A new generation of Real Estate Investment Trusts (REITs) could open Ghana’s commercial property market to pension funds and diaspora investors as regulators and developers seek to deepen the country’s capital markets.
Mr. Mensah Thompson, Deputy Director-General in charge of Finance at the Securities and Exchange Commission (SEC), said structured property investment vehicles could help mobilise large pools of capital that have traditionally struggled to access major real estate projects.
He made the remarks at the launch of Rangoon Real Estate Investment Trust PLC, a property investment vehicle that manages two commercial assets located in Cantonments City, a development owned by Goldkey Properties.
Mr. Thompson said REITs allow long-term savings to be channelled into productive sectors such as commercial real estate, housing and urban infrastructure while offering investors easier access to property investments.
He explained that a REIT operates by pooling funds from multiple investors to acquire or finance income-generating properties, with earnings from rents and other property assets distributed to investors as dividends.
According to him, the model offers an alternative to direct property ownership, which often requires large capital commitments and ongoing management responsibilities.
REITs, he noted, allow investors to buy shares in professionally managed property portfolios and benefit from income generated by the assets.
Mr. Thompson said the structure could be particularly attractive to Ghana’s diaspora, which sends billions of dollars in remittances to the country each year. Remittances to Ghana reached about 7.8 billion dollars in 2025, representing roughly six percent of the country’s Gross Domestic Product.
He said REITs could help channel part of those funds into large-scale commercial property developments rather than individual residential projects.
Globally, REITs represent a major asset class valued at about 4.6 trillion dollars and are widely used in developed markets for institutional investment in property.
The Rangoon REIT manages two commercial buildings leased to multinational tenants under long-term agreements.
Prime commercial properties in Accra currently offer rental yields estimated between eight and 11 percent, higher than the four to 5.5 percent typically seen in mature property markets.
Ms. Cynthia Darko Acquaye, Executive Director of Goldkey Properties and Group Chief Operating Officer of CH Group, said the REIT structure was designed to broaden participation in high-quality commercial real estate.
She said the Huawei Building and the PwC Tower were developed to meet the requirements of multinational tenants and that the trust provides investors an opportunity to participate in their ownership.
Goldkey Properties will retain a majority stake in the properties while outside investors participate through shares in the trust.
Mr. Kwaku Bediako, Founder of Goldkey Properties and Executive Chairman of CH Group, said the initiative demonstrates that locally developed property assets can be integrated into institutional investment structures.
Industry players say the development could also benefit Ghana’s pension sector, which manages growing pools of long-term savings.
Total pension assets under management reached about GH¢100 billion in early 2026.
Regulations require pension schemes to allocate at least five percent of their portfolios to alternative assets, potentially creating a domestic capital pool of about GH¢5 billion for investments such as REITs.
Mr. Thompson said the SEC would ensure strong investor protection through regulatory oversight, including regular disclosures and independent audits.
He said these measures would promote transparency and strengthen investor confidence as the REIT market develops in Ghana.
