Table of Contents
- Executive Summary: Ghana’s Commercial Real Estate Landscape in 2025
- Key Market Statistics & Investment Hotspots
- Major Development Projects and Infrastructure Initiatives
- Government Policies, Taxation, and Compliance Essentials
- Legal Framework: Land Ownership, Leasing, and Regulatory Updates
- Emerging Trends: Technology, Sustainability, and Tenant Preferences
- Challenges Facing Investors: Risks, Barriers, and Mitigation
- Financing and Capital Flows: Local and International Perspectives
- Future Outlook: Forecasts for 2025–2030
- Resources & Official Contacts for Investors (e.g., Ghana Investment Promotion Centre: gipc.gov.gh)
- Sources & References
Executive Summary: Ghana’s Commercial Real Estate Landscape in 2025
Ghana’s commercial real estate sector in 2025 exhibits robust growth underpinned by strong macroeconomic fundamentals, governmental reforms, and increased investor confidence. Strategic investments in infrastructure, ongoing urbanization, and a stable political environment continue to drive demand for office spaces, retail centers, hotels, and industrial parks, particularly in Accra and emerging secondary cities.
The Ghana Investment Promotion Centre Act, 2013 (Act 865) and the Land Act, 2020 (Act 1036) form the cornerstone of commercial property transactions, streamlining acquisition processes and enforcing land tenure security. The Ministry of Lands and Natural Resources has further accelerated land title registrations through digitalization, enhancing transparency for both local and foreign investors. Additionally, the Ghana Investment Promotion Centre continues to promote foreign direct investment by offering incentives for developers in designated Special Economic Zones.
Compliance with planning, zoning, and environmental regulations is overseen by the Lands Commission and the Environmental Protection Agency. The introduction of the National Building Regulations, 2023 (L.I. 2465) has reinforced safety and sustainability standards for new commercial developments, reflecting Ghana’s alignment with international best practices.
Key statistics indicate that Ghana’s commercial property market saw an estimated 7% annual growth in prime office and retail rents from 2023 to 2025, with Grade A office occupancy rates in Accra consistently above 80%. The development pipeline in 2025 includes over 200,000 square meters of new commercial space, particularly in the Airport City and Ridge districts (Ghana Investment Promotion Centre). Meanwhile, industrial and logistics assets are experiencing heightened demand due to the African Continental Free Trade Area (AfCFTA) headquarters in Accra and ongoing improvements at the Tema Port (Ghana Revenue Authority).
Looking ahead, the outlook for Ghana’s commercial real estate is optimistic. The sector is poised for further expansion, supported by infrastructure projects such as the Accra SkyTrain and energy sector upgrades. Continued government commitment to regulatory clarity, digitization of land administration, and investment in smart city initiatives are expected to attract both domestic and international capital. However, stakeholders must monitor interest rate fluctuations, currency stability, and evolving compliance requirements to sustain long-term growth.
Key Market Statistics & Investment Hotspots
The commercial real estate sector in Ghana has demonstrated remarkable resilience and growth potential, positioning itself as a focal point for both local and international investors. As of 2025, Accra, Kumasi, and Takoradi remain the principal hotspots, driven by urbanization, economic expansion, and infrastructural developments. According to recent data from the Ghana Statistical Service, Ghana’s urban population is projected to surpass 60% by 2030, fueling demand for office spaces, retail centers, and mixed-use developments.
In Accra, the capital city, Grade A office occupancy rates have stabilized around 75-80%, with prime rents averaging $30-$35 per square meter per month. Retail space in prime locations, such as the Airport City and Ridge areas, continues to attract multinational tenants, with yields reported between 8-10%. Kumasi, Ghana’s second-largest city, is seeing increased investment in retail and logistics parks, leveraging its strategic position as a transportation and commercial hub for the middle belt of the country. Takoradi, buoyed by ongoing oil and gas activities, is experiencing a steady rise in demand for hospitality and commercial warehousing.
