mortgage finance market is underdeveloped, with home mortgage loans constituting just 1% of GDP, compared to much higher figures in countries like the USA and UK.

Bonful further explained that the high cost of home construction, compounded by Ghana’s dependence on imported building materials and fluctuating exchange rates, contributes to the high price of homes.

A detached house in Ghana currently costs between GH¢600,000 and GH¢900,000, according to Bonful.

Despite these challenges, Bonful expressed optimism about the future of the real estate sector and the potential impact of SG Ghana’s new mortgage product.

He called for increased collaboration between GREDA and Societe Generale Ghana to tackle the hurdles facing the housing sector and improve access to affordable housing for Ghanaians.

The launch of the SG Ghana Home Sweet Loan is expected to play a pivotal role in boosting homeownership in Ghana, providing tailored financial solutions to meet the evolving needs of individuals and families across the country.