Ghana’s urban population is projected to grow by 2.7% year-on-year over the next decade, rising from 59.8% in 2024 to 65.5% by 2034, according to a new report from Fitch Solutions.
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The growth is largely attributed to a booming construction sector, which is expected to maintain strong momentum into 2025.
In its report, “Ghana Construction Outlook: Strong Growth Likely to Spill Over To 2025”, the UK-based research firm notes that macroeconomic stability, including lower interest rates, stronger reserves, and renewed policy confidence, will enhance public financing for infrastructure projects. These conditions will improve credit access for developers and increase government-led construction investments.
“Developers will benefit from more accessible credit, while improved fiscal health will support greater infrastructure investment,” the report said.
Fitch further anticipates that the conclusion of Ghana’s IMF Extended Credit Facility in 2026 will allow for more fiscal flexibility. Combined with reduced inflation and rising consumer confidence, this is expected to drive sustained infrastructure expansion.
The construction sector is projected to grow by 6.9% in real terms in 2026, but Fitch warns of a moderate slowdown in the medium to long term. “Our projections indicate a deceleration to an average growth rate of 4% year-on-year through 2034. Despite slower growth, the sector’s scale will continue to expand,” the report said.
2024 Overview
The construction industry in 2024 was buoyed by strong demand for residential and commercial real estate in key urban areas such as Accra and Kumasi. Urbanization remained a central driver of sector performance.
Fitch concludes that urban growth will continue to fuel construction demand, as Ghana’s urban population rises steadily over the coming decade.
