Ghana: Is your housing budget realistic?

Ghana is in the top 5 countries in terms of attracting expatriates arriving in Africa, with the country’s economy based on not only its oil, gas and mining industries, but increasingly on inclusive economies: manufacturing, banking and services. In a concerning trend, however, the country’s competitive property market is making it difficult for assignees to meet their desired property requirements on strictly-allocated housing budgets.

Over the years, as in many African countries, multinational companies in Ghana have requested a Western style for houses, with impressive levels of comfort and security. It is indeed crucial in the mobility industry to ensure the comfort and security of expat families for the success of assignments, and no compromise can be made.

The negative effect of recreating a ‘little America’ or ‘little Europe’ in African countries, however, is that the cost of life and cost of housing is increasing dramatically. Last year, for example, Angola became the most expensive country in the world for expatriates!

In Ghana, companies have similarly been facing numerous challenges while identifying suitable accommodations for newcomers, on their allocated housing budgets.

Housing prices have skyrocketed in Ghana’s capital city of Accra. Currently in Accra, 2/3 bedroom (fully-furnished) apartments for executives are going for between $3,900 and $4,500, and it is important to note that these two bedrooms are very small and not suitable for a couple with children.

The commuting times for expatriates working ‘outside of town’ is also very important to consider, as traffic conditions have deteriorated in recent years. As an example, a number of multinational companies have settled their offices in Tema, which forces their expatriates to live in the Airport Residential area – any other area will not be suitable, taking the commuting aspect into consideration.

It should also be noted that for most of these assignees, it is the very first time that they are coming to Ghana, not to mention that they are from well-developed countries. Their living standards are high, and they expect to live the same lifestyle and have access to the same facilities they enjoyed in their countries.

Executive Relocations will be happy to provide estimated property costs for local markets, and offers a comprehensive property programme for assignees. Be sure to contact us to avoid any frustration after relocating.