Share:

COVID-19 Impacts on Ghana Real Estate

4/16/2020

Elaine Wilson 
Divisional Director Research 

Economy Overview 

The impact of COVID-19 on the economy is projected to present challenging times for the country. Ghana's GDP is expected to decline sharply to 2.6% from the projected 6.8% for the year 2020 with many job losses, reduction in disposable income and economic hardships expected. There has been an increase in the price of commodities as a result of panic buying with borders, schools and offices (except for essential services) being closed until further notice. The Government of Ghana has instituted several social and economic interventions to deal with hardships that may occur amid the pandemic and the police and military have been deployed to ensure compliance with the Government’s directive to stay home, under the tag line #spreadcalmnotfear

 

Retail Overview 

Except for essential goods and services, most retail outlets are closed for business, while those in the fast food industry have had to revert to take-outs and delivery services only. As economic and social activities have slowed down significantly, most tenants and landlords will both experience a significant dip in resources if the situation persists. Rent concessions could be a likely trend in the coming months as landlords and tenants engage on the way forward, dwelling on the 'force majeure' clause found in most tenancy agreements. 

 

Industrial Overview 

Although borders have been closed to human traffic, the ports are still open allowing for import and export of commodities, with human interactions reduced at present. Production of goods have switched to essential commodities such as hand sanitisers instead of alcoholic beverages. The impact on warehousing is yet to be assessed, but due to the upsurge in online sales, the need for stocking up to meet the growing client demands by online retailers and the food and beverage sectors is sure to increase the need for storage and, hence warehousing.  

 

Office Overview 

The demand for office space is set to decline as prospective tenants are also facing the impact of COVID-19 and reviewing business strategy. Occupancy levels may remain the same in the short to medium term within the sector, however, it is too early to speculate the full impact on rents, occupancy and vacancy rates, and business models. It is clear however that serviced offices may face difficulties as many of their clients are linked to short stay expats with business needs. 

RELATED COVID-19 INSIGHT

EMEA Covid (image)
Insights • Economy

COVID-19 Impacts for EMEA Real Estate

As the global pandemic progresses across borders and within countries our EMEA local market research colleagues will share what they are seeing on the ground.
Andrew Phipps • 1/14/2021
New Perspectives (image)
Research • Topical Report

New Perspective: From Pandemic to Performance

As a global leader in the commercial real estate (CRE) industry, Cushman & Wakefield offers clients a new perspective on COVID-19’s impact on CRE and beyond, preparing them for what’s next.
couple with face masks on Milan street
Insights • Economy

COVID-19 Impacts on Italy Real Estate

A brief weekly update on the impacts of COVID-19 pandemic on commercial real estate in Italy.
Carlo Vanini • 1/14/2021
Rome
Insights • Economy

COVID-19 Impacts on Spain Real Estate

A brief weekly update on the impacts of the COVID-19 pandemic on commercial real estate in Spain, reflecting all our service lines: Offices, Industrial, Capital Markets Group, Retail and Hospitality.
Ramiro Rodriguez • 11/25/2020
Brussels Office Marketbeat
Insights • Economy

COVID-19 Impacts Belgium Real Estate

A brief regular update on the impacts of COVID-19 pandemic on commercial real estate in Belgium.
Cédric Van Meerbeeck • 1/13/2021
Prague, Czech Republic
Insights • Economy

COVID-19 Impacts on Czech Real Estate

A brief weekly update on the impacts of COVID-19 pandemic on commercial real estate in Czech Republic.
Marie Baláčová • 1/14/2021
Poland
Insights • Economy

COVID-19 Impacts on Poland Real Estate

A brief weekly update on the impacts of COVID-19 pandemic on commercial real estate in Poland.
Katarzyna Lipka • 1/14/2021
Bratislava, Slovakia
Insights • Economy

COVID-19 Impacts on Slovakia Real Estate

A brief weekly update on the impacts of COVID-19 pandemic on commercial real estate in Slovakia.
Juraj Bronček • 1/11/2021
Looking out over Buda castle, Budapest
Insights • Economy

COVID-19 Impacts on Hungary Real Estate

A brief weekly update on the impacts of COVID-19 pandemic on commercial real estate in Hungary.
Orsolya Hegedűs • 1/14/2021
Rue Sainte-Catherine, Bordeaux, France
Insights • Economy

COVID-19 Impacts on French Real Estate

A brief weekly update on the impacts of COVID-19 pandemic on commercial real estate in France.
Magali Marton • 1/14/2021
Insights

$name

Covid-19 Germany
Insights

COVID-19 Weekly Update

Ein kurzes wöchentliches Update über die Auswirkungen von COVID-19 auf Gewerbeimmobilien in Deutschland.
Ursula-Beate Neisser • 12/9/2020