The private sector is arguably one of the main engines of growth in Ghana’s economy. Millions of dollars are being realized by private entrepreneurs especially in the real estate sector. The past decade has experienced an improvement in Ghana’s infrastructure deficit with better prospects for growth still to come.
The skyline of Accra depicts this. The stable democratic atmosphere and the discovery of oil reserves in 2010 have made Ghana the fastest growing economy in the West African Sub region. Currently, reports indicate the provision of about 80,000 barrels a day. As the economy grows, so is the demand for quality residential and commercial properties.
Statistics from the Ministry of Water Resources, Works and Housing indicates a shortfall of approximately 80,000 housing units per annum.
The Ghanaian economy is currently experiencing an influx of investors from the West, East and the African Sub Region. Demand for luxury residential and commercial buildings have been on the rise. Putting up more executive properties in the prime areas of the capital cities will aid in meeting the needs of high earning individuals. Data gathered from Ghana Investment Promotion Council (GIPC) indicates that the real estate industry is an alluring sector for foreign investors as it promises high returns.
Mr. Kenneth Ofori, Business Manager for Devtraco Plus, a luxury real estate company from the Devtraco lineage in Ghana has stated that, Devtraco Plus aims at meeting the needs of high earning individuals in Ghana. He further explains that challenges facing real estate companies go beyond the lack of synergies between the property market and the financial sector. Difficulties attached to the acquisition of lands in prime areas, as a result of litigations and complex land transfer procedures are the main trouble facing Ghana’s luxury real estate market.
To meet the needs of high earning individuals, Mr. Kenneth Ofori pointed out that Devtraco Plus is on the verge of completing one of its flagship developments, Acasia. It consists of twelve 5 bedroom luxury townhomes. Ongoing projects are located in Dzorwulu, a state of the art apartment block with Penthouses for today’s executive. Future projects will take place in the Polo Heights area, East Legon, Airport Residential Area, Labone, Cantonments, Kanda, Ridge, Ridge West and Roman Ridge.
There exist huge concentrations of vegetables, fruits, cocoa, palm oil, groundnut etc located in almost all the ten regions of Ghana for investors wishing to process agricultural products into juice, cookies, jam etc.
Private investment is very much needed to boost tourism development, particularly tourist facilities and development. Investments are lucrative in areas of accommodation such as beach, lake and river resorts, lodges and camps in National Parks and Reserves, Hill and Mountain Resorts, Water Sports, Hotels within Forts and Entertainment facilities.
Hydroelectric power accounts for 99% of Ghana electric power from Akosombo and Kpong. The Akosombo Plant produces 912 megawatts from the six turbines installed, whiles Kpong produces approximately 160 megawatts. Tema has a Thermal Plant with a capacity of over 30 megawatts. 300 megawatts has also been constructed near Takoradi. Increased industrial activity indicates that demand for power outstrips supply. Investors can therefore take opportunity of this short fall and invest in the energy sector of Ghana.
Methane gas can be obtained in large quantities from huge sewage produced by the populace. Opportunities exist for the setting up of biogas plants to convert the methane to useful energy. Enough room also exists for the establishment of fertilizer plants to transform these animal and human wastes into soil conditioners. Furthermore, huge amounts of plastics are generated from domestic and industrial sources. Recycling plants can be established to process these plastic wastes.
Huge investment opportunities exist in this sector because of the bad transport network. Transportation from one city to another is strictly by bus or car, with one or two railway lines cutting across a small section of the capital. Opportunities exist for investors to embark on underground and surface rail lines and trams. A long water way cutting across the entire length of the Greater Accra region, from Agbogboloshie to Nsawam can be developed into a canal, thus acting as a means of transport for the populace. Opportunities exist to have these extended to other regions of Ghana to serve the same purpose.