The Ghana Investment Promotion Center (GIPC) and the United Nations Development Program (UNDP) have urged the private sector to explore the immense opportunities in the housing and infrastructure sectors in Ghana, using insights from the investor map of the Sustainable Development Goals (SDGs).
The call was made during the third edition of the SDG Investor Map Breakfast Meeting, held at the Labadi Beach Hotel in Accra last Thursday.
The event brought together relevant stakeholders to raise awareness of the huge investment prospects of the housing and infrastructure sectors, as identified by the SDG Investor Map.
It has also paved the way to stimulate local and foreign investment in the housing industry, which is a priority sector under the government’s CARES Obantaapa program in Ghana.
The real estate development market in Ghana has grown, instead of an urbanization rate of 3.51%, a growing middle class and the influx of non-resident Ghanaians and foreign buyers .
Despite an annual supply of 40,000 homes, the population and housing census carried out in 2021 revealed that the country’s housing deficit was still above 1.7 million.
Addressing investors at the meeting, GIPC Managing Director Yofi Grant stressed the urgency of promoting investment in these sectors, in order to address Ghana’s housing deficit and boost the industrialization momentum of the country. country.
According to him, the real estate sector had the potential to provide investors with satisfactory returns, adding that “the Ministry of Works and Housing is working to attract new players into the mortgage sector”.
Mr. Grant also encouraged investors to use the SDG Investor Map, describing it as “an important source of information for investors, local and foreign, looking to explore the housing and infrastructure space in Ghana, in addition other critical sectors”.
UNDP Deputy Resident Representative in Ghana, Sukhrob Khoshmukhamedov, noted that the country’s housing sector has ample space for private sector participation.
He said an effective way to address the country’s housing deficit was through partnership with the private sector.
“Ghana is looking for ways to close the housing gap. To achieve this, the private sector must be brought in as a major player,” Khoshmukhamedov noted.
He reiterated UNDP’s commitment to supporting efforts to make Ghana a preferred investment destination.
Informing stakeholders about some opportunities in the real estate sector that they could tap into, UNDP economic analyst Sylvia Senu noted that investors can explore the areas of “affordable housing construction, as well as construction and road maintenance.
She then described the potential in more detail, showing investors an example of a business model that encompassed development needs, expected development outcomes, funding sources and projected returns.
The Managing Director of the National Home Ownership Fund, P. Dela Zumanu, described some initiatives undertaken by his team to address the country’s housing deficit.
He said “the government has piloted a housing project that has worked and is partnering with financial institutions to provide affordable housing to those in need.”