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The Construction Industry in Ghana
The US$5bn Ghanaian construction sector, which accounted for 14.8% of the nation’s annual GDP in 2015, is a central pillar of Ghana’s National Development Plan. Provisional estimates released by Ghana Statistical Service on 28 December 2016 indicate that the construction industry recorded a positive growth rate of 16.3% year-on-year for the third quarter of 2016. The industry provides employment for approximately 320,000 people and an estimated 1,500 active building and construction contractors currently operate in the Ghanaian market. Players range from indigenous micro-enterprises and individual contractors to foreign multinational civil engineering and construction giants.
A Challenging Environment
Key constraining factors cited by contractors operating in the Ghanaian market include the difficulty in accessing finance for building and construction projects, project delays resulting from lengthy bureaucratic processes relating to the acquisition of land and securing building permits, the infrastructure deficit and the slow pace of service delivery. Although the sector experienced robust growth for more than two decades, during 2016 there was a slowdown in construction activity and investment in the country’s private sector. This was attributed to the climate of uncertainty preceding the December 2016 elections. However, since the inauguration of the new President, New Patriotic Party’s Nana Addo Dankwa Akufo-Addo, infrastructure development has been prioritised and role players in Ghana’s construction industry are confident that conditions in the sector will improve.
The detailed report on the Ghanaian construction industry focuses on conditions in the sector, including current and planned construction projects, as well as factors influencing the industry’s success. Profiles for 25 companies are provided, including foreign multinational companies such as Murray & Roberts Holdings Ltd and China State Hualong Construction Ghana Ltd, which dominate the civil construction market and high-value projects. Also profiled is Micheletti & Co. Ltd, one of numerous local Ghanaian-registered construction companies where partnerships have been established between expatriate and indigenous contractors.