Ghana’s fast growing and politically stable economy is attracting investment into the domestic oil and gas, financial services and real estate sectors. Its quickly demonstrating that the West African growth story is not restricted to Nigeria.
One of the recent investments into the real estate sector is the 9 floor ‘One Airport Square’ development, which is a 19,000sqm mixed use project in the commercial district of Airport City in Accra. It is a joint venture between Actis, a private equity firm with its eyes on emerging markets and Myma Belo Osagie of Boston Investments Limited. Construction started in 2012 and completion is anticipated for Q4 2014. Upon completion it will be the first green commercial building in West Africa, which should be followed in quick succession by Nestoil Tower or Heritage Place, both of which are Nigerian developments. The total project cost is $62.5m; Stanbic Bank Ghana Limited and The Standard Bank of South Africa Limited partially financed it with a $31.2m medium-term loan facility.
Actis, has already invested in this Ghana’s real estate market with the $36m Accra Mall that opened in 2008 and a forthcoming mixed use development called The Exchange, in partnership with Mabani Holdings, where the 1st phase is expected to be ready in 2016.
With more growth expected in Ghana and West Africa, more developers will be keen on providing international standard office space for international firms making an entrance into the country and domestic firms expanding operations.