Ghana’s construction sector Gross Value Added (GVA) will experience a slowdown in 2027 and 2028. Fitch Solutions predicts GVA growth will reach 5.2% in 2026, a significant increase from 3.1% in 2025. However, this growth is expected to decelerate to 5.1% in 2027 and further to 4.5% in 2028.
This projected slowdown follows a period of robust expansion. The construction industry saw an average annual real growth of -0.6% between 2020 and 2024. The anticipated 2026 growth marks a strong recovery and continuation of an upward trend. This positive trajectory is crucial for Ghana's economic development, as construction contributes significantly to job creation and infrastructure development.
Ghana currently holds the seventh position in Sub-Saharan Africa (SSA) for construction GVA. This ranking places Ghana ahead of regional economic powerhouses such as Nigeria, Angola, and South Africa. Ethiopia leads the SSA region in construction GVA, followed by Cote d’Ivoire and Uganda. Ghana's strong performance reflects ongoing investment in infrastructure projects and urban development.
Fitch Solutions maintains a robust outlook for the broader Sub-Saharan African construction market. The region’s construction GVA is forecast to expand by an annual average of 5.1% between 2026 and 2030. This makes SSA the fastest-growing construction market globally, surpassing the global construction GVA forecast of 1.2% in 2026 and an average of 2.5% between 2026 and 2030. The US-Iran conflict has impacted earlier forecasts for SSA, with 2026 growth revised down to 4.3% from previous projections.
The deceleration in Ghana's construction GVA could impact related industries. Suppliers of building materials, construction equipment, and skilled labor may experience reduced demand. Policymakers will need to monitor these trends closely to ensure continued economic stability. Government spending on infrastructure projects could play a vital role in mitigating the slowdown.
The overall robust outlook for Sub-Saharan Africa suggests that regional opportunities remain strong. Ghana’s relative position within the region indicates its competitive advantage in attracting construction investments. Future government policies and private sector initiatives will be critical in sustaining growth beyond 2028. Investors will closely watch government infrastructure plans and public-private partnerships.
The construction sector's performance is a key indicator of economic health. A slowdown, even from a high base, requires careful attention. Ghana’s economic managers must consider strategies to diversify growth drivers. Maintaining a stable macroeconomic environment will also be essential to support the construction sector. This includes managing inflation and ensuring access to affordable financing for projects.
The forecast highlights the dynamic nature of economic projections. Geopolitical events, such as the US-Iran conflict, can have far-reaching effects on regional economies. Ghana's ability to adapt to these external factors will be crucial. The government's commitment to infrastructure development will be a key determinant of future growth. Continued investment in housing, roads, and utilities will support the sector.