Renaissance Group will invest $200 million over the next 10 to 12 years on residential projects in Ghana, said Dela Wosornu, the company’s vice president for West Africa.
The company plans to build two complexes in the West African nation to accommodate 166,000 people, Wosornu said in an interview yesterday in Accra, the capital.
Renaissance is seeking to take advantage of growth in the economy and an expanding urban middle class in the region. Ghana’s economy grew 14.4 percent last year, the fastest in Africa, and will expand an estimated 9.4 percent this year, after it started producing oil in December 2010. The company is also building similar projects in Kenya, Democratic Republic of Congo, Zambia, and Zimbabwe, according to Wosornu.
“Ghana is characterized by stable democratic dispensation, rule of law and robust economic growth,” Wosornu said. “The population is young and is growing; it’s a very aspirational society.”
A complex 30 kilometers (19 miles) east of Accra will provide 22,000 residential units and 24,000 units will be built in the country’s Western Region.
Ghanaians are able to more-easily get mortgages, creating opportunities for developers, Wosornu said. “It is possible now to obtain a 15-year mortgage for 18,000 cedis ($9,245),” he said.
To contact the reporter on this story: Moses Mozart Dzawu in Accra at firstname.lastname@example.org
To contact the editor responsible for this story: Emily Bowers at email@example.com