Ghana’s Construction Sector : Outlook Remains Positive

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In recent years, Ghana’s construction industry has experienced significant growth, with the sector’s revenue rising from just over GHc10.4 billion (US$1.8 billion) in 2013 to GHc29.3 billion (US$5.2 billion) in 2021.

This represents a Compound Annual Growth Rate (CAGR) of 13.8%, according to data from the Ghana Statistical Service (GSS).

The construction sector in Ghana demonstrated strong performance in 2021, with year-on-year expansion rates of 14.25% and 12.4% in the first and second quarters, respectively. These growth rates resulted in an average annual growth rate of 5.9% for the construction sector in the same year.

The outlook for Ghana’s construction industry remains moderately positive, primarily driven by the government’s fiscal plans for infrastructure development.

The government has been actively working to boost infrastructure through Public-Private Partnership (PPP) initiatives, private investments, and Foreign Direct Investment (FDI) in the mining, oil, and gas sectors. Additionally, Ghana is expected to benefit from the African Continental Free Trade Area (AFCFTA), which will position the country as one of the leading markets in the region.

One of the key opportunities in Ghana’s construction industry is the 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 sector. The urbanization of Ghana’s rapidly growing population, coupled with the expanding middle class, will continue to drive demand for both residential and commercial buildings.

Overall, Ghana’s construction industry has experienced significant growth in recent years, driven by government initiatives, private investments, and the potential benefits of the AFCFTA. The untapped market for affordable housing and infrastructure development, along with the urbanization of the population, presents promising opportunities for investors and businesses in the construction sector.

Source : Joycelyn Marigold, Africa Home Building News

Also, see opportunities available in the market below in this video

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