Dublin, Aug. 18, 2023 (GLOBE NEWSWIRE) -- The "Ghana Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The publisher predicts that Ghana's construction industry will contract by 2.8% in real terms in 2023, following annual contraction of 4% in 2022, owing to the impact of elevated costs for materials, energy and labor, supply chain disruptions, rising inflation and high interest rates, which are all expected to weigh on both economic and construction industry growth in the coming quarters.
The construction industry's weak performance in 2022 was due to subdued investor and consumer confidence amid rising inflation, currency fluctuation and disruptions in merchandise trade. According to Ghana Statistical Services (GSS), the country's construction industry's value add declined by 7.1% year on year (YoY) in Q4 2022, preceded by a Y-o-Y decline of 7% in Q3 and marginal growth of 0.4% in Q2 2022.
Over the remainder of the forecast period, between 2024 and 2027, Ghana's construction industry is expected to record an annual average growth rate of 5.3% in real terms, supported by government investments to develop transport infrastructure to improve the regional connectivity across the country.
In December 2022, the Parliament of Ghana approved funds of GHS5.3 billion ($708.4 million) for the Ministry of Roads and Highways for 2023, up from GHS3.6 billion ($477.3 million) allocated for 2022. In March 2023, the ministry announced that construction of Abidjan-Lagos Corridor Highway, a six-lane dual carriage, is expected to start in 2024.
Moreover, Economic Community of West African States (ECOWAS) is carrying out a project to build a 550km standard gauge railway line, from Aflao through Tema, Takoradi to Elubo by 2025. The government's focus on the development of energy infrastructure, particularly renewable energy is also expected to support the construction industry's output over the forecast period.
Under the Renewable Energy Master Plan, the government aims to increase the share of renewable energy in the total energy generation mix from 42.5MW in 2015 to 1,363.6MW by 2030. In March 2023, the African Development Bank approved GHS213 million ($28.5 million) to enhance Ghana's universal electrification goal.
Scope
- Historical (2018-2022) and forecast (2023-2027) 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
Reasons to Buy
- Identify and evaluate market opportunities using the publisher'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 publisher's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Key Topics Covered:
1. Construction Outlook
2. Construction Industry: At-a-Glance
3. Latest News and Developments
4. Project Analytics
5. Construction Market Data
6. Risk Profile
For more information about this report visit https://www.researchandmarkets.com/r/l5a025
Source: GlobalData
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