Ghanaian real estate developer Eric Ebo Acquah wins $1 million in loan case

Ghanaian real estate developer Eric Ebo Acquah, founder and managing director of Blue Rose Limited, has won a $1 million award after a court found pan-African housing financier Shelter Afrique Development Bank breached a $5.2 million loan agreement.

Housing developer wins court case

The Commercial Division of the Accra High Court ruled that Shelter Afrique failed to release funds for a housing project even though Blue Rose had met all pre-loan requirements. In a judgment delivered on July 24, 2025, Justice Samuel Djanie Kotey said the developer had fulfilled the conditions for the first disbursement by August 2017.

Despite this, Shelter Afrique delayed the funds for 17 months, undermining the contract’s 36-month moratorium period. “The letter of repudiation by the plaintiff was therefore justified owing to the conduct of the defendant in breach of the agreement,” Justice Kotey noted.

Shelter Afrique leads housing project funding

The dispute dates back to a 2016 agreement under which Shelter Afrique was to provide $5.2 million — roughly 64 percent of the cost of building 170 housing units — while Blue Rose would contribute $2.9 million.

A 2017 amendment slightly adjusted the funding split but kept Shelter Afrique as the lead financier. The agreement required Blue Rose to provide its equity contribution before any funds were released. Court records showed that Blue Rose met this obligation, yet delays from Shelter Afrique held up the project.

Court grants damages to Blue Rose

Blue Rose sought more than $1.1 million in damages. The court awarded a range of costs, including legal, appraisal, commitment, and front-end fees, alongside GHS500,000 ($44,968) in general damages and GHS100,000 ($8,998) in costs. Justice Kotey explained that the compensation was intended to reflect the effect of Shelter Afrique’s breach on Blue Rose’s expected sales and financial commitments.

The decision is a setback for Shelter Afrique, which is owned by 44 African governments, the African Development Bank, and Africa Reinsurance Corporation. For Acquah, the ruling brought years of litigation to an end and underscored the hurdles African developers often face in securing timely financing for affordable housing projects.

Acquah drives affordable housing

Based in Accra, Blue Rose Limited has become a prominent affordable housing developer under Acquah’s guidance. Originally founded in 1989 as a horticultural business, the company entered real estate in 2005 and has delivered more than 2,500 homes to date.

Its flagship project, Blue Rose City at Budumburam-Kasoa, features one- to three-bedroom homes alongside schools, shops, and essential utilities. Acquah, a former first vice-president of the Ghana Real Estate Developers Association, brings decades of experience in construction and residential development and is an advocate for making housing more accessible in Ghana.