Recent government initiatives, such as the “One District, One Factory” program and the revitalization of industrial parks, have contributed to a surge in demand for industrial and logistics space. According to the Ghana Investment Promotion Centre, FDI inflows into real estate and construction reached over $200 million in 2023, with commercial property development accounting for a significant share. Additionally, the implementation of streamlined land administration reforms by the Lands Commission and enhanced compliance with the Land Act, 2020 (Act 1036), have improved investor confidence by reducing title disputes and facilitating transparent transactions.
Looking ahead, Ghana’s commercial real estate market is expected to benefit from sustained GDP growth, urbanization, and the ongoing expansion of the middle class. The introduction of real estate investment trusts (REITs), as outlined by the Securities and Exchange Commission, Ghana, could further deepen market liquidity and attract institutional capital. However, sector participants should remain vigilant regarding compliance with evolving land use regulations and anti-money laundering requirements, as enforced by the Financial Intelligence Centre. Overall, Accra, Kumasi, and Takoradi will continue to be the investment hotspots, underpinned by robust economic fundamentals and supportive regulatory reforms.
Major Development Projects and Infrastructure Initiatives
Ghana’s commercial real estate sector is undergoing significant transformation, driven by major development projects and infrastructure initiatives that are reshaping key urban centers, particularly Accra, Tema, and Kumasi. The government’s focus on enhancing transportation networks, logistics hubs, and mixed-use developments is attracting both domestic and international investors seeking to capitalize on the country’s economic growth.
One of the most notable projects is the ongoing expansion of the Kotoka International Airport and surrounding Airport City enclave. This development has spurred a wave of Grade A office buildings, hotels, and retail spaces, catering to multinational corporations and business travelers. The government’s “Year of Roads” initiative, which began in 2020 and continues into 2025, has seen substantial upgrades to urban road networks and intercity highways, facilitating easier access to commercial properties and logistics parks across the Greater Accra and Ashanti regions (Ministry of Roads and Highways).
The Ghana Free Zones Authority is also driving investment through the establishment and expansion of industrial and business parks. The Tema Free Zones Enclave and the Dawa Industrial Zone are being expanded to provide state-of-the-art warehousing, manufacturing, and logistics facilities, supporting Ghana’s ambition to become a regional trade hub under the African Continental Free Trade Area (AfCFTA) agreement (Ghana Free Zones Authority). These zones offer tax incentives and streamlined compliance procedures for qualifying companies, making them attractive for large-scale commercial real estate development.
Other landmark projects include the redevelopment of the Kumasi Central Market, one of West Africa’s largest trading centers, with modern retail, office, and hospitality components. The project, backed by government and international partners, is expected to significantly increase commercial floor space in the Ashanti region and enhance formal retail activity (Ministry of Finance).
Legally, the commercial real estate sector is guided by the Land Act, 2020 (Act 1036), which streamlines land acquisition and registration processes, and the Companies Act, 2019 (Act 992), which governs corporate property ownership and compliance obligations (Lands Commission). The government continues to digitize land records and improve transparency to reduce disputes and encourage investment.
Looking ahead to 2025 and beyond, the outlook for Ghana’s commercial real estate is positive, underpinned by ongoing infrastructure investments and regulatory reforms. Demand for modern office, retail, and logistics space is expected to rise, particularly in connection with AfCFTA-related trade flows and Ghana’s positioning as a regional business gateway.
Government Policies, Taxation, and Compliance Essentials
The commercial real estate sector in Ghana continues to evolve under a framework shaped by government policies, taxation regimes, and compliance requirements, all of which have significant implications for investors, developers, and tenants heading into 2025 and beyond. The Ghanaian government, primarily through the Ministry of Lands and Natural Resources and the Lands Commission, regulates land acquisition, leasehold agreements, and registration, emphasizing transparency and due diligence. The Lands Commission continues to digitize land records, aiming to reduce disputes and streamline property transactions—a critical development for commercial real estate stakeholders.
