RMB Westport in Ghana

African property development jurisdictions

Ghana is the world’s second biggest cocoa and gold producer and is also home to substantial deposits of minerals, gas and oil reserves. The country is already prominently poised to become one of Africa’s fastest growing economies. Ghana’s vibrant and diversified market economy and matured democracy makes it one of the most business-friendly, fertile and attractive commercial centres for trade and investment across multiple sectors.

RMB Westport’s completed projects in Ghana are:

Current projects include:

Both of our A-grade office developments are strategically located. Accra Financial Centre in the financial hub of Accra, and Stanbic Heights in Airport City. The Accra Financial Centre is also next to the head office for the Bank of Ghana in the financial district of Accra. The Junction Shopping Centre is a neighbourhood shopping mall project in the suburb of Nungua, Accra in Ghana.

Ghana fast facts

Population:26.6 million
Population of Accra:2.3 million
GDP:US$52.9-billion
GDP per capita:US$3 657
Projected GDP Growth (2016):4.8%
S&P Country Rating:B-

Economy

  • Natural resources of gold, cocoa and rubber found in Ghana’s ‘golden triangle’ of Accra, Kumasi and Sekondi-Takoradi
  • Services account for 50% of the GDP
  • Strong FDI inflows on the back of newly discovered off-shore oil reserves

Context

  • Political landscape: A forerunner of democratic stability in the region, with relatively strong ethnic cohesion
  • Economy: One of Africa’s most promising frontier economies, with a diversified GDP and strong market orientation
  • Policy environment: Twin budget and current account deficits (due largely to increased government spending) are a key structural weakness to the economy and current strength
  • Petroleum newcomer: Ghana will enjoy strong economic growth over the medium term, propelled by an emerging oil and gas sector following commercial offshore oil discoveries in 2007

Retail and commercial market

  • Driven by improved demand for high quality space, office rentals have risen 35% since 2011
  • The supply of modern retail space remains limited and traditional units and street hawkers continue to dominate Accra’s retail offering
  • Ghana’s government has ambitions to become the leading technology hub in West Africa, launching "Hope City" in March 2013, a US$10-billion ICT project that will feature Africa's tallest building at 270 metres

*Sources: Economic intelligence unit; IMF; RMB Global Markets Research; OECD