The concentration of jobs, commerce, and investment in central Accra has transformed the city into a monocentric hub, affecting residential choices and retirement planning, keynote speaker Kofi Duodu Asomaning said Friday at the launch of a new real estate initiative by Signum Development.
Speaking at the event, Asomaning, a founding partner of Keystone Architect and board chairperson of Centennial Commercial Real Estate Investment, highlighted the challenges posed by the city’s centralization. “It might be the first time that you’re hearing Accra being described as a monocentric city, but what it means is that we have one gravitational center and all the jobs, commerce, investment heads in one direction,” he said.
Asomaning explained that the concentration of activities in central Accra has created high densities, congestion, and increased traffic. “Some levels of congestion that we are beginning to see, higher densities within the city, and unfortunately a lot of traffic…if this event had been at 7:00 a.m., I’m sure some people would have had to leave home at 4 a.m. to get here on time,” he said.
The real estate expert noted that the monocentric structure of Accra has implications for property ownership, investment, and retirement planning. “Over time, there’s a natural replacement of farmlands in the periphery in substitution for rental yields. And that’s what we’re beginning to see in Accra,” he said, describing how long-standing residential neighborhoods are being transformed by high-rise developments, increased security requirements, and changing urban landscapes.
He cited examples of clients forced to relocate from neighborhoods they once loved. “I’ve had a number of clients that have had to move out of their homes. They love their homes in Airport Residential Area or East Legon. But then all of a sudden, they see a high-rise come next door, blocking light, invading privacy, giving a lot of stress,” Asomaning said.
The monocentric nature of the city, he argued, has made peripheral areas more attractive for both residential living and investment. “Now, what we find is a peripheral migration that allows people to move not just because of distance but also because of peace, because of opportunity that has been provided for them,” he said.
Asomaning outlined the four major distribution corridors leading out of Accra, the west to Kasoa, northwest to Sefwi, northeast to Aburi and Akyemansa, and east to Tema and Prampram, and urged investors to consider the flow of capital when making property decisions. “What Signum has seen is the right direction in which the capital is flowing and would end up being a worthwhile investment,” he said.
He emphasized the broader implications for retirees and those seeking secondary residences, noting that strategic peripheral locations can offer “cooler climates, dramatically lower stress levels, lower cost of living, a serene environment for an ideal and aging gracefully, and proximity to Accra.”
While acknowledging that central Accra’s pressures are unlikely to disappear soon, Asomaning underscored the agency individuals have in choosing where to live and invest. “The traffic will not magically disappear. The land prices will not suddenly fall and the stress will not stop increasing. But you have power over one thing: where you choose to live and where you choose to invest,” he said.
The remarks highlight growing recognition among Ghanaian real estate professionals of Accra’s monocentric structure and its implications for urban planning, property investment, and retirement strategy. Asomaning’s comments were delivered at an event organized by Signum Development, which is increasingly active in projects targeting both residential and investment-driven demand in Accra’s expanding peripheries.
