Assessing Financial and Professional Risks on Commercial Property Development and Investment in Accra-Ghana Enclave
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Abstract
Commercial property development and investment (CPDI) is considered to be one of major investments which stimulate economic growth in many countries around the globe. Ghana is no exception. CPDI benefits include employment creation, tax revenue to the government, generation of income for investors and GDP increase. However, CPDI suffers from inherent risks when it comes to its planning, execution and management stage. Some of the inherent risks can be identified, assessed prior to execution if effective financial and professional analyses are conducted. Hence, the purpose of this study was to critically assess financial and professional risks on CPDI projects in Accra, Ghana. Based on this, an extensive literature review was conducted on the key variables such as PESTEL, strategic factors, PMBOK, financial and professional feasibility. The proposition is that these variables have significant effect on CPDI projects. Quantitative approach was employed to collect field data from the property practitioners within Accra enclave as respondents and, a survey of questionnaires was distributed using probability random sampling technique. Structural equation modelling was used to analyse the data gathered from the study respondents where 67% response rate was achieved. Analysis of the data proved that PESTEL analysis, strategic factors and PMBOK statistically have significant effect on CPDI projects risk assessment.
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