Taxation is a central consideration. Commercial property owners and investors are subject to property rates, capital gains tax, and Value Added Tax (VAT) on commercial leases and sales. The Ghana Revenue Authority enforces a 5% capital gains tax on profits from property sales and an 18.5% VAT (including National Health Insurance Levy and Ghana Education Trust Fund Levy) on the supply of commercial real estate services. Local government authorities also levy annual property rates based on the value assessed by district assemblies, with periodic updates to reflect market trends. Compliance with these obligations is mandatory, with penalties for non-compliance, including fines and interest on overdue taxes.
Recent policy initiatives have included efforts by the Ghana Revenue Authority to broaden the tax base and increase compliance through digital payment systems and taxpayer identification protocols. The implementation of the Ghana Card as a Tax Identification Number (TIN) is expected to enhance transparency and enforcement in commercial real estate transactions, aligning with government efforts to curtail illicit property dealings and under-declaration of values.
Foreign participation in Ghana’s commercial real estate market is regulated under the Ghana Investment Promotion Centre (GIPC) Act, requiring foreign investors to meet minimum capital requirements and, in most cases, partner with local entities for land acquisition, since outright freehold by non-citizens is prohibited. Leaseholds for foreigners are limited to 50 years, renewable upon expiration, ensuring continued local oversight.
Looking ahead to 2025 and the following years, the outlook is for continued regulatory tightening and digitalization, particularly as the government seeks to attract formal investment and enhance revenue mobilization. Investors are advised to remain vigilant regarding evolving compliance obligations and to engage registered professionals for due diligence, as the authorities, including the Lands Commission and Ghana Revenue Authority, increase enforcement and transparency measures.
Legal Framework: Land Ownership, Leasing, and Regulatory Updates
The legal framework for commercial real estate in Ghana is primarily shaped by the Land Act, 2020 (Act 1036), which consolidates land-related laws and establishes clear guidelines on land ownership, leasing, and transactional due diligence. Under the Act, all land in Ghana is vested in the President on behalf of the people, but land tenure is influenced by a complex interplay of state, stool (traditional), family, and private ownership. For commercial real estate, leasehold arrangements are the norm, with non-citizens limited to a maximum term of 50 years, while citizens may obtain up to 99 years leaseholds (Ministry of Lands and Natural Resources).
Significant regulatory oversight is provided by the Ministry of Lands and Natural Resources and the Lands Commission, which is responsible for land administration, registration, and ensuring proper documentation. All commercial property transactions must be registered with the Lands Commission, and compliance is enforced through requirements for title registration, consent for transfers, and payment of statutory fees and taxes. The digitization of land records, a key government initiative, is expected to reduce transaction times and mitigate risks related to multiple sales or unclear title, further streamlining commercial real estate processes into 2025 and beyond (Lands Commission).
Recent years have seen increased scrutiny and reforms to address land disputes and fraud, which have historically been a barrier to market confidence. The Judicial Service of Ghana has reported an uptick in commercial land dispute cases, prompting calls for faster adjudication and alternative dispute resolution mechanisms. Amendments to the Land Act are anticipated to clarify the roles of customary land secretariats and improve the enforceability of leases and mortgages.
Foreign investment remains robust in the commercial real estate sector, particularly in Accra and Kumasi, with international investors required to comply with the Ghana Investment Promotion Centre Act, 2013 (Act 865), which sets out minimum capital requirements and sector-specific regulations (Ghana Investment Promotion Centre). Taxation on commercial property is administered by the Ghana Revenue Authority, and includes property rates, capital gains tax, and value-added tax on rental income.
Looking ahead to 2025 and the subsequent years, ongoing legal and regulatory reforms, coupled with digital transformation and enhanced compliance protocols, are expected to bolster market transparency and investor confidence in Ghana’s commercial real estate sector. Stakeholders should monitor updates from official regulatory bodies to ensure adherence to evolving requirements and to capitalize on new opportunities as the market matures.
Emerging Trends: Technology, Sustainability, and Tenant Preferences
The landscape of commercial real estate in Ghana is rapidly evolving, shaped by the adoption of technology, a heightened focus on sustainability, and shifting tenant expectations. As Accra and secondary urban centers experience continued development, these trends are influencing both new builds and retrofits, redefining competitive advantage for investors and developers.
