Quality-Built Environment Essential for Property Value Growth, Job Creation and Economic Growth – Dr. Maxwell Opoku-Afari
First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari, has underscored the economic significance of a quality-built environment, stating that it contributes to increased property values, improved productivity, and enhanced economic growth.
Speaking at the Ghana Institute of Architects 2024 Annual General Meeting on the theme “Economic Significance of a Quality Built Environment,” Dr. Opoku-Afari emphasized the critical role of architects in delivering structures that provide economic and social value.
Dr. Opoku-Afari highlighted the multifaceted benefits of a quality-built environment, including increased property values that attract businesses, residents, and investments. He noted that well-designed buildings command higher rental income, creating stable revenue streams for property owners.
He also underscored the job creation potential within the construction sector, adding that quality infrastructure stimulates local economic growth through routine maintenance, attracts investments, and supports refinancing opportunities for critical projects during economic difficulties.
Additionally, he pointed to the role of energy-efficient and sustainable buildings in reducing greenhouse gas emissions and lowering energy and water costs, aligning with global environmental sustainability goals.
The First Deputy Governor further highlighted the importance of architectural aesthetics in promoting tourism. He noted that well-designed buildings and spaces enhance cultural landscapes, attracting tourists and boosting local economies.
“Tourism has become a major source of revenue in many countries, and quality architecture plays a significant role in this regard,” he said.
Speaking on the newly commissioned Bank of Ghana head office, Dr. Opoku-Afari described the building as a symbol of the Bank’s resilience and authority.
He noted that the durable stone-clad structure embodies permanence and sustainability, requiring minimal maintenance while aligning with the institution’s sustainability objectives, remarking that the building reflects the Bank’s critical role in Ghana’s financial landscape and economic framework.
Concluding his remarks, Dr. Opoku-Afari called on architects to prioritize economic benefits in their designs, stressing the profession’s moral obligation to create a quality-built environment and urging them to leverage technology to drive growth and integrate sustainability into their projects to maximize value for individuals, businesses, and society.
He reaffirmed the vital role of architecture in fostering economic development, emphasizing that quality-built environments significantly impact Ghana’s broader economic goals.
