Data from the Ghana Construction Report 2022 indicates that Ghana has a largely
untapped market for affordable housing, commercial buildings, and infrastructure
development.
This presents a significant opportunity for investors and businesses in the country’s
construction industry.
The report further indicated that the country’s construction industry has an estimated
market size of between US$9 billion to US$13.2 billion and accounts for 7.2% of the
country’s GDP.
In recent years, the government has made significant investments in infrastructure
development, driving rapid growth in the country’s construction sector, and providing
opportunities for investors and businesses in the industry.
The sector offers several opportunities in commercial, residential, industrial and
infrastructure construction.
According to the report, construction revenue rose from just over GH10.4 billion (US$1.8
billion) in 2013 to GH?29.3 billion (US$5.2 billion) in 2021 – a CAGR of 13.8%.
Data from the Ghana Statistical Service (GSS) also showed that the construction sector
expanded by 14.25% and 12.4% (year-on-year) in the Q1 and Q2 of 2021, culminating in
an average annual growth of 5.9% in the same year.
The outlook for Ghana’s construction sector remains moderately positive, primarily
driven by government fiscal plans for infrastructure.
The government’s efforts to boost infrastructure through PPP initiatives, private
investments, and FDI in the mining, oil, and gas and benefits of the ACFTA will position
Ghana as one of the leading markets in the region.