Technology Integration is accelerating across the sector, with property management systems and digital listing platforms becoming more prevalent. In 2024 and into 2025, the Ghanaian government has actively encouraged the digitization of land administration through the ongoing Land Administration Project, which aims to streamline property registration and improve transparency. The use of building management systems (BMS) and smart metering is gaining traction, particularly in premium office developments, as landlords seek to optimize energy use and maintenance.
Sustainability is emerging as a crucial differentiator. While formal green building certification is still nascent, demand for energy-efficient features is rising, driven by both international corporations and local tenants concerned with operational costs. The Energy Commission continues to enforce standards on building energy efficiency, including the mandatory use of energy-efficient lighting and appliances in commercial premises. Newer developments are increasingly incorporating solar panels, water recycling systems, and green landscaping to reduce environmental impact and appeal to sustainability-minded occupiers.
Tenant Preferences are shifting in response to global trends and local realities. Flexible workspaces and co-working facilities are gaining ground, especially in Accra, as businesses adjust to hybrid work models post-pandemic. Demand for Grade A office space remains resilient in core districts, but tenants are increasingly prioritizing amenities such as high-speed internet, backup power, wellness facilities, and proximity to transportation hubs. There is a noticeable shift towards mixed-use developments that integrate office, retail, and leisure spaces, reflecting a preference for convenience and lifestyle integration.
Looking ahead to 2025 and beyond, these trends are expected to deepen, with regulatory authorities such as the Ghana Revenue Authority and Environmental Protection Agency likely to intensify compliance requirements around property tax, environmental standards, and building code enforcement. This evolving regulatory and market landscape underscores the need for landlords and developers to stay agile, leveraging technology and sustainability as key value propositions while adapting to the expectations of an increasingly discerning tenant base.
Challenges Facing Investors: Risks, Barriers, and Mitigation
Investing in commercial real estate in Ghana presents both opportunities and significant challenges. As of 2025, investors must navigate a landscape shaped by legal complexities, compliance requirements, macroeconomic pressures, and evolving regulatory frameworks. Below are key challenges, risks, and potential mitigation strategies facing commercial real estate investors in Ghana.
- Land Tenure and Title Security: Land acquisition in Ghana can be complicated by overlapping claims, unclear documentation, and traditional land ownership systems. Disputes over title and boundaries remain common, particularly in urban areas and in the context of large-scale commercial projects. Investors are advised to conduct thorough due diligence and rely on searches with the Lands Commission to verify ownership and ensure compliance with the Land Act, 2020 (Act 1036), which seeks to streamline land administration but remains in the process of full implementation.
- Regulatory Compliance and Permitting: Commercial developments require various permits and approvals from multiple agencies, including the Ministry of Works and Housing, and local metropolitan, municipal, and district assemblies. Delays in permit issuance and unclear regulatory processes can cause project slowdowns. The government is working towards digitalizing and harmonizing permitting processes, but as of 2025, bottlenecks persist.
- Foreign Investment Restrictions: While Ghana generally welcomes foreign direct investment, there are restrictions on foreign ownership of land (limited to leaseholds of up to 50 years for non-citizens per the 1992 Constitution). Investors must comply with requirements set by the Ghana Investment Promotion Centre for registration and minimum capital thresholds, particularly for wholly foreign-owned enterprises.
- Macroeconomic Risks: Ghana’s real estate sector is exposed to currency volatility, inflation, and interest rate fluctuations. As of the first quarter of 2025, the Ghana cedi remains under pressure, impacting construction costs and returns on investment. The Bank of Ghana continues to implement monetary policy to stabilize the currency, but uncertainties persist.
- Taxation and Compliance: Investors face multiple tax obligations, including capital gains tax, property rates, and Value Added Tax (VAT) on commercial rents. The Ghana Revenue Authority has increased scrutiny of real estate transactions in line with anti-money laundering requirements and enhanced compliance measures.
