Mr. Emmanuel Botchwey, the Executive Chairman of Regimanuel Gray Ltd, has called upon stakeholders in Ghana’s housing industry to swiftly adopt vertical development strategies to keep pace with the country’s rapid urbanization. Speaking at the Ghana Real Estate Developers Association (GREDA) CEOs Breakfast Meeting in Accra, Mr. Botchwey emphasized the need to prepare for future housing demands driven by Ghana’s youthful and rapidly urbanizing population.
Addressing the theme, “GREDA showing leadership in housing delivery in Ghana for the next decade; opportunities and challenges,” Mr. Botchwey underscored Ghana’s current population dynamics, with a significant proportion below the age of 20. He highlighted the imminent surge in housing demand as this demographic cohort transitions from parental homes to seeking their own accommodations in the coming decade.
Mr. Botchwey emphasized the urgency by stating that approximately 38% of Ghana’s population falls within the 15-35 age bracket, indicating a pressing need for housing solutions to accommodate this demographic shift. He stressed the importance of embracing vertical housing developments to optimize land usage and effectively address the burgeoning population’s housing needs.
“We have about a decade to fully embrace vertical housing development due to our current population structure,” asserted Mr. Botchwey. He urged developers to maximize space and encouraged first-time homeowners to accept reduced floor areas to manage available land resources effectively for future housing demands.
Leading by example, Mr. Botchwey revealed plans for the Regimanuel Satellite City near East Legon Hills in Accra, where approximately 30% of the land will be allocated to high-rise apartments. With a master plan encompassing 17,000 homes, the inclusion of high-rise developments demonstrates a strategic approach to meeting the population’s housing needs.
Ghana’s population structure reflects a youthful and rapidly urbanizing demographic, with urban areas accommodating around 60% of the young population. As the country’s urban centers continue to expand, innovative housing solutions are imperative to address the housing deficit and ensure sustainable urban development.
