Minister calls for innovative financing solutions in construction sector
The Minister of Works and Housing, Mr. Kojo Oppong Nkrumah, has urged the Ghana Institution of Surveyors (GhIS) and the quantity surveying community to address the financing challenges facing Ghana’s construction sector by developing innovative financial products. Speaking at the 2024 Accra Conference of the International Cost Engineering Council (ICEC) and the Africa Association of Quantity Surveyors (AAQS) on Monday, he stressed the importance of ensuring prompt and steady cash flow for the efficient and sustainable delivery of projects.
Mr. Nkrumah called on GhIS to collaborate with financial and insurance institutions to create tailored financial products that would help resolve cash flow problems. He explained that these products should be adaptive to the complexities of modern construction projects and capable of providing solutions that ensure projects are completed on time and within budget.
“By ensuring the financial backbone of projects is solid, we create an environment where projects can not only start on time but also be completed efficiently,” he said. “This kind of collaboration will help mitigate financial risks and uncertainties, ensuring minimal disruptions to project timelines.”
The three-day ICEC-AAQS conference, organized in partnership with the GhIS, focuses on fostering international collaboration, sharing knowledge, and enhancing capacity building. Themed “Reimagining the Future of Cost Management: Sustainability and the Digital Frontier,” the event brought together professional quantity surveyors from Ghana and abroad.
Mr. Nkrumah also emphasized the critical role of sustainability in project cost management, noting that it is non-negotiable in the current global landscape. He explained that buildings and infrastructure are major contributors to global carbon emissions, making it essential to adopt bold measures to promote sustainability in construction.
He further highlighted the ministry’s collaboration with the United Nations Office for Project Services (UNOPS), the United Nations Environment Programme (UNEP), and UN-Habitat in developing a roadmap to decarbonize Ghana’s building and construction sector. This roadmap, set to be unveiled soon, outlines key recommendations for creating a more sustainable environment.
Dr. Anthony Arko-Adjei, President of the GhIS, echoed the need for innovative solutions in the rapidly evolving construction industry, emphasizing the importance of digital technologies to address its complexities. He stressed that professionals must align their methods with the global call for sustainability while ensuring project efficiency. Dr. Eugene Seah, Chairman of the ICEC, and Dr. Matthew Ngulube, President of the AAQS, also underscored the importance of sustainability and urged surveyors to leverage technologies like artificial intelligence and big data to build cost-effective, environmentally sound, and future-proof infrastructure.
