Ghana’s construction industry is expected to rebound in 2025, with a projected growth of 3.2% after a period of economic difficulties.
This positive outlook is driven by several factors, including government investments in infrastructure and a focus on renewable energy development.
Key factors contributing to the growth of Ghana’s construction industry include:
- Public investment in transportation infrastructure: The government plans to complete 6,000 km of roads, 120 bridges, and 20 interchanges by the end of 2024.
- Healthcare infrastructure development: The government’s aim to construct 111 hospitals by the end of 2024 will further stimulate the construction sector.
- Focus on renewable energy: Ghana’s commitment to increasing the share of renewable energy in its energy mix is attracting investments and driving the construction of renewable energy projects. The country aims to achieve 10% renewable energy by 2030 and 30% nuclear energy by 2070.
- Attracting investments in oil production: The government’s plan to introduce a flexible royalty scheme for oil production is expected to encourage investment and boost crude oil production, further benefiting the construction industry.
- Implementation of the Renewable Energy Master Plan (REMP): This GHS77.9 billion (US$5.6 billion) plan aims to reduce reliance on biomass and increase renewable energy generation capacity significantly by 2030.
- Energy Transition and Investment Plan: Launched in September 2023, this plan focuses on achieving net zero emissions by 2060 through investments in renewable energy, low-carbon hydrogen, electric vehicles, and clean cookstoves.
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Despite these positive developments, Ghana’s economy is facing challenges, as highlighted in previous discussions about potential tax cuts and their impact on government revenue. The government’s ability to effectively manage its finances and prioritize spending will be crucial for sustaining the projected growth in the construction sector.
Overall, Ghana’s construction industry is expected to experience significant growth in the coming years. This growth is driven by government investment in infrastructure, a focus on renewable energy development, and initiatives to attract foreign investment. However, the government will need to navigate economic challenges and ensure fiscal responsibility to fully capitalize on these opportunities.
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