Commercial property growth in Ghana

Political stability combined with the discovery of vast oil and gas reserves has created a very favourable business environment, both local and international, in Ghana

Business is prospering in Ghana, and this is translating into a surge in demand for quality retail, residential and office space.

Political stability combined with the discovery of vast oil and gas reserves has created a very favourable business environment, both local and international, in Ghana. As a result, says Broll Ghana managing director Kofi Ampong, ‘We’re receiving enquiries from a host of blue-chip multinational organisations looking for space.’ But demand is outstripping supply, he adds.

Until relatively recently new offices were restricted largely to the re-development of houses but this has changed dramatically with a near-boom in the construction of world-class office blocks. ‘In addition to high-quality finishes, these new buildings come with abundant parking, state-of-the-art security, back-up power generators and on-site bulk water storage,’ says Ampong.

Desirable nodes include the new CBD, where office vacancies are less than 2%, and AirportCity. The former offers easy access to all parts of the city along with proximity to government offices and ministries, while AirportCity offers the most sophisticated high-spec office space and proximity to the airport, which is attractive to international clients.

Retail space is also experiencing its day in the sun. Accra Mall was the largest of its kind in West Africa when first launched in 2007 and now attracts more than three million shoppers a year.

Three new shopping centres are on the cards with a combined total of more than 80 000m2, one in Kumasi and the others in Accra.

Notes

*Ghana doesn’t have a well-recognised standard for grading industrial properties but this is changing fast as more and more new properties are built to international standards.

* The demand for space has been stable for much of 2011.

* The minimum lease period is five years and two years’ rental is required in advance.