Wow! Where has 2022 gone? It feels like just yesterday we were setting our goals for the new year and now we are ready to sing Christmas Carols and enjoy scrumptious festive treats once again. So how did 2022 go for us?
We received a nomination for the International Property Awards in February 2022. The following few months were spent getting ready for the awards presentation, which was held in October. We received a nomination for "Best Real Estate Agency Single Office in Africa'' as well as the prestigious Five Star award for "Best Real Estate Agency Single Office in Ghana." I'm quite happy of what we did at the awards ceremony and of the accomplishments we made in 2022. Receiving these accolades has demonstrated that the sky's the limit and that Edoardo and I both have a natural desire to learn more and grow; we are ready for what is ahead.
Ghana's economy, if not the entire world's, got off to a great start with a lot of hope. This renewed sense of optimism was made possible by the ease with which COVID-19 limits were implemented and by the general public's return to normalcy. However, the devaluation of the Ghanaian Cedi in the second semester swiftly brought about a change. Ghana's economic problems were caused by the COVID-19 global pandemic and the unrest in Russia and Ukraine. The significant decrease in the value of the Ghana cedi and economy has also been caused by unregistered currency merchants and black market operators. According to the most recent official numbers from the Bank of Ghana, which were released in October, the value of the Ghana cedi fell by 37.5 53% between January and August of this year. As the year comes to a close, new government initiatives targeted at halting the devaluation are beginning to show indications of recovery.
According to our optimistic economic forecast, monetary policies are intended to support and preserve the Cedi's value while promoting local production. Large corporations are looking at Africa as new markets and locations for their factories as a result of the continent's continued market expansion and the general economic unrest and instability around the world. Ghana is one of the most secure countries in the continent and is therefore a popular travel destination. Real estate will continue to benefit from this. With the help of the certificates for seller representative and buyer representative, we will continue to support and counsel clients on how to make the best investments.
Speaking about investments, the real estate market continues to be increasingly alluring as the most secured form, particularly during economic downturns and currency devaluation. Through real estate investments in Ghana, we have assisted several investors in protecting their capital. The first upscale beach resort in Ghana, 11-11, is one such venture that promises to be profitable. Ghana's tourist sector is still in its early stages. The nation is home to various naturally protected landscapes and immaculate beaches, nevertheless. Beachfront properties and luxury resorts are in high demand right now, as we've seen recently. In light of this, 11-11 investors are purchasing in order to rent out and have access to a vacation house whenever they require it. The launch of 11-11 show house gained massive interest from buyers and 2023 will see the launch of 444 luxury beach villas.
Although our goals for 2023 are not finalized just yet, we intend to provide our corporate clients with better services now that we have joined Eura and received training and certification for international mobility and relocation. Our facility management division has grown and is now accepting additional projects. We have a larger team working on the construction consultancy front to keep up with the growing demand for advisory services. New showrooms (a turnkey design and construct project), a retail center, and the most opulent mansion in town are a few of the significant projects we are working on.
Our objectives for the coming year are to strengthen our reputation for dependability and expertise through the accolades and certificates we have acquired, as well as to broaden our clientele to include nations nearby. Additionally, we aim to grow our FM Team in order to take on new projects and offer stronger client assistance on the business's property management side, in part because of the Certified Property Manager qualification
We at Akka Kappa want to wish you and your family a wonderful holiday season. Be safe, have a great time, and create lots of wonderful memories with your loved ones. Happy holidays, and we'll see you again in 2023, refreshed and ready to take our real estate consultancy to greater heights.