Promoting sustainable construction project financing in Ghana: Critical Drivers, Barriers and Proposed Strategies
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Date
2021-06-09
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Abstract
In pursuit of achieving sustainable construction of projects, the cost of constructing such
projects comes with the increased cost of the project, which poses a challenge to those who are
interested in sustainable construction projects. The aim of the study was exploring strategies
to promote sustainable construction project financing in Ghana. The objectives set in order to
achieve the aim of the study were identifying critical drivers, critical barriers of sustainable
construction project financing and important strategies of promoting sustainable construction
project financing. As part of the survey research technique used, a questionnaire was used to
gather the views of participants. The data collected was analysed with SPSS by conducting
inferential and descriptive analysis. The following were findings of the study. The critical
drivers of sustainable construction project financing identified were Ethical Investment,
Reduced Life Cycle Cost, Conservation of Resources, High Return on Investment and
Emerging Business Opportunity. The barriers identified to be critical were Cost Related
Barriers, e.g. High upfront cost, Lack of Policy direction and Regulatory gaps, Lack of
Knowledge among Professionals, Inadequate Financing Schemes, Lack of Credible Database
and Insufficient Government Support. Strategies that were thought to be important to promote
sustainable construction project financing were: Government Support, Training and Education,
Legal Framework for Sustainable Construction, Provision of incentives, e.g. Tax grants, low
interest loans and Position Financial Industry to deal with Sustainable Construction. The
recommendations suggested was the setting up of a green building council to oversee the
transition of infrastructure in Ghana from conventional to sustainable built infrastructures.
Also, there was a need for a financial institution that will cater to the financing of the
construction industry in Ghana to avoid competition with other sectors of the economy from
accessing capital for sustainable construction projects.
Description
A thesis submitted to the Department of Construction Technology and
Management, College of Art and Built Environment in partial fulfilment of the
requirements for the degree of Master of Philosophy
Keywords
Sustainable Construction, Sustainable Construction Project Financing, Critical, Drivers, Barriers, Important, Strategies