Ghana Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (H2 2024)

Ghana Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (H2 2024)

Summary

GlobalData’s Construction in Ghana - Country Briefing (H2 2024) report provides detailed market analysis, information and insights into Ghana's construction industry, including -

• Ghana construction industry's growth prospects by market, project type and construction activity
• Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Ghana's construction industry
• Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

The Ghanaian construction industry is expected to grow by 3.2% in real terms in 2024, following an annual decline of 9.9% in 2023, supported by public and private investments to enhance the transportation network in the country and the government’s aim to construct 111 hospitals by the end of 2024. Moreover, the gross capital formation grew by 13.8% YoY in Q1 2024, preceded by Y-o-Y declines of 25.9% in Q4 and 31.2% in Q3 2024. In August 2024, the Ministry of Health informed Parliament that the government allocated GHS5 billion ($312 million) to contractors to construct the Agenda 111 hospital projects across the country. Moreover, the Ministry of Health announced that the initiative now extended and included two psychiatric hospitals and one national psychiatric hospital, bringing the total to 114 facilities. The total estimated cost for the 114 projects is GHS24.4 billion ($1.8 billion). However, the construction industry is expected to face challenges in 2024, owing to potential increases in rime building construction costs and construction producer price inflation. According to the GSS, the country’s average prime building costs index rose by 19.4% in the first four months of 2024, while that of the labor force grew by 20.6% and building materials by 11.9% during the same period. Moreover, the overall Construction Producer Price Index (C-PPI) grew by 30.5% YoY in July 2024, with PPI for civil engineering growing by 36.9%, PPI for construction of buildings by 17.8% and PPI for specialized construction activities by 14.7% during the same period.

Scope

This report provides a comprehensive analysis of the construction industry in Ghana. It provides -

• Historical (2019-2023) and forecast (2024-2028) 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 our 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 business strategies using GlobalData's critical and actionable insight
• Assess business risks, including cost, regulatory and competitive pressures
• Evaluate competitive risk and success factors