Despite the Ghanaian cedi’s strong rebound in 2025, the anticipated relief in real estate prices remains elusive, largely due to the stubbornly high construction input costs. According to the Ghana Real Estate Developers Association (GREDA), developers continue to peg prices to the cedi-dollar exchange rate, but without reductions in materials like cement and iron rods, prices have remained high.
“We continue to price properties in the cedi equivalent at the prevailing rate. However, prices of key inputs such as cement and iron rods have not declined accordingly. Currently, a $100,000 property is valued at around ¢900,000, down from a peak of ¢1.6 million. Yet, developers have not adjusted their prices,” said Dr. James Orleans-Lindsay, President of GREDA.
Dr. Lindsay made the remarks during the inauguration of GREDA’s Executive Council Standing Committees and a stakeholder forum, where broader industry concerns were also raised.
Chief among them was the limited involvement of foreign developers in the association, an issue GREDA views as a missed opportunity for collaboration and capital inflow.
“If you look around, there are massive developments happening, very large-scale projects. But the reality is, most of these major developers, particularly foreign companies, are not members of GREDA, that is a problem. Despite our repeated efforts, they have either refused or shown no interest in joining GREDA,” Dr. Lindsay noted.
He further revealed that significant liquidity is exiting the local financial ecosystem through foreign-led development funds that could otherwise empower domestic developers and stimulate economic growth.
“It’s a serious issue. Liquidity that could empower GREDA members to propel the country forward is being diverted, and that’s deeply concerning,” he added.
On the policy front, Irene Odokai Messibah, Director of Policy Planning, Budgeting, Monitoring, and Evaluation at the Ministry of Works and Housing, disclosed that the ministry is reviewing the Rent Control Act and its Legislative Instrument (LI). The goal is to operationalize the Real Estate Agency Council Act, aimed at creating a more transparent and investor-friendly regulatory framework.
GREDA is also calling for more inclusive participation in the sector, to be paired with ongoing policy reviews, more collaboration that will ignite a stable real estate environment, and one that aligns with Ghana’s broader economic transformation agenda.
As the cedi continues to strengthen, the hope is that supply chain efficiencies and enhanced local partnerships will begin to reflect in actual housing affordability, something the sector has yet to see.
