What conditions motivate the provision of investment real estate for property developers in Ghana? Ghana is a West African country located along the Gulf of Guinea on the Atlantic Ocean. It is known for its rich history, diverse cultures, and vibrant landscapes. The capital city Accra is also the largest in Ghana with a population of around 2,660,000, in 2023 representing a 2.11% increase in the city’s population from 2022.
Other major Ghanaian cities include Kumasi, Tamale, and Sekondi Takoradi.
Known as the Gold Coast while under British colonial rule, Ghana gained independence on March 6, 1957. One of the legacies of colonial rule is the fact that English is the official language of Ghana. Ghana has a relatively stable political environment and is often considered a model of democracy in Africa. Ghana also continues to make strides in economic development. These factors are attractive to property developers in Ghana.
The country has a diverse economy with sectors such as agriculture, mining, services, and manufacturing playing major roles. In 2021, cocoa was forecast to contribute around USD 390 million to the Ghanaian GDP. Ghana is the second largest producer of cocoa in the world (after Côte d’Ivoire) with a market share of about 20 percent. Ghana is also rich in natural resources such as gold and oil.
The country has spectacular natural beauty and is known for its tourist attractions, including the Cape Coast Castle and Elmina Castle which are both UNESCO World Heritage Sites that played significant roles in the transatlantic slave trade. The Kakum National Park, with its canopy walkway, and Mole National Park, known for its wildlife, are also popular destinations.
Property Developers Ghana – The Opportunities
As in many African countries, property developers in Ghana can unlock opportunities in residential accommodation. Rapid urbanization creates a growing demand for housing, particularly in areas like Accra and Kumasi. Affordable housing projects targeting middle-income and lower-income groups are always in demand.
Commercial spaces, including office buildings and retail centres, are also required to keep pace with the country’s economic growth. Developing premium commercial properties in strategic locations may be lucrative.
Growth in tourism provides demand for quality hotels, resorts, and other hospitality infrastructure. Coastal areas and regions with cultural attractions offer the best potential.
Property developers in Ghana can also rely on the drive for industrialization, to provide opportunities for developing industrial parks or zones. The growing focus on technology and innovation will require the development of technology parks or hubs to accommodate businesses in the tech sector.
Property Developers Ghana – Mitigating the Risks
As with any real estate investment the risks, especially in less familiar African property markets, need to be thoroughly understood and carefully managed. When looking for property developers in Ghana, look for a partner with a Ghana-specific track record. Gateway Real Estate Africa (GREA) has a long and distinguished track record of providing successful investment properties in Africa. We have a substantial portfolio of modern, premium-grade developments that are ESG-compliant and sustainable. The development of Adumuah Place in Ghana is a prime example of what a successful commercial property development should be.
GREA is the development arm of Grit Real Estate Investment Group (GRIT). GRIT is the largest income-focused real estate group across Africa. GREA specializes in creating turnkey projects in select African countries that offer attractive, high-yield, investment opportunities. We are an award-winning developer with a portfolio of successful projects. Our successful developments bear testimony to our expertise and capability in African real estate. Searching for property developers in Ghana? Contact us today.