Q&A with ConstructAfrica Publisher on Ghana Report
ConstructAfrica’s Media Team (CMT) sat down with the Publisher of ConstructAfrica, Dr. Segun Faniran (DSF), to briefly discuss the Africa-focused construction intelligence company's latest report – “The 2023 Ghana Construction Market Report.”
CMT - It’s a pleasure to have you with us again, Dr. Faniran. So, let’s get right to it. The Ghana Construction Market Report is coming out on May 1st, 2023, Could you please tell us a bit about Ghana and its position as one of Sub-Saharan Africa’s top economies?
DSF - Thank you for having me again. Well, Ghana is one of the leading countries in the sub-Saharan Africa region mainly due to its significant natural wealth and its heritage as the first sub-Saharan African country to achieve independence from colonial rule. Historical trade interests with the Portuguese, Dutch, British, and other Europeans, as early as the 15th century, meant that Ghana was laden with forts and castles, constructed by the Europeans to protect their trade interests, many of which still exist along the Ghanaian coast today.
Over time, successive governments in Ghana have laid the groundwork for fiscal independence by embarking on various economic development projects. Ghana, with a GDP per capita of about US$2,300, a GDP growth rate of 3.1% in 2022, and an unemployment rate of 4.7%, is held up as an example of successful economic recovery and political reform across Africa.
CMT - That is a really amazing background story to the country, which leads us to the main focus of this interview which is the “2023 Ghana Construction Market Report”. First, tell us a bit about Ghana’s construction market and its evolution.
DSF - The Ghanaian construction industry plays a key role in the growth of Ghana's economy. The sector contributes more than 15% to the country’s Gross Domestic Product (GDP) while employing about 420,000 people.
The pre-colonial era in Ghana witnessed the construction of public buildings such as schools, hospitals, and government offices mainly through a variety of traditional construction techniques. Colonial Ghana saw a boost in construction activities.
The post-independence era saw the construction industry grow with a gradual increase in investment as Ghana slowly transitioned to modern architecture.
Presently the Ghana construction industry is experiencing growth, with significant investment in infrastructure development.
The Ghanaian government’s commitment to developing the sector through policies such as “One District, One Factory” and “Agenda 111” hospitals project have attracted local and foreign investors, leading to the emergence of several construction companies.
The Ghana construction industry has come a long way and will continue to expand further as it maintains its significant role in the country’s economic growth and development.
CMT - It does look like the infrastructure development policies of the Ghanaian government are indeed a boost for the construction market in Ghana and this leads us to the “2023 Ghana Construction Market Report”. How will this report be of value to an investor or construction company that seeks to explore this market?
DSF - Venturing into a market for investment requires having access to detailed, reliable, and actionable intelligence about the market. From understanding the culture of the country to being familiar with laws, regulations and processes and having access to key data, insights and forecasts. These are all very important for any entity looking to venture into any market of which Ghana’s construction market is no different.
Of course, you also have to know what the opportunities that exist in the market in terms of projects available and then know who to meet and where to go to grab these opportunities.
Also, the market is growing competitive by the day with the entrance of new players with varying levels of advantages coming to play. You also have to know who these competitors are, so as to build a winning entry strategy that matches or trumps your competitor advantage.
ConstructAfrica put all these needs into consideration while producing the “2023 Ghana Construction Market Report”. The report, in essence, provides investors in the market with a detailed guide toward successfully entering and operating in Ghana’s construction market. We also have an interview section where a management staff from one of the biggest construction firms in Ghana sheds light on key issues.
CMT - It certainly sounds like a report any serious investor in Ghana’s construction market should definitely have a look at. So how do people keep up to date with the launch schedule prior to May 1st, 2023.
DSF - As you’ve mentioned, the report is scheduled to be released on May 1st, 2023, and you can keep up to date with the launch by subscribing to our newsletter on our website www.constructafrica.com.
CMT - Thank you, Dr. Faniran, for your time with us today, and best of luck with the report launch.
DSF - Thank you again for having me.
Construction Opportunities in Africa pic.twitter.com/X1ft01ZUQ7— ConstructAfrica (@africaconstruct) March 17, 2021
Top Photo: Airport City, Accra Ghana (cityafrica on tumblr)