- Dispute Resolution: Judicial delays and a backlog in the courts can slow resolution of land and commercial disputes. The government is promoting alternative dispute resolution (ADR) mechanisms, but adoption is still growing. The Judicial Service of Ghana continues to prioritize reforms aimed at faster adjudication of commercial cases.
Looking ahead, investors are encouraged to work closely with local legal and compliance experts, engage in robust due diligence, and monitor ongoing policy reforms aimed at improving the investment environment. Strategic partnership with Ghanaian entities and adherence to evolving regulations will be vital for mitigating risk and securing long-term returns in the commercial real estate sector.
Financing and Capital Flows: Local and International Perspectives
The financing landscape for commercial real estate in Ghana continues to evolve, reflecting both local economic dynamics and global capital trends. In 2025, Ghana’s commercial real estate sector is witnessing renewed interest from international investors, regional development banks, and domestic financial institutions, driven by the country’s relative macroeconomic stability and ongoing reforms in property and financial regulations.
Domestically, Ghanaian banks and non-bank financial institutions remain important sources of debt financing for commercial properties, including office buildings, retail centers, and logistics hubs. The Bank of Ghana has implemented prudent monetary policies, maintaining the policy rate at 29% as of early 2025 to curb inflation and stabilize the cedi. While this has made local borrowing more expensive, it has also prompted developers to seek alternative financing structures, such as joint ventures and equity partnerships.
Internationally, Ghana’s commercial real estate market continues to attract foreign direct investment (FDI), particularly from South African REITs, UK-based property funds, and pan-African investment vehicles. The Ghana Investment Promotion Centre reports that FDI inflows into real estate and construction totaled over USD 300 million in 2023 and are projected to grow modestly through 2025, buoyed by government incentives and Ghana’s strategic role as a business gateway to West Africa.
The legal framework governing property financing is anchored by the Land Act, 2020 (Act 1036) and the Borrowers and Lenders Act, 2020 (Act 1052). These statutes improve transparency in land transactions and strengthen creditor rights, making structured finance and mortgage-backed instruments more attractive to both local and foreign investors. Additionally, reforms by the Ghana Revenue Authority have streamlined tax compliance for property transactions, with VAT, capital gains tax, and stamp duties now subject to clear guidelines.
Compliance remains a focal point, particularly regarding anti-money laundering (AML) and know-your-customer (KYC) obligations. Financial institutions are required to adhere to the Financial Intelligence Centre’s guidelines on real estate transactions to mitigate risks of illicit capital flows—a key consideration for international partners.
Looking forward, the outlook for financing Ghana’s commercial real estate is cautiously optimistic. While high interest rates and exchange rate volatility pose challenges, continued regulatory improvements, growing institutional investor appetite, and infrastructure investments under the government’s Ghana CARES “Obaatan Pa” programme are expected to support capital flows into the sector over the next few years.
Future Outlook: Forecasts for 2025–2030
The outlook for Ghana’s commercial real estate sector from 2025 to 2030 is shaped by macroeconomic trends, evolving regulations, and government-led initiatives aimed at positioning Ghana as a regional commercial hub. With sustained urbanization and a growing services sector, demand for office, retail, and industrial spaces is projected to remain robust, especially in Accra and secondary cities such as Kumasi and Takoradi.
Recent data from the Ghana Statistical Service indicate that Ghana’s GDP growth is expected to stabilize between 4% and 5% annually over the medium term, buoyed by non-oil sectors including real estate, finance, and ICT. This economic context continues to attract both domestic and foreign direct investment in commercial property, with Grade A office and mixed-use developments gaining prominence.
Legal frameworks governing commercial real estate are evolving. The Ministry of Lands and Natural Resources has prioritized the implementation of the Land Act, 2020 (Act 1036), which streamlines land registration and strengthens property rights. This law enhances transactional transparency and is expected to reduce disputes and ease due diligence processes for commercial investors in the coming years. The Ghana Revenue Authority continues to update compliance requirements, particularly around property taxes, capital gains, and rental income, reinforcing the need for professional management and legal compliance in commercial transactions.
