Story By: Akua Oteng Amponsah
Ghana’s urban population is expected to grow by 2.7% year-on-year over the next decade, driving demand for construction services.
According to a report by Fitch Solutions, urban residents are projected to account for 65.5% of the total population by 2034, up from 59.8% in 2024.
The report, “Ghana Construction Outlook: Strong Growth Likely To Spill Over To 2025”, highlights that favourable macroeconomic conditions will support the construction sector.
Lower interest rates, stronger foreign reserves, and increased government confidence in pursuing policy reforms will improve public financing conditions for construction projects.
“Developers will benefit from more accessible credit, while improved fiscal health will support greater infrastructure investment, collectively spurring substantial growth across the construction sector,” the report stated.
Fitch Solutions expects a further boost in construction activity with the conclusion of the IMF Extended Credit Facility programme in 2026. The sector is projected to expand by 6.9% in real terms in 2026, driven by fiscal loosening, lower inflation, and increased consumer confidence.
However, growth is expected to moderate over the medium-to-long term, with a projected average growth rate of 4% year-on-year through to 2034.
The construction industry in 2024 saw continued resilience, driven by a strong real estate market and high demand for residential and commercial properties in urban hubs like Accra and Kumasi.
“We maintain an optimistic outlook for the construction industry during this period,” the report added. “Despite the slower growth compared to the short term, we recognise the expanding scale of the construction industry.”
