The construction and retail development industry in Ghana is booming, with real estate investment managers like RMB Westport contributing to projects in progress, valued at $157-million, in the capital, Accra.

The latest high-grade property development under construction is the Junction Shopping Centre, in Nungua, greater Accra. The centre will be anchored by Shoprite and will cover an estimated 27 436 m2, servicing the estimated 410 000 inhabitants in the primary catchment area. The bulk earthworks started in July and is expected to be completed in December 2014.

Another landmark will be Icon House, an A-grade office building in a prime location in the Airport City precinct, also in Accra. Icon House will open its doors to tenants of high-grade offices and retail outlets in November.

“Its location within Airport City, its access to main highways and close proximity to upmarket residential areas makes it the ideal office location in Ghana,” says RMB Westport founding member and managing partner Dale Ramsden.

Ghana’s vibrant and diversified market economy and matured democracy makes it one of the most business-friendly, fertile and attractive commercial centres for trade and investment across multiple sectors, he says, adding that RMB Westport is also contributing to the changing skyline of the financial services district in the capital, as the construction of the Accra Financial Centre, in downtown Accra, is under way.

The Agricultural Development Bank will be the anchor tenant and the centre will offer tenants 14 080 m2 of prime office space, with A-grade finishes, state-of-the-art information technology infrastructure and superior amenities. The centre is designed to meet international standard health and safety requirements and will offer tenants value-added safety and security benefits.

Ghana is the world’s third-biggest cocoa producer, Africa’s second-biggest gold producer and is also home to substantial deposits of minerals, as well as gas and oil reserves.

RMB Westport says the country is poised to become one of Africa’s fastest-growing economies. The discovery of oil in Ghana has led to a further increase in investor interest and a subsequent demand for office and retail space.

“Although Africa is an attractive invest- ment destination, there are reasons to be cautious, which is why potential investors need to partner with property experts who understand the African business landscape and have a record of delivering innovative solutions across a broad spec- trum of developments in Africa,” he concludes.