Real Estate

CONSTRUCTION & REAL ESTATE:

“The construction sector has the potential to drive Ghana’s GDP growth for years to come. Indeed, it contributed an annual average of 7.5% to GDP between 2013 and 2020. However, this could be impaired in the short term due to the pandemic’s negative impacts on already declining global commodity prices. Nonetheless, the country’s political stability and the activation of the African Continental Free Trade Area make construction projects in Ghana an attractive proposition for investors moving forward. In a similar vein, the country’s real estate sector has also experienced robust growth since 2018, thanks to higher transaction volumes. While sector growth has been facilitated by initiatives to address serious social issues, such as a lack of accessible housing finance options, the Covid-19 pandemic underscored the need for more reactive government interventions.”

AFORDABLE HOUSING IN GHANA:

The Government of Ghana has embarked on Affordable Housing Programs aimed at completing 4,000 units. These projects are spread between Borteyman, Kpong, Wa, Asokore Mampong, and Tamale. The Ministry of Works and Housing has set- up clear guidelines for determining which affordable housing projects to invest in to ensure project viability. In order to help middle income earners, get access credit for mortgage, the government has established the National Housing Mortgage Fund. The initiative, which is a collaboration between the Ministry of Works and Housing, Ministry of Finance, TDC Development Company Limited, Ghana Commercial Bank, Republic Bank and Stanbic Bank, is to curb the housing deficit and also address the demand-side challenges of home ownership in the country. The 204 housing units constructed to kick-off the policy include one and two standard and expandable unit bedrooms with adequate infrastructure for public sector workers. Through the National Housing Mortgage Fund (NHMF), mortgages are being underwritten at the rates of 10 to 12 percent by GCB Bank Limited, Republic Bank and Stanbic Bank. According to Ministry of Works and Housing, the annual supply of about 40,000 housing units, which are unable to meet the annual demand of 70,000 homes, has contributed to the rising housing deficit which has now exceeded two million housing units.

EXTERNAL LINKS

Source: Oxford Business Group – Ghana Report 2022

Source: Aftercare GIPC – 2023

External Links (QR codes vers L3)

• Ghana’s Real Estate Construction & Real
• Sector Report** Estate Report 2022
• **GIPC Public Relation Documents