Mr Kojo Oppong Nkrumah, Minister of Works and Housing, has charged the Ghana Institution of Surveyors (GhIS) and the quantity surveying community to develop innovative financial products to address the current financing gap in the construction sector.
He said prompt and regular cash flow was crucial for the effective and sustainable delivery of projects.
Speaking at the 2024 Accra Conference of the International Cost Engineering Council (ICEC) and the Africa Association of Quantity Surveyors (AAQS), on Monday, Mr Nkrumah charged the GhIS to work closely with financial and insurance institutions to develop innovative financial products to facilitate cash flow in the sector.
Such products, he said, must tackle project cash flow challenges, provide financing solutions that were adaptive to the needs of modern, complex construction projects.
“By ensuring that the financial backbone of projects is solid, we create an environment where projects can not only start on time but also be completed within budget and schedule,” he said.
“This kind of collaboration will help mitigate financial risks and uncertainties, ensuring that projects are delivered efficiently, on time, and with minimal disruption,” Mr Nkrumah added.
The three-day ICEC-AAQS conference, held in partnership with the GhIS, sought to, among others, foster international collaboration, facilitate knowledge sharing and innovation exchange and enhance capacity building and development.
Held on the theme: “Reimagining the Future of Cost Management: Sustainability and the Digital Frontier,” the conference brought both local and international professional quantity surveyors.
Mr Nkrumah emphasised the need for Quantity Surveyors to factor sustainability in project cost management, saying it was non-negotiable.
He explained that buildings and infrastructure were major contributors to global carbon emissions, a situation, he said, called for bold steps to address to ensure sustainability.
“Our focus must extend beyond the initial construction phase. We need to explore innovative ways to manage not only the upfront costs but also the long-term operational and maintenance expenses of buildings,” the Works and Housing Minister urged.
Highlighting the Ministry’s effort to promote sustainability, Mr Nkrumah said the ministry with the support from the United Nations Office for Project Services (UNOPS), the United Nations Environment Programme (UNEP), and UN-Habitat, had developed a roadmap to decarbonise the building and construction industry.
He urged sector players to adopt recommendations of the document which is set to be unveiled in the coming days to create a more sustainable environment.
Dr Anthony Arko-Adjei, President of the GhIS, said with the rapidly transformed world, the construction industry faced novel challenges and untapped potential, which required innovation solutions and forward thinking strategies.
Harnessing the power of digital technologies to develop solutions that addressed the intricate complexities of the industry was therefore critical, he said.
“As surveyors, cost managers and professionals in the built environment, we are tasked not only delivering projects within the budget, but also ensuring that our methods align with global call for sustainability.
“The pressure to reduce environmental impacts while increasing efficiency, is undeniable and demand bold and innovative solution,” he stressed.
Dr Arko-Adjei assured of GhIS’ commitment to empowering its members with the knowledge and skills to navigate the new digital landscape.
Dr Eugene Seah, Chairman of the ICEC, advised quantity surveyors not to only look at cost when evaluating projects but also their sustainability and resilience.
He also urged them to build strong collaborations with other institutions such as the Ghana Institution of Engineers and the Engineering Council, to develop and deliver projects that met overall standards.
Dr Matthew Ngulube, President of the AAQS, urged quantity surveyors to utilise tools such as artificial intelligence, big data and building information modeling (BIM), to lead the way in integrating sustainability into every facet of cost management.
“Our goal is to build structures and infrastructure that are not only cost effective but also environmentally sound, socially responsible and future-proof,” he stressed.
GNA