The influx of capital and burst of growth that followed Ghana’s discovery of oil in 2007 led to a construction boom in 2011-12. Sourcing materials, however, has been problematic and in 2012 the World Bank reported that Ghana needs to spend $26bn on infrastructure, including basic road, housing and utilities upgrades, to support economic growth. As Ghana continues to channel new-found oil revenues into its infrastructure, and the private sector takes an increasingly active role in helping to meet housing shortfalls and infrastructure rehabilitation requirements, the sector is set to remain attractive to foreign investment. Property development in Ghana is growing, with increased demand in the residential, office and retail segments in major urban areas. Stronger collaboration between the private and public sectors could see housing become accessible to a largely untapped middle- and lower-class market. With expansion continuing at a steady pace and the middle class slowly realising its purchasing power, real estate in Ghana is set to offer long-term rewards for patient investors.
This chapter contains an interview with Nana Kwame Bediako, President and CEO, Petronia City Development.