…..the US$10 million subscription fee makes Ghana the largest sovereign shareholder
Nairobi, November 8, 2011: Ghana has joined Shelter Afrique as its 43rd member country; following a cash payment of USD 10 million for shares as a Class “A” Shareholder in the Company.
This achievement is in line with the objective of the institution to ensure participation by all African countries in Shelter Afrique. Shelter Afrique will now work closely with the Government of Ghana and the private sector to improve the provision of mortgage finance to public and private developers with particular emphasis on the housing needs of the middle class.
Speaking about the decision to join Shelter Afrique, Dr. Kwabena Duffour, Hon. Minister Finance and Economic Planning of Ghana said: “Ghana is committed to improving the supply of affordable houses for its population. The membership in Shelter Afrique is just one of the steps to the global government policy for a better supply of affordable houses.”
Ghana is estimated to have a deficit in excess of 1.5 million houses.
Shelter Afrique Managing Director Alassane BA, expressed his satisfaction at the conclusion of this process noting that Ghana is joining Shelter Afrique at a most exciting time when the priorities of Africa are focused towards the housing needs of the growing population of the region.
He reiterated the institution’s commitment to work closely with all stakeholders to proactively implement the agenda to provide decent housing especially for the middle class.
“Shelter Afrique is working to strengthen strategic relationships with key players in the mortgage industry in order to improve the financing of the sector and continues to seek out exciting emerging partnerships and new member countries,” said BA.
Shelter Afrique is a Pan African financial institution dedicated to financing housing and related infrastructure in Africa. The organization was set up in 1982 with its Headquarters in Nairobi, Kenya where it enjoys full diplomatic immunities and privileges for international organizations. Its membership is comprised by 43 African Countries, the African Development Bank and Africa-Re. Information regarding accessing Shelter Afrique facilities is available at: www.shelterafrique.org