Dublin, May 14, 2024 (GLOBE NEWSWIRE) -- The "Ghana Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets.com's offering.
The construction industry in Ghana is forecast to return to growth this year, recording an expansion of 3.2% in real terms in 2024, supported by public and private investment to enhance the transportation network in the country, coupled with the government's aim to construct 111 hospitals by the end of this year. Growth in 2024 will also be supported by the planned completion of 6,000km of road, 120 bridges and 20 interchanges by the end of the year.
In November 2023, the government announced its 2024 Budget, under which total expenditure for 2024 is estimated at GHS227 billion ($16.3 billion), an increase of 23% compared to the expenditure of GHS184 billion ($13.2 billion) in 2023. According to the 2024 Budget, real GDP is forecast to grow at an average rate of 2.8% between 2024 and 2027, while real non-oil GDP is expected to grow by an average of 2.1% during the period. In the 2024 Budget, the government committed to allocate 13% of total expenditure towards capital expenditure.
Ghana's construction industry is expected to register an average annual growth rate of 5.4% from 2025 to 2028, supported by investment in the industrial and energy sectors. The country aims to increase the share of renewable energy in the total electricity mix to 10% by 2030 and plans to generate 30% of its electricity from nuclear energy by 2070.
In November 2023, the government announced it plans to replace its current fixed royalty regime for oil production with a flexible and progressive scheme to stimulate investment and crude oil production. The proposed two-tier royalty rate scheme would consider factors such as water depth, production volume, and crude oil price. The new sliding scale royalty scheme is aimed at incentivizing field development across various conditions and price environments without the need for renegotiation.
The construction industry's growth over the forecast period will also be supported by Ghana's GHS77.9 billion ($5.6 billion) Renewable Energy Master Plan (REMP), under which the country aims to decrease the country's reliance on biomass and increase the share of renewable energy in the generation mix from 42.5MW in 2015 to 1.4GW by 2030. In September 2023, the country launched the "Energy Transition and Investment" plan, aimed at achieving net zero emissions by 2060. The plan focuses on four decarbonization technologies, renewables, low-carbon hydrogen, battery electric vehicles, and clean cookstoves. The plan also includes measures for enhancing the penetration of renewable energy sources, transitioning thermal plants to natural gas, and integrating nuclear power into the energy mix.
The report provides detailed market analysis, information, and insights into Ghana's construction industry, including:
- Ghana's construction industry's growth prospects by market, project type, and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in Ghana's construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Ghana. It provides:
- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Ghana, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) 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
Key Report Benefits:
- Identify and evaluate market opportunities using the analyst'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 the analyst's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
For more information about this report visit https://www.researchandmarkets.com/r/8nzbtx
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