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Key Contacts

Africa Valuations

Accra | Ghana

Ghana’s economy experienced a period of rapid growth earlier in the decade, boosted by the start of commercial oil production in 2010.

Market highlights

  • However, growth has since slowed as Ghana has suffered from rising government debt, low oil prices and the depreciation of the Cedi.
  • Despite the slowing of the economy, Accra remains one of the key commercial hubs in the West Africa region.
  • Prime office rents have eased slightly over the last two years, due to a drop in demand and increased levels of new supply.
  • Recently completed landmark office developments include One Airport Square (15,000 sq m) and The Octagon (36,000 sq m).
  • Major retail schemes include Accra Mall (built in 2007) and West Hills Mall (opened in 2014), which is West Africa’s largest shopping centre.

 

Property market data

 

Prime rents

Prime yields

Office

US$ 35/ sq m/ month

9%

Retail

US$ 40/ sq m/ month

8.75%

Industrial

US$ 10/ sq m/ month

12%

Residential
(4 bed exclusive house)

US$ 4,500/ month

8%

 

Market statistics & forecasts

Ghana population - 27 million

Ghana population forecast, 2025 - 34 million

Accra population - 5.1 million

Accra population forecast, 2025 - 2.3 million

Ghana GDP growth, 2016 - 3.3%

Ghana GDP growth forecast, 2017 - 7.4%

Ghana GDP (PPP) per capita, 2016 - US$ 4,381

Ghana urbanisation rate - 55%