The best six ways to make money in Accra include:

1. Land banking
2. Build houses to sell
3. Building materials supplier
4. Acquire properties for rentals
5. Partner up
6. Granite Stones Quarry

 

To start with, money making is the state of your mind and mindset, when you get your mindset right, money becomes a by-product. Most often than not, when you are broke, quick money-making seems the ultimate option. Even if you made some quick bucks in the process, it is just a temporary fix. Have you wondered why some people amass a fortune and then lose it all? Making money is one thing and keeping it is another. One has to educate himself about money. Money itself has rules, a transgression of it leaves you penniless even though you earned much, and that will be for another conversation.

Read also: The 10 Lucurative Industries that will make you Millions in Ghana

 

How can I get money fast in Ghana?

You can get money fast in Ghana by investing in real estate like land banking, a real estate developer, building materials supplier, acquire rental property, granite stones quarry, partner up. That said, this is not about get-rich-quick schemes or some gimmicks. The goal is to get rich for sure. In other words, to be financially free and attain that, you need to educate yourself by reading books. I’m not talking about a long list of university textbooks and degrees. I’m talking about self-improvement books. Everything starts from striving to attain knowledge and apply it . Don’t get me wrong, I’m not saying school is not important, the problem is that the school system doesn’t teach us about money and financial freedom but to get a job.  I will recommend you a book: Rich Dad Poor Dad by Robert Kiyosaki, it is a great book that will shift your mindset. Back to the question, How can I get money fast in Ghana? I will cover that in a bit. The strategy is not “fast” money making but rather slow but sure. Let’s get cracking.

Read also: 7 Most profitable real estate niches in Ghana

 

 1.Land Banking

Land investment in Accra, Ghana is an investment that can’t go wrong if you buy it right. I repeat that. The reason why there is so much litigation is that most people won’t follow the right procedure to acquire land, instead prefer cutting corners and don’t register their lands. If you want to put your money where your mouth is, you should make sure every due diligence is done thoroughly, that way you have nothing to worry about land investment. The returns on land investment in Accra in particular is enormous. You control the price. The only drawback is there is no cash flow. However, you can be creative by leasing out if the place is suitable for organizing parties, funerals or events, depending on the location.

Also see: 12 step-by-step guide on how to buy land in Ghana as Ghanaian or foreigner without litigation.

 

2.Property Developer

Becoming a property developer is something you should explore, not just that it is profitable, your property will also appreciate in value. Study the market, and look for a location with fast-growing infrastructure as that will help in your selling point. You could start as a micro-developer –a few 2 or 3 bedrooms. Unlike bare land which you will practically do nothing except fence, or walling, or demarcate it, with home building you will have to deal with a lot like: land acquisition, architect(building design), building permits, services consultants, suppliers, and probably your lender. Is it worth it? Absolutely. Depending on your target audience and your business model, you will be looking at a 25% to 45% return on investment, to be conservative, though.

Read also:How to Self-finance or Use Mortgage Banks in Ghana to Buy Your Home

 

3.Building Materials Supplier

 

Day in, day out people are building home, and their first stop is building material suppliers.  Traditionally, locally produced building materials served the growing population. The build materials and construction industry is estimated at $2.1billion.  Recently there is a growing appetite for foreign building materials from China, Turkey, US, EU as import is always preferred to locally manufactured.

You may be thinking “oh it is Ghanaian problem.” It is not a Ghana issue, anything imported is always perceived as superior in any country. If you decide to venture into building materials, study the market, study the competition, and understand what the market wants. Perhaps you may not have the capacity to import building materials, you can start locally: buy from main suppliers at wholesale price and then add your mark-up price.

 

 

4.Acquire Properties for Rentals

Ghana has become a hot spot for neighboring countries like Nigeria, Cote d’Ivoire, Togo, and Burkina Fasu, just to name a few which puts pressure on the already undersupplied housing market in Accra. Till thy kingdom come, there will always be demand for housing. Why? Because not everyone can be able to afford to build their own homes.

In addition, with the increase in household fast-growing population in Accra from 1.71% in 2021 to 1.88% increase in 2022 due to in-migration in the country, the rental market is ever booming. Cashflow is always king, especially from a rental property.

Your job is finding a motivated seller who is self-marketing his property on real estate platforms or seller’s agent. Who is a motivated seller? This is a seller selling his/her property because he/she must sell because of a pressing need. In most cases, you will buy it far below market value. Make sure  the location is desirable to live with proximity to social centers, schools, health centers or pharmacies, easy to commute to the central district of Accra. Do your homework about crime rate in that location. You may also want to visit the nearest police station, and find out if there is a high crime in that neighborhood.

Read also:Real Estate Rental Yield in Accra, Ghana

 

5.Partner up

Leverage has exited since civilization, and the rich still use it to increase their fortunes. Let’s say you want to get into the real estate space but have capital constraints, all you have to do is find a money partner to partner with. Your job is to contribute sweat equity –finding the deal and managing the property. Each partner’s responsibilities should be spelled out to avoid the relationship going sour. Whether you want to do fix and flip or build and sell or buy and hold, whatever your strategy is, this work in all industries not only real estate. Structure your profit split, it could be 50/50 or 70/30 split. Make sure every agreement is written on paper in the form of contract, not verbal agreement or handshakes. In the same way, if you want your money to work for you, you can partner with a company or an individual who need your money for business growth or to scale.

Read also: 7 EASY WAYS TO INVEST IN REAL ESTATE IN GHANA-HOW TO GET STARTED

 

6.Granite Stones Quarry

Ghana is endowed with so many natural resources all over the country. Most of these resources are untapped. For example, I was speaking to two brothers who own a quarry business and I discovered that we import granite countertops for the kitchens from Italy and other countries, yet we have this large granite stone deposits and no one is cutting them. Do I have your attention?

In summary, there are dozens of ways to make money in Ghana, the opportunities are immense, pick one and master it, don’t dabble. Perhaps real estate is not your cup of tea, look for other industries that fit your taste. One downside about real estate is property, if the taxes are high it decreases the property value but in Ghana, the property is moderate. Consider Ghana as virgin land to tap into, opportunities are everywhere.

Read also:BUYING VS. BUILD A HOUSE IN GHANA, WHICH IS BETTER?

 

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Read also: Why do Americans leave their luxurious life and move to Ghana?

 

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Read also: ECO-FRIENDLY HOMES FOR SALE WITH SOLAR IN GHANA

 

La Margo Villas Neighbourhood Snapshot

Kwabenya is a residential community located in the Ga East Municipal District of the Greater Accra Region. The area is well connected to major roads and highways, making it easily accessible from other parts of the city. It is an ideal area for real estate investment and an emerging sub-market for those who want to escape excessive noise of Accra. Get in touch  with us to reserve your dream home today right here.