Ghana’s urban population is projected to grow by 2.7% annually over the next decade, driven by rapid expansion in the construction sector.
According to Fitch Solutions, urban residents will make up 65.5% of the country’s total population by 2034, rising from 59.8% in 2024.
In its report titled “Ghana Construction Outlook: Strong Growth Likely To Spill Over To 2025,” the UK-based firm anticipates that favourable macroeconomic conditions will continue to support growth in the country’s construction industry throughout 2025.
“A combination of lower interest rates, fortified reserves and increased government confidence in undertaking policy risks will markedly enhance public financing conditions for construction projects. Developers will benefit from more accessible credit, while improved fiscal health will support greater infrastructure investment, collectively spurring substantial growth across the construction sector,” it stated.
The report also notes that following the conclusion of the IMF Extended Credit Facility programme in 2026, further fiscal loosening is expected.
“Combined with reduced inflation rates and strong consumer confidence, this is expected to boost construction activities and infrastructure development. We maintain an optimistic outlook for the construction industry during this period, with the sector projected to expand by 6.9% in real terms in 2026,” it added.
However, Fitch Solutions predicts that construction sector growth will moderate in the medium-to-long term as trade uncertainties ease and gold prices stabilise.
“Our projections indicate a deceleration to an average growth rate of 4% y-o-y through the end of our forecast period in 2034. Despite the slower growth compared to the short term, we recognise the expanding scale of the construction industry,” the report highlighted.
The construction sector saw significant growth in 2024, bolstered by a resilient real estate market with strong demand for residential and commercial properties in urban centres such as Accra and Kumasi.
