DUBLIN–(BUSINESS WIRE)–The “Ghana Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The publisher expects Ghana’s construction industry to shrink by 5.8% in real terms in 2023, owing to headwinds such as inflationary pressures, depreciation of the local currency, labor shortages, high material costs, and high-interest rates.

According to the Bank of Ghana’s (BoG) ‘November 2023 Summary of Economic and Financial Data’ report, the local currency, Ghanaian cedi (GHS), lost 25.8% in value against the US Dollar, as of late November 2023. The current exchange rate places the GHS at approximately 12.15 against the US dollar, as of late November 2023.

The country’s balance of payment was also negative, as of Q3 2023; the country registered a balance of payment deficit of $617 million, equivalent to 0.8% of the GDP, as of September 2023. Reflecting the current weakness in the country, the construction industry’s value add fell by 9% year-on-year (YoY) in the first half of 2023, according to the Ghana Statistical Services (GSS).

Ghana’s construction industry is expected to register an average annual growth rate of 5.6% from 2024 to 2027, supported by investments in the residential, energy, and infrastructure sectors. In June 2023, Afreximbank and the Ghana Railway Company agreed to develop a 299Km standard gauge railway network, connecting Ghana’s western corridor to the Port of Takoradi.

Furthermore, the Ghanaian government is poised to invest GHS2.1 billion ($195 million) by 2024, towards infrastructure development for the African Games scheduled to be held in Accra in 2024. Forecast-period growth in the industry will also be supported by the government’s Agenda 111 program, under the National Health Insurance Scheme, which aims to construct 101 district hospitals, six regional hospitals, two specialized hospitals, and renovate existing facilities to achieve universal health coverage by 2030.

Forecast-period growth in the industry will also be supported by investments as part of the GHS29.2 billion ($4.2 billion) Renewable Energy Master Plan (REMP), which aims to decrease the country’s reliance on biomass and increase the share of renewable energy in the generation mix from 42.5MW in 2015 to 1.4GW by 2030.


  • Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Ghana, featuring details of key growth drivers.
  • Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
  • Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
  • Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

  • Identify and evaluate market opportunities using the standardized valuation and forecasting methodologies.
  • Assess market growth potential at a micro-level with over 600 time-series data forecasts.
  • Understand the latest industry and market trends.
  • Formulate and validate strategy using the critical and actionable insight.
  • Assess business risks, including cost, regulatory and competitive pressures.
  • Evaluate competitive risk and success factors.

Key Topics Covered:

1 Executive Summary

2 Construction Industry: At-a-Glance

3 Latest news and developments

4 Project analytics

5 Construction Market Data

6 Risk Profile

7 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/1iz0dg

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