Africa -  Ghana - Accra

Ghana is one of Africa’s strongest brands when it comes to social capital. The country which has made strong strides towards democracy in the last two decades, also has one of the greatest media broadcasting reaches with freedom of speech. The country concluded a peaceful election in 2016 with President Akufo-Addo promising to work on increasing jobs and providing free secondary education. As per the government the economy expanded by 8.5% in 2017 as compared to 3.7% in 2016 on the back of the mining and oil sectors. The recovery post the election year has resulted in more than a 10% relative growth in occupancy for most of the hotel market in Accra, even though average rates declined marginally.

Going forward, we expect almost 1,000 branded hotel rooms to enter the market over the next three years with international brands such as Marriott (recently opened), Le Méridien, Hilton Garden Inn and DoubleTree by Hilton (Serviced Apartments) and Radisson Blu making their debuts. While we anticipate supply pressure to impact occupancies in the medium term, the growth in room night demand over the next three years is forecast to be more than 22%. The anticipated strong growth rates for the country and the international branded supply are expected to lift the profile of Accra’s hotel market, which has been long overdue.

Exchange Rate:

Exchange Rate 2016 Exchange Rate 2017 Change 2016/2017 Exchange Rate 2018 Change 2017/2018
US$ 1 0 0
Ghana - Accra 0.25151 0.22654 -9.9% 0.217 -4.2%

Change In Value For Market:

Legend
Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: Less than -10%

Ghana - Accra RevPAR Change

Ghana - Accra RevPAR

Year RevPAR
2015 120.58
2016 100.25
2017 108.78
2018 (f) 108.28
2019 (f) 108.29
2020 (f) 107.13

For more information, please contact:

Tim Smith, MRICS
[email protected]
  • +27 797 342296 (w)
Rishabh Thapar
[email protected]
  • +27 0 792790584 (m)
Laura Dutrieux
[email protected]