Ghana’s construction industry is expected to maintain its expansion in the coming years, but a major slowdown could be on the horizon, according to a new forecast by Fitch Solutions.
The global research firm projects that Ghana’s construction Gross Value Added (GVA) will grow by 5.2% in 2026, representing a strong rebound from the 3.1% growth recorded in 2025. However, momentum is expected to gradually weaken, with growth forecast to ease to 5.1% in 2027 and further decline to 4.5% in 2028.
The projection signals that while Ghana’s construction sector remains one of the stronger performers in Sub-Saharan Africa, the industry may face mounting pressures that could limit its expansion over the medium term.
Ghana Maintains Strong Position in Africa’s Construction Race
Despite the expected slowdown, Ghana continues to rank among the leading construction markets on the continent.
Fitch Solutions placed Ghana seventh in Sub-Saharan Africa among countries with the highest construction GVA, positioning the country ahead of major regional economies such as Nigeria, Angola and South Africa.
The ranking highlights Ghana’s growing infrastructure demand, urban development activities and continued investment in residential, commercial and public construction projects.
Ethiopia currently leads the region with the highest construction GVA, followed by Côte d’Ivoire and Uganda, which occupy the second and third positions respectively.
Ghana’s performance reflects the resilience of its construction sector despite challenges such as rising project costs, financing constraints and global economic uncertainties.
Global Shocks Threaten Construction Momentum
Fitch Solutions warned that the wider Sub-Saharan African construction industry could experience slower growth in 2026 due to external shocks, including the impact of the US-Iran conflict.
The firm revised down its forecast for the region’s construction GVA growth to 4.3% in 2026, compared with an earlier projection of 4.6% in April 2026 and 5.4% in December 2025.
The expected slowdown comes after the industry expanded by 4.5% in 2025. However, Fitch noted that the sector is still recovering strongly after a difficult period between 2020 and 2024, when construction GVA recorded an average annual decline of 0.6%.
According to the firm, the medium-term outlook remains positive, with Sub-Saharan Africa’s construction industry expected to grow at an annual average rate of 5.1% between 2026 and 2030.
Africa Remains the World’s Fastest Growing Construction Market
Despite the downward revisions, Fitch Solutions believes Sub-Saharan Africa will remain the fastest-growing construction market globally in 2026 and over the medium term.
The region’s projected growth significantly exceeds the global construction GVA forecast of 1.2% in 2026 and an average annual growth rate of 2.5% between 2026 and 2030.
Fitch explained that Africa’s construction growth will continue to be supported by infrastructure needs, population expansion, urbanisation and government-led development programmes.
The firm also noted that while other regions will experience growth, their pace will remain below Africa’s projected expansion.
Latin America is expected to record the second-highest construction growth rate globally in 2026 at 1.7%, while the Asia-Pacific region is forecast to achieve average annual growth of 3.1% between 2026 and 2030.
Ghana’s Infrastructure Ambitions Face Key Test
The forecast comes at a time when Ghana continues to pursue major infrastructure development initiatives aimed at improving roads, housing, transport networks and industrial capacity.
The construction sector remains an important contributor to economic activity, supporting employment, manufacturing demand and private sector investment.
However, analysts believe sustaining high growth rates will require improved access to affordable financing, stronger project execution and policies that encourage private sector participation.
Rising input costs, currency fluctuations and global supply chain disruptions remain among the major risks facing construction companies operating in Ghana.
The expected moderation in growth does not necessarily indicate a decline in the sector but rather a return to more sustainable expansion levels following a period of recovery.
Construction Sector Eyes Sustainable Growth Path
As Ghana approaches 2027 and beyond, industry players will be watching how government policies, investment flows and global conditions shape the future of construction activity.
While Fitch’s forecast points to slower growth ahead, Ghana’s position among Africa’s top construction markets demonstrates the sector’s underlying strength.
The challenge for policymakers and businesses will be converting current growth momentum into long-term development by ensuring that infrastructure investments deliver value, productivity gains and broad economic benefits.
With Sub-Saharan Africa expected to remain the fastest-growing construction region globally, Ghana’s ability to maintain competitiveness will depend on how effectively it manages emerging risks while capitalising on new opportunities.
