Nana Kwadwo Boakye-Akyeampong, Senior Manager for Real Estate Financing at Absa Bank Ghana, has directly called for Ghana to develop more cities beyond Accra. This development aims to significantly boost the country's attractiveness for investment and skilled professionals. He delivered these remarks at the 2026 Citi Business Festival's roundtable discussion on Monday, June 15.
Mr. Boakye-Akyeampong explained that cities globally compete for capital, investment, and talent. He highlighted that investors and professionals prefer urban centers with well-developed ecosystems, including reliable infrastructure and efficient public services. Ghanaian urban planning must address these factors to remain competitive, he stressed.
This call comes as Ghana strives to accelerate its economic growth and diversify investment beyond the capital region. Accra, while a major hub, faces competition from other West African cities like Cotonou and Abidjan for the same pool of foreign direct investment. Developing secondary cities could distribute economic opportunities more broadly across the country. Data from the Bank of Ghana in 2025 indicated a slowdown in liquidity expansion, underscoring the need for new drivers of economic activity.
“Capital, investment, talent flows into areas where there’s a developed ecosystem,” Mr. Boakye-Akyeampong said during his presentation. He added that investors seek cities where they “don’t have to worry about your road networks, you don’t have to worry about your power infrastructure, you don’t have to worry about your waste disposal.” These comments underline the critical role of fundamental urban services in attracting long-term capital.
Policymakers will likely consider these recommendations as they plan future urban development initiatives. Expanding focus to cities like Kumasi and Sunyani could unlock new growth corridors and reduce pressure on Accra. Investors will closely watch government strategies for infrastructure spending and urban planning in these emerging hubs. The successful implementation of these plans is crucial for Ghana's economic standing in the West African region.
The emphasis on competitive cities also aligns with broader economic goals of job creation and sustainable development. Creating multiple economic centers can lead to more balanced regional growth. This approach could attract foreign and domestic businesses looking for new markets and operating environments. A coordinated national urban strategy will be essential for realizing these benefits. Such a strategy would involve significant public and private sector investment in key infrastructure projects. It would also encompass improved local governance and efficient urban management systems across the country. This strategic shift could transform Ghana's investment landscape.