Jul 24, 2007
A Helping Hand in Ghana: New Shelter Opportunities, One Loan at a Time Ernestina Ameyaw is a 30-year-old sales representative with Tanbet Company at  Kokomlemle in Accra. Eight years ago, Ernestina bought a plot of land at ¢18,000,000 (US$2,000). Ernestina worked to accumulate savings for three years before beginning construction on her land. Along the way, however, her building project stalled, because she could not take out a loan to finish her building project. After efforts to obtain a loan from a financial institution proved futile, Ernestina abandoned her project. Ernestina continued to rent an apartment along Spintex Road in Accra, but on June 30th, she knew that the rent advance she had paid two years ago would expire. In order to continue renting her apartment, she would have... Read more
May 08, 2007
Boafo Microfinance Services Makes First Loans in Ghana (SILVER SPRING, MD, April 27, 2007) A new joint venture between CHF International and Ghana’s HFC Bank disbursed its first microcredit loans to low-income residents living in the capital of Accra. Boafo Microfinance Services, Ltd. will enable a better quality of life for thousands of Ghanaians who would have otherwise been denied credit in the formal sector. Boafo brings to bear the combined strength of CHF International’s expertise as a leader in microfinance and HFC’s status as one of Ghana’s premier commercial banks. It will provide loans to thousands of micro and small enterprises, home owners, and to families for education, healthcare or other household necessities. Boafo’s formal launch took place at an inauguration... Read more
Apr 24, 2007
HFC's 'Boafo' Micro Finance Service up and Running Professor George Gyan-Baffour, a Deputy Minister of Finance and Economic Planning, has commended HFC Bank (Ghana) for striving to complement government efforts at providing financial services to improve the lives of low and moderate-income entrepreneurs and salary earners in the informal sector. The minister gave the commendation when he inaugurated Boafo Microfinance Service Ltd (Boafo), the latest subsidiary of the HFC Group in Accra last Friday. He said with the fight against poverty assuming international dimensions, the microfinance concept is one intervention that has been noted to promote wealth creation, which in the long run leads to poverty reduction. Boafo Microfinance Service is a joint venture between HFC Bank (Ghana) and... Read more
Apr 23, 2007
Partnership Between CHF and HFC Bank Provides Loans for Ghanaians From Ghana News Agency A joint venture between the HFC Bank (Ghana) Limited and the CHF International has yielded to the establishment of the Boafo Microfinance Services Limited, to service credit demands of low and moderate income Ghanaian households. It is also to maximize their potential in their pursuit of shelter, business, education and other opportunities. Potential borrowers are required to open savings account with the Bank with an initial deposit of ¢100,000 to be able to access a loan between the tune of ¢5,000,000 and ¢200,000,000. Mr. Asare Akuffo, Managing Director of the HFC Bank, said the Boafo project was a build-up on the Informal Sector Operations (INSOP) introduced by the Bank in 1995 to offer micro... Read more
Dec 15, 2004
Strategic Assessment of the Affordable Housing Sector in Ghana Ghana possesses a stable macro-economic and political environment and despite the dual nature of the economy, land tenure, and housing, a significant opportunity exists for the government and private financial sector to collaborate to ensure that low-income households have sustained access to housing microfinance. Read the rest of the report here.
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