Ghana Construction Market Size, Trend Analysis by Sector, Competitive Landscape and Forecast to 2027
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Ghana Construction Market Report Overview
The Ghana construction market size was $11.3 billion in 2022. The market is projected to achieve an AAGR of more than 5% during 2024-2027. The industry’s output over the forecast period will be supported by investments in the residential, energy, and infrastructure sectors during the forecast period.
Ghana Construction Market Outlook, 2022-2027 ($ Billion)
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The Ghana construction market report has compiled data on various project types and construction activities across sectors. While discussing the construction projects, our analysts have elucidated the factors responsible for the developments. The report further analyzes the top construction projects in Ghana from pre-planning to execution, along with the emerging market trends. In addition, the report gives an overview of the latest developments in the Ghana construction market.
Market Size (2022) | $11.3 billion |
AAGR (2024-2027) | >5% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Sectors | · Commercial Construction
· Industrial Construction · Infrastructure Construction · Energy and Utilities Construction · Institutional Construction · Residential Construction |
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Ghana Construction Market Segmentation by Sectors
Ghana Construction Market Segmentation by Sectors
Infrastructure construction was the leading sector in the Ghana construction market in 2022
The key sectors in the Ghana construction market are commercial construction, industrial construction, infrastructure construction, energy and utilities construction, institutional construction, and residential construction. In 2022, the infrastructure construction sector accounted for the highest market share, followed by residential construction.
Infrastructure construction: The project types in this sector include rail infrastructure, road infrastructure, and other infrastructure projects. Public and private sector investments in road, rail, and airport projects will drive the sector growth in the coming years.
Residential construction: The project types in this sector include single-family housing and multi-family housing. The sector’s growth over the forecast period will be attributed to the recovery in real estate activities, along with public and private sector investments in affordable housing construction. The government’s target to construct 60,000 affordable houses by 2030 for civil servants will further bolster this growth in the coming years.
Commercial construction: The project types in this sector include leisure and hospitality buildings, office buildings, outdoor leisure facilities, retail buildings, and other commercial construction. The sector’s growth over the forecast period will be owing to the gradual recovery of the tourism sector, coupled with a rise in hotel and restaurant businesses.
Energy and utilities construction: The project types in this sector include electricity and power, oil and gas, telecommunications, sewage infrastructure, and water infrastructure. Over the forecast period, the sector’s growth will be attributed to government focus on the development of energy infrastructure, particularly renewable energy. In September 2023, Ghana unveiled a new “Energy Transition and Investment” plan to achieve net-zero energy-related carbon emissions by 2060.
Institutional construction: The project types in this sector include educational buildings, healthcare buildings, institutional buildings, research facilities, and religious buildings. Public and private sector investments in the educational and healthcare sectors will drive this sector’s growth during the forecast period.
Industrial construction: The project types in this sector include chemical and pharmaceutical plants, manufacturing plants, metal and material production and processing plants, and waste processing plants. Investments in the manufacturing sector, government support for small and medium-sized enterprises (SMEs) and rising foreign direct investment (FDI) in the country will contribute to the sector’s growth during the forecast period.
Ghana Construction Market Analysis by Sectors, 2022 (%)
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Scope
This report provides:
- A comprehensive analysis of the construction industry in Ghana.
- Historical and forecast valuations of the construction industry in Ghana, featuring details of key growth drivers.
- Segmentation by sector 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 GlobalData’s 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 strategy using GlobalData’s critical and actionable insight.
- Assess business risks, including cost, regulatory, and competitive pressures.
- Evaluate competitive risk and success factors.
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Frequently asked questions
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What was the Ghana construction market size in 2022?
The construction market size in Ghana was $11.3 billion in 2022.
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What is the Ghana construction market growth rate?
The construction market in Ghana is projected to achieve an AAGR of more than 5% during 2024-2027.
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Which was the leading sector in the Ghana construction market in 2022?
Infrastructure construction was the leading sector in the Ghana construction market in 2022.
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What are the factors driving residential construction in the Ghana construction market?
The infrastructure sector’s output will be supported by public and private sector investments in road, rail, and airport projects.
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