Investing In Real Estate In Ghana? Ask These 5 Questions First

Before you rush to buy that shiny apartment or snap up land for a warehouse, pause. Ghana’s market is alive with opportunity, but it rewards clarity and preparation more than speed. These five questions help you avoid costly mistakes and sleep better after you sign.

1) What exactly am I investing for?

Returns look very different across asset types. A two-bed in Cantonments targets expat demand; a townhouse in East Legon Hills serves families; a warehouse near Tema or Spintex follows trade flows. Be precise: income today (yield), value tomorrow (appreciation), or business use (operations). If you’re betting on logistics, remember Accra hosts the AfCFTA Secretariat which is signal of long-term regional trade integration (African Union). Ports underpin that story. Tema’s multi-year upgrade has been framed consistently around scale: “US$1.5 billion… will add four deep-water berths and increase annual capacity to 3.5 million TEUs.” (apmterminals.com) For investors, that’s not trivia. It’s a demand compass for warehousing, cold-chain, and light-industrial space along key arteries.

2) Do I understand the real demand drivers in real estate investment?

It’s no longer just “location, location, location.” In offices, occupiers prize reliable services, energy efficiency, and transparent service charges. In residential, gated living and access to international schools carry weight; in industrial, access to ports and arterial roads wins.

Ground your thesis in proof, not vibes. For trade-linked assets, capacity is moving in your favour. Independent policy work notes the expansion enables Tema to “handle three times more cargo from 1 million TEU to 3.5 million TEU.” (Imani Africa) That kind of backbone shifts where the next warehouses, truck yards, and last-mile hubs make sense.

Financing costs still shape absorption. The Bank of Ghana recently took a decisive step: “reduced the Monetary Policy Rate by 300 basis points to 25.0 percent.” Build updated debt costs into any pro-forma rather than relying on last year’s assumptions. (Bank of Ghana)

3) Is my paperwork bulletproof and compliant?

Great assets stumble on avoidable legal mistakes. Real estate investment is a long form of investment so work with the rules; don’t work around them.

Use licensed practitioners. The law is plain: “A person shall not… provide real estate agency services… if that person is not a licensed real estate broker or a licensed real estate agent under this Act.” Ask for the licence number and office display.
Keep money traceable. “Payment for each real estate transaction shall be by bank draft, cheque, bank transfer or electronic money transfer.” No cash. It protects both sides and creates an audit trail.
Close properly. Standard forms and a Real Estate Transaction Certificate (RETC) are part of the promise: “A real estate transaction is not complete until the parties… are issued with a Real Estate Transaction Certificate.”
Know the rent rules. Excessive advance rent demands are unlawful: “in the case of a tenancy exceeding six months, the payment in advance of more than six months’ rent shall be guilty of an offence.” If you’re a landlord or developer, align with this to reduce dispute risk and protects reputation. (CAHF)
Foreign buyers: structure correctly. The Constitution sets a bright line: “No interest… shall be created which vests in a person who is not a citizen of Ghana a leasehold for a term of more than fifty years at any one time.” Plan your holding company and lease terms accordingly. (ICT Policy Africa)

Finally, timelines matter. A 2024 performance audit found registration delays are real: “1,592 (79.6%) [of sampled applications] were processed beyond the 90 days.” Start searches early, track them, and budget time. (audit.gov.gh)

4) Who will run the asset after handover?

Buildings don’t retain tenants but management does. Clear service levels, preventative maintenance, and transparent service charges turn units into annuities. For logistics assets, delays equal lost contracts; for residential blocks, weak housekeeping means higher vacancy; for offices, recurring lift or AC outages evaporate premium rents. Treat facility management as core, not a cost centre. Agree KPIs before completion (fault response times, energy-efficiency targets, security standards), price service charges honestly, and appoint someone empowered to say “no” to false economies.

Field note: Two near-identical apartment blocks can perform wildly differently based on operations. The one with a responsive helpdesk, quarterly maintenance, and predictable billing gets renewals and referrals. The “shiny lobby, broken lifts” version bleeds occupancy and discounts its way through the year. Same postcode, different discipline.

5) What is my real estate investment risk plan and my exit?

Markets move. As more investment opportunities come up, Interest rates, exchange rates, and infrastructure delivery can swing timelines and values. The policy-rate shift cited above changes financing math overnight; an arterial road delay can add a year to lease-up; a currency wobble can squeeze imported-materials refurb budgets.

Be explicit about downside. Run sensitivities for:

Debt cost: what happens to DSCR if rates tick up before they trend down? (Re-price to current MPR.) (Bank of Ghana)
Time to revenue: how many months can you carry before first rent without cutting quality?
FX: if you build or refurb with imported kit, what’s your buffer for the Cedi swinging mid-project?
Exit: can you refinance, sell down floors, or pivot to lease-to-own if sales slow? Document triggers for each path.

A simple investing checklist (use it before you wire funds)

Purpose fit: Can I explain why this asset type fits my goal (yield, appreciation, operations)?
User fit: Do I have three current demand proofs (signed LOIs, recent comparables, or pre-lets)?
Legal fit: Licensed broker engaged; payments via bank only; Council forms used; RETC planned at close. “Payment… shall be by bank draft, cheque, bank transfer or electronic money transfer.”
Tenancy fit: Any advance rent complies with the six-month ceiling in Act 220; service-level and repair timelines are written into the lease. “…payment in advance of more than six months’ rent… [is] an offence.” (CAHF)
Ownership fit (non-citizens): Lease term ≤ 50 years in line with Article 266(4). “No interest… [for a non-citizen]… more than fifty years.” (ICT Policy Africa)
Ops fit: Facility-management KPIs and budget agreed before completion (response times, PPM calendar, energy and water targets).
Risk fit: Sensitivities run for interest rates, FX, and infrastructure delays; two exit options documented.

Ghana’s real estate can transform a portfolio, if you invest with purpose, data, and discipline. Start with these five questions. They turn a tempting listing into a sound decision, and a contract into a durable asset. And remember: the market rewards those who match a clear strategy with verifiable facts whether that’s a port-side warehouse aligned to “3.5 million TEUs” of throughput, or a city apartment priced and managed for the tenants who actually live there. (apmterminals.com, Imani Africa)