Africa -  Ghana - Accra

For a comprehensive review of the Africa market, click below:
HVS In-Depth Africa Hotel Valuation Index:   2016 | 2015 | 2014

Ghana’s GDP growth slowed down to 5.6% in 2018 but is estimated to accelerate to 8.7% in 2019 according to the IMF. The increased growth is mainly driven by the oil, gas and mining sectors.

Two million international passengers went through airports in Ghana in 2018, of which 37% came from Europe, according to the Ghana Civil Aviation Authority; that is an increase of 9% compared to 2017. Passenger numbers are expected to increase this year even more due to the new terminal 3 at Kotoka International Airport in Accra, which opened in the middle of September 2018 and is able to handle 5m passengers a year. In addition, the existing airports in Kumasi and Tamale are being upgraded. Managing Director of Ghana Airports Company Limited, John Attafuah, said they “are working hard to attract new airlines, developing new routes and encouraging airlines to improve their frequency.

There are a number of noteworthy real estate projects in and around Accra.  These include The Exchange, billed as one of the only environmentally friendly real estate projects in Africa and the Marine Drive Tourism Project. This ambitious project is estimated to cost about US$1.2bn and is expected to transform over 240acres of Accra’s beachfront into a business and commercial hub. Construction is set to start this year and will take about 10 years to complete.

Another big exciting project is the Ghana International Mall which will be located on Manet-Spintex Road; with a commercial building floor space of 100,000 sqm and a residential building area of 150,000 sqm. The project is still in the planning phase but upon completion the total commercial and residential area is supposed to be among the top three largest in Africa.

Performance of the market was relatively flat year on year with occupancy up marginally and ADR registering a 4.6% increase in local currency terms.  Due to currency fluctuations this was a fall in US$.  Year to date in 2019 occupancy appears flat with a healthy increase in ADR of over 12.5% in local currency.

At the end of last year Accor Hotels announced the new Pullman Hotel Accra Airport City to open in 2021 with 214 rooms and 149 serviced apartments. Hilton is planning to open two hotels in 2020 and 2021 with a total of 501 rooms. Radisson will open one Radisson Blu at the airport in 2021 with 207 rooms.

The widespread impact of the coronavirus (COVID-19) has had an unprecedented impact on hotels and hotel values worldwide. Consequently, the latest HVI analysis may no longer reflect the most current measure of lodging industry strength or the hospitality investment market.

In each of our offices across the globe, we are working tirelessly to analyze the impact of recent events and provide timely insights to help you navigate these uncharted waters. Because it is unclear how long the pandemic will last or how long related restrictions will be in place, we are updating our analyses on a weekly basis using the most current data.

Additionally, examination of value trends in prior cycles can provide useful information. Historical patterns, together with an understanding of the market’s current expectations for the eventual recovery of the industry and its performance, can provide insights on the likely trajectory of decline and recovery for hotel values.

For the Latest Information and Analysis on the Impact of COVID-19Click Here

If you’d like to speak to someone personally to review details of our most current analysis, please don’t hesitate to contact us directly.

For more information, please contact:

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