Broll Ghana publishes 2011 report highlighting country’s property potentials
Broll Ghana Limited, has published its 2011 country report on Ghana on the theme: “Maximising Property Potential,” which contains the country’s profile including population structure, politics and governance.
The report said economic statistics such as Gross Domestic Product (GDP), Public Private Partnership (PPP), stands at $38.99 billion GDP for 2010 and a per capita income of $1,251 for the period under review, with an estimated GDP per capita of $1,415 for 2011.
The document captures the Real GDP growth at 6.7 per cent in 2010, and an estimated 10.1 per cent for 2011, 9.9 per cent for 2012 and 6.9 per cent for 2013, quoting Oxford Economics forecasts over the period.
Other key areas captured in the report include Ghana’s economic structure and growth, which ranks Ghana 99th in the world in terms of GDP (PPP). The rankings based on GDP composition by sector were: Agriculture 33.7 per cent, Industry: 24.7 per cent, Services: 41.6 per cent (2010 estimated).
Business environment, property ownership and taxation, real estate market maturity and real estate market trends such as development and leasing turnover were also captured by the Country Report.
The forecast is from Oxford Economics, Ghana Investment Promotion Centre and Transparency International 2010 data.
The economy is heavily dependent on agriculture, which accounts for approximately 34 per cent of the GDP.
According to Oxford Economics; the annual inflation of 8.6 per cent at the end of 2010 was the lowest since the early‘80s. The rate may increase to an average of 11 per cent by the end of 2011.
The report said Ghana’s current account deficit dropped to $1.2 billion in 2009 due to higher cocoa and gold revenues, although an increase in imports indicated that the deficit would be $2.6 billion in 2010.
The start of oil exports will lead to a renewed decline in the deficit from this year and is forecast to fall below two per cent of GDP in 2012 and 2013.
Drawing from Doing Business 2011, a co-publication of the World Bank and the International Finance Corporation, Broll’s Ghana Country Report stated that Ghana was the frontrunner of economies making it easier to get credit.
Ghana enhanced access to credit by establishing a centralised collateral registry and granting an operating licence to a private credit bureau that began operations in 2010. The country now ranks 67th out of 183 countries when it comes to the ease of doing business.
The country has improved on legal rights.
Addressing the issue of property ownership and taxation, the report states that there are currently no restrictions on non-Ghanaians owning land and property in Ghana, with the government committed to promoting maximum inward foreign direct investment.
To this end, it is working with the Ghana Real Estate Developers Association to restructure the entire property sector.
Foreign investors who make purchases in Ghana can benefit from government incentives including tax breaks. Currently, on the resale of property and the release of profits, no tax is levied against capital gains and all profit can be transferred out of Ghana.
Broll Ghana is one of the pre-eminent service providers in the residential, retail, office and industrial property sectors in Ghana.
Established in May 2006, the company entrenched itself in a market that is growing due to the renewed interest in Africa, and particularly the region’s increasing importance in the strategically important oil and gas industry.
Broll Ghana’s Chief Executive Officer, Kofi Ampong, observed that business is prospering in Ghana, translating into a surge in demand for quality retail, residential and office space.
“Our vision is to be the leading property services provider and the pacesetter in the Ghanaian property services industry and our mission is to apply the highest level of professionalism, technological innovations, skills and management creativity in line with international best practices to maximise the property potential of our clients,” he said.
He said political stability combined with the discovery of vast oil and gas reserves has created a very favourable business environment, both local and international, in Ghana.
Mr Ampong said: ‘We’re receiving enquiries from a host of blue-chip multinational organisations looking for space. But demand is outstripping supply.”
He expressed the belief that the new office developments coming up in the airport city enclave will in future meet the growing demands.
Broll’s status in the Ghanaian property industry has grown by leaps and bounds since opening in 2006, so much so that we were recently nominated as a finalist in two categories in the Ghana Property Awards,” Mr Ampong said.
Broll Ghana currently manages more than $500 million worth of property spread all over Ghana including Accra Mall, A&C Square, Ridge Tower and Premier Tower.