Building create jobs, increase property values and enhances economic growth – 1st Deputy Governor

Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana, highlighted the economic benefits of quality infrastructure, emphasizing its role in job creation, stimulating local economic growth, and increasing property values.

Speaking at the 2024 AGM of the Ghana Institute of Architects, he noted that a well-maintained built environment attracts businesses, investments, and tourists, while also offering refinancing opportunities for property owners.

He expressed concern over Ghana's limited ability to leverage property values for financing due to inadequate financial mechanisms and called for collaboration between architects and the financial sector to unlock this potential.

Dr. Opoku-Afari also stressed the need for property tax formalization in developing economies, noting Ghana's low tax-to-GDP ratio of 13%. On Bank Square, the Bank of Ghana’s new head office, he praised its durable, symbolic design, urging architects to blend functionality with socio-cultural and economic aspirations.