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ManufacturingSun, 29 Aug, 21

Construction Sector Picks Up With A 7.6 Percent Growth

Construction Sector Picks Up With A 7.6 Percent Growth

The construction activity sector has observed a rise according to the Bank of Ghana (BoG) recent Monetary Policy Committee (MPC) report released on July 2021.The latest increased was measured based on the sales of cement purchased in the country.

Research shows the construction sector in Ghana appears is performing well, and contributing substantially to the gross domestic product (GDP) of the country. According to Sutton and Kpentey (2012), the construction sector’s share of GDP increased from 5 per cent in 1975 to 15 per cent by 2007.

The demand for cement, a key indicator of construction activity, is on a consistent rise, from 4.8 million metric tonnes in 2010 to 5.5 million by 2012.

Ghana Statistical Service, also reports  that between 2009 and 2013, the construction and real estate industry contributed an average about 14.34 per cent to the country’s GDP (GSS 2018)

Given its labour-intensive nature, the construction sector is a major employer within the economy. For instance, the recent Ghana Living Standards Survey (GLSS) indicates that 0.2 per cent of young people who had been employed in the previous week worked in the construction sector.

Additionally, the Ministry of Education (2010) puts the number of registered contractors at about 23,000.

The $8 billion Ghanaian construction sector, which accounted for 18.8 percent of the nation’s annual GDP in 2018, is a central pillar of Ghana’s National Development Plan.

Provisional estimates released by Ghana Statistical Service indicate that the construction industry recorded a growth rate of 18.3 percent year-on-year for the third quarter of 2018.

The industry provides employment for approximately 420,000 people and an estimated 2,500 active building and construction contractors currently operate in the Ghanaian market. Players range from indigenous micro-enterprises and individual contractors to foreign multinational civil engineering and construction giants.

According the Monetary Policy Committee of the Bank report, cement sale has improved by 7.6 percent in May 2021 to 356,016.77 tonnes up from 331,024.19 tonnes recorded same period last year.

Activity in the construction sub-sector, gauged by the volume of cement sales, improved by 7.6 percent (year-on-year) in May 2021 to 356,016.77 tonnes, up from 331,024.19 tonnes recorded a year ago. On a month-on-month basis, total cement sales increased marginally by 0.5 percent in May 2021. Cumulatively, cement sales for the first five months of 2021 went up by 30.1 percent to 1,773,091.21 tonnes, on the back of increased construction activities during the review period,” the report says.

 

Source: Nana Agyei Sikapa Ofosu-Manu(Real Estate Times Africa)

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