CMHC to Help Strengthen Ghana's Housing Finance System

OTTAWA, November 27, 2006 — Canada Mortgage and Housing Corporation (CMHC), in partnership with Développement international Desjardins (DID), has been awarded a contract to foster regulatory reforms and help four Ghanaian financial institutions build their housing finance expertise.

"Adoption of a market-oriented mortgage system in Ghana will improve the lives of many families by increasing the amount of financing available for housing", said Pierre David, Executive Director of CMHC International.

"A stronger Ghanaian housing market will also stimulate the growth of several supporting industries including construction, building materials and real estate."

The 30-month contract, which is valued at US $950,000, was awarded by International Finance Corporation, a member of the World Bank Group. The contract covers the provision of technical assistance, as well as legal, tax and regulatory expertise. It is being funded by the Swiss State Secretariat for Economic Affairs.

Today's announcement comes on the eve of the West Africa High-Level Peer Exchange, a conference on housing finance that opens tomorrow in Accra, Ghana. This conference will allow Senior participants from West Africa to discuss innovative approaches to increasing private-sector lending for housing with senior officials from the US Department of Housing and Urban Development (HUD), the United Nations Human Settlements Programme (UN-HABITAT) and CMHC.

This project represents CMHC International's fifth housing finance contract in Africa since 2001. CMHC International has provided technical assistance in more than 30 countries. In doing so, it has drawn on CMHC's 60 years of experience in Canada.

CMHC International works in partnership with international financing institutions, governments, and public and private agencies around the world to improve housing conditions and implement innovative housing finance strategies around the world.

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for over 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country.

For media enquiries:

In Canada:
Kristen Scheel
Media Relations
613-748-4632
Email: kscheel@cmhc.ca

For public enquiries and for more information: Please call 1-800-668-2642