Recent reforms by the Bank of Ghana—including new guidelines for real estate financing and risk management—are likely to facilitate access to credit for commercial property developers and investors. Additionally, the government’s “Ghana Beyond Aid” agenda emphasizes local ownership and value addition, which may spur demand for warehousing, logistics facilities, and industrial parks.
Key challenges remain, notably around infrastructure deficits, currency volatility, and enforcement of zoning and building codes, as outlined by the Ministry of Works and Housing. However, planned infrastructure upgrades—such as the expansion of road networks and digital connectivity—are set to enhance commercial real estate viability in emerging urban corridors.
In summary, the period 2025–2030 is set to witness continued growth and formalization in Ghana’s commercial real estate market, underpinned by regulatory improvements, economic resilience, and targeted government policies. Stakeholders should closely monitor compliance updates and infrastructure developments to capitalize on emerging opportunities.
Resources & Official Contacts for Investors (e.g., Ghana Investment Promotion Centre: gipc.gov.gh)
Investors seeking opportunities in Ghana’s commercial real estate sector benefit from a range of dedicated resources, regulatory bodies, and official contacts that facilitate entry, compliance, and ongoing operations. The Ghana Investment Promotion Centre (Ghana Investment Promotion Centre) remains the primary government agency mandated to coordinate and promote investments in all sectors, including real estate. GIPC provides comprehensive guidelines on investment procedures, incentives, and sector-specific requirements, and serves as a one-stop facilitation center for foreign and local investors.
Foreign investors in commercial real estate must adhere to the stipulations of the Ghana Investment Promotion Centre Act, 2013 (Act 865), which outlines minimum capital requirements and partnership arrangements. The Act also specifies sectors with restrictions or special licensing needs. Full details and downloadable forms are available directly from the Ghana Investment Promotion Centre’s official site.
Land acquisition and tenure are governed by the Land Act, 2020 (Act 1036), which consolidates and modernizes Ghana’s land administration regime. The Ministry of Lands and Natural Resources oversees issues related to land title registration, ground rent, and dispute resolution, while the Lands Commission is responsible for registration of property and leasehold transactions. Investors are strongly advised to verify land titles through the Commission to mitigate risks associated with multiple claims and boundary disputes.
Development permits and compliance with planning regulations fall under the purview of local Metropolitan, Municipal, and District Assemblies (MMDAs), coordinated nationally by the Ministry of Local Government, Decentralisation and Rural Development. Environmental impact assessments for large-scale commercial projects are regulated by the Environmental Protection Agency, which issues mandatory guidelines and approval processes.
For dispute resolution and guidance on property law, the Ghana Bar Association provides a directory of qualified legal practitioners specializing in real estate, while the Royal Institution of Chartered Surveyors (RICS) and the Ghana Institution of Surveyors offer guidance on professional standards and valuation.
- Investment Facilitation: Ghana Investment Promotion Centre
- Land Registration & Title: Ministry of Lands and Natural Resources, Lands Commission
- Planning & Permits: Ministry of Local Government, Decentralisation and Rural Development
- Environmental Compliance: Environmental Protection Agency
- Legal & Professional Advice: Ghana Bar Association, Ghana Institution of Surveyors, Royal Institution of Chartered Surveyors
With new initiatives to digitize land records and streamline investment approvals, the outlook for 2025 and the following years points to increasing transparency and efficiency in Ghana’s commercial real estate market. Direct engagement with these official institutions is essential for due diligence and successful investment.
Sources & References
- Environmental Protection Agency
- Ghana Revenue Authority
- Ghana Statistical Service
- Securities and Exchange Commission, Ghana
- Financial Intelligence Centre
- Ministry of Roads and Highways
- Ministry of Finance
- Lands Commission
- Ghana Revenue Authority
- Energy Commission
- Bank of Ghana
- Judicial Service of Ghana
- Financial Intelligence Centre
- Ghana Statistical Service
- Ghana Bar Association
- Royal Institution of Chartered Surveyors
- Ghana Institution of Surveyors
