Published on 18 September 2005 at 03:27 pm
Filed under: Africa:- Ghana Property Guides » Ghana Property Investor’s Country Guide
The potential of Ghana across so many sectors is immeasurable, and with the government’s increased commitment to economic development through progressive change one of the most exciting sectors is the real estate market in Ghana. Property investors have massive potential for long term profits particularly from the tourism rental and second home buying market.
Although Ghana is unlikely to be top of many property buyers’ destination lists, it definitely deserves close inspection. Current obvious opportunities for profit many be limited but by understanding the government of Ghana’s developing policies and commitment to significant economic improvement one can quickly realize the scope for profit in the property market.
Ghana is a beautiful West African country whose stunning and totally untouched coastline faces the Gulf of Guinea and whose natural resources are incredibly rich and include reserves of gold and diamonds. Significant exploration by British companies has just begun as there is strong evidence that Ghana has substantial reserves of oil and natural gas too. The agricultural sector in Ghana which employs 60% of the population and provides 40% of the country’s GDP is currently only operating at 20% of potential according to the Africa Development Bank, and so the opportunity for massive improvements in employment, productivity and profit across many sectors is immediately obvious.
Ghana already has double the per capita output of other West African countries but the government of the Republic of Ghana remains dependent on external financial support - however in 2003 they announced a five stage plan for serious, significant and far reaching economic change covering infrastructure development, modernization in agriculture, improved social services, good governance and private sector development.
So far they have succeeded in reducing poverty levels and improving the growth rate to around 5% annually but the key to their future success is in attracting inward foreign direct investment and they are fully aware of this fact. The potential in the Ghana tourism market is perhaps one of the most under explored yet incredibly attractive options. Quite simply the government of Ghana has no money whatsoever to plough into this sector - yet with its stunning coastline, excellent climate, game reserves, national parks, rivers, lakes and forests Ghana is a potential tourist goldmine and many people are well aware of this fact.
The government of Ghana for example is well aware of this fact! And they also know that there are investors willing to commit to developing Ghana for tourism and that they have to quickly change laws relating to the freehold ownership of land and property to allow these investors to begin their development plans.
Economic experts have predicted that the necessary changes to freehold ownership status will be made in the short to medium term and that this will initially result in development of all the prime beach front land. It is at this stage that property investment in Ghana will blossom and flourish.
Profit will be made by the developers building hotels and real estate, profit will be made by the property investors letting out to the tourism market, and profit will be made by those who buy off plan early and then resell on their housing units to the second home and retiree market who will gradually become aware of the beauty and potential in Ghana and who are looking for that dream home destination in the sun.
Currently the majority of opportunities for property investors in Ghana are in the capital city of Accra where real estate is very cheap and widely available, and where suitable housing units can be let out for profit to local and international workers and residents. But it is the long term prospects in the real estate sector - particularly along the coast of Ghana - where interest is intensifying and substantial profits will be made.
Africa:- Ghana Property Reports
Complete listing of all current property reports for region: Africa:- Ghana
