Hot SourceGhanaian real estate mogul, Eric Ebo Acquah, has dragged pan-African housing financier Shelter Afrique Development Bank to the cleaners, walking away with a cool $1 million after the Accra High Court found the lender guilty of breaching a loan deal.
Justice Samuel Djanie Kotey, delivering judgment on 24 July 2025, ruled that Shelter Afrique deliberately sat on funds meant for Blue Rose Limited’s housing project, despite the developer meeting every pre-loan condition way back in 2017. Instead of releasing the money, the bank stalled for 17 months, throwing the project into chaos and undermining the agreed 36-month moratorium period.
The court declared Blue Rose’s decision to pull the plug on the deal as justified, blaming Shelter Afrique for breaching the agreement.
The row dates back to 2016, when Shelter Afrique agreed to bankroll $5.2 million, about 64% of the cost of building 170 homes while Blue Rose was to inject $2.9 million. A 2017 tweak kept Shelter Afrique as lead financier but insisted Blue Rose put up its equity share first. Court records confirmed Blue Rose did its part — but the bank’s unexplained foot-dragging stalled the project.
Blue Rose sought over $1.1 million in damages. In the end, the judge slapped Shelter Afrique with a cocktail of costs: legal, appraisal, commitment and front-end fees, plus GHS500,000 ($44,968) in general damages and GHS100,000 ($8,998) in costs. Justice Kotey said the award reflected the blow the developer took to its sales and finances because of the bank’s breach.
The ruling is a big embarrassment for Shelter Afrique, owned by 44 African governments, the African Development Bank and Africa Reinsurance Corporation. For Acquah, founder and boss of Blue Rose Limited, the judgment ends years of back-and-forth in court and highlights the uphill battle African developers face when chasing reliable funding for affordable housing.
Blue Rose, based in Accra, has delivered more than 2,500 homes since entering real estate in 2005. Its signature project — Blue Rose City at Budumburam-Kasoa — offers one- to three-bedroom homes along with schools, shops and basic amenities. Acquah, a former vice-president of the Ghana Real Estate Developers Association, has built a reputation as one of Ghana’s fiercest champions of affordable housing.
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