Building & Construction

In April 2021, the first phase of the B5 Plus Steel Plant was inaugurated in Lartopleka near Accra. The production capacity of 250,000 tons per year makes it the most significant of its type in West Africa and is expected to create approximately 2,000 direct and indirect jobs. The project includes a second phase for a capacity of 300,000 tons per year and its realization will depend in part on the country's energy development policy.

As for cement, a new project by Ghanaian’s industry leader Ghacem is expected to be completed in Kumasi to serve the construction industry in the central and northern regions of Ghana, as announced in July 2021. In the same period, the Ghanaian subsidiary of the German Heidelberg Cement is working to expand its production capacity in its Tema and Takoradi plants. It should be noted, however, that Ghana's cement production capacity of about 13,000,000 tons is only half of what is available on the domestic market. Cement production in Ghana is dependent on imports of clinker, which is not produced locally, and is therefore dependent on the fluidity of port import operations to be competitive with imports of finished products. In order to boost the cement sector, MoTi announced banning import of cement in January 2020 but as in other sector this will have only effect on the long term if the local produced cement remain competitive regarding the average international cement price.

Important infrastructures are planned in Ghana, in the energy sector with the Ghana Nuclear Power Plant project due to start in 2024 and those planned in the oil sector in the west of the country, in water management where Deutsche Bank will invest in the Keta Water Supply Rehabilitation and Expansion project in the south-east of the country at the mouth of the Volta River. The German Bank in association with Italian Export Credit Agency SACE has already financed the rehabilitation of four hospitals in the east of the country and the construction of the University of Environment and Sustainable Development which has campuses in Somanya and Donkorkrom and is now financing the redevelopment of the Takoradi market. Finally, in housing construction, a UN report in 2021 reports on a multi-region construction project that will result in the creation of 130,000 affordable housing units and is scheduled to start in 2022.

If all of these projects come to a successful conclusion, the construction sector can expect to be booming for several years and to have a significant impact on the Ghanaian economy.

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