By: John S. Morlu II, CPA
Welcome to Takoradi, a.k.a. Oil City—where some houses are so unfinished they’re basically modern art. Concrete skeletons sunbathing. PVC windows installed… but no floors. Steel rods sticking out of rooftops like antennas searching for better economic times.
It’s sad. It’s funny. It’s also an opportunity with neon lights for patient, smart, slightly stubborn value investors.
Why So Many Houses Are “Coming Soon” Forever
- The Diaspora Savings Account: Many Ghanaians abroad “build small, small” each Christmas. Then exchange rates wobble, school fees show up, and—boom—the mansion pauses at lintel level for five years.
- Inheritance Drama: A parent passes, six siblings disagree, two aunties threaten court, one uncle keeps the keys. The house chooses retirement.
- Land Title & Chieftaincy Disputes: Two documents say the land is yours; three say it’s not. Everyone hires a surveyor named Kofi.
- High Interest + Inflation: Cement prices do cardio. Bank rates glare at you. Projects stall.
- Migration & Job Hops: Owner moved to Accra, London, or LinkedIn. The house now fights weeds for territory.
- Contractor Vanished: “Mobilization” money was paid. Contractor relocated to become a motivational speaker.
- Fun sighting: A palm tree growing in the living room. Nature said, “If you won’t use it, I will.”
Why Takoradi Specifically?
- Boom-Bust Energy: Oil buzz brought fast building. Some projects ran out of steam (and cash) when reality replaced headlines.
- Port City Math: Logistics first, finishing later. Later never came.
- Land Supply: Outskirts like Tanokrom, Anaji, Kansaworodo, Effiakuma have pockets of half-done gems waiting for a brave spreadsheet.
The Value Investor’s Angle (Where You Win)
Abandoned or incomplete houses often sell at 30–60% below replacement cost because:
- Sellers need liquidity.
- Heirs want peace.
- Owners are tired of paying caretakers and clearing bush every rainy season.
You’re not paying for granite countertops. You’re paying for legal clarity + concrete mass—then adding the cosmetics.
Field Guide: How to Spot a Deal (and Not a Disaster)
Green Flags (Smiling Deals)
- Paperwork exists (site plan, indenture, receipts from Lands Commission, addresses of witnesses).
- One decision-maker (or a power of attorney from all heirs).
- Access road + neighbors (no “bush safari” required to reach your gate).
- Dry structure (no serious cracks, no sagging beams, ring beams present).
- Utilities nearby (power pole in sight, water lines or boreholes common).
Yellow Flags (Proceed, but with helmet)
- Multiple “owners” greeting you at the gate. Everyone smiles too much.
- Land guards patrolling like private tour guides.
- Sinking foundation or cracks wider than your pinky finger.
- Boundaries disputed—the wall has moved more times than your meeting time.
Red Flags (Wave and go)
- Court case pending—you’re not buying a house; you’re buying a headache subscription.
- Encroachment blocking access—your driveway is someone’s living room.
- “Don’t worry, we’ll fix the papers after”—famous last words of broke investors.
Due Diligence—Simple, Not Cute
- Title check at Lands Commission (search the parcel number, cross-check names and instruments).
- Independent surveyor to re-peg the boundaries (don’t trust a photocopy map).
- Family/Heir consent in writing—everyone who can fight must sign peace.
- Police extract + neighborhood intel (ask the assemblyman and the mason mixing sand nearby).
- Engineer’s structural review (small fee now saves big tears later).
Pro tip: Video everything. Document dates. Keep a closing file like a proud librarian.
The Makeover Menu: Turning Concrete into Cashflow
- Finish & Flip (Middle Market): Add durable tiles, modern baths, simple closets, good lighting, water storage + pressure pump. Sell to end-users who want “move-in ready.”
- Finish & Rent (Steady Freights):
- Staff housing for port, hospital, bank, or oil service workers.
- Co-living (separate meters, shared kitchen).
- Student/NYEP lodging where schools or training centers exist.
- Convert to Short-Stay: 2–4 self-contained studios with reliable water, Wi-Fi, and solar backup = weekend cash.
- Split & Sell: If the plot is large, regularize layout, fence, gate, and sell serviced subplots.
- Rent-to-Own: 20–30% deposit; balance over 24–60 months. You become the bank. Your returns become interesting.
Funny truth: A good paint job, tidy compound, and stainless steel railings have turned many “hmm” buyers into “where do I sign?”
Numbers That Keep You Honest (Example Skeleton)
- Acquire: GHS 350k for an incomplete 4-bed on a decent road.
- Finish: GHS 250k (flooring, doors, windows, plumbing, wiring, POP in living, exterior).
- Total: GHS 600k.
- Exit 1 (Sale): Market comps suggest GHS 800k–900k if docs are clean and finish is crisp.
- Exit 2 (Rent): GHS 4k–6k/month (full-house), or GHS 1.5k–2k per self-contained (x3–4 units) with better occupancy risk spread.
Your numbers will vary—this is lunch-napkin math, not a blood oath.
Finishes That Rent/Sell Faster (Without Bleeding Cash)
- Matte exterior paint (forgiving with dust and kids).
- Large-format tiles (make rooms look richer).
- Two water tanks + pump (tenants worship water pressure).
- Ceiling fans + AC provision (don’t force the AC bill; give the option).
- Solar-ready conduit (future-proofing).
- Security lights & motion sensors (tenants love safety.)
Don’t overspend on bespoke cabinets and Italian taps. This isn’t a Netflix kitchen show.
Tactics to Unlock a Sticky Deal
- Caretaker Diplomacy: Tip fairly; they open doors, literally and socially.
- Heir-by-Heir Offers: Small signing bonuses for each heir at closing—less fight, more pen on paper.
- Close With Conditions: Pay 80% now, 20% after title transfer + possession. Motivation is a marvelous tool.
- Finish in Stages: Roof tight first, then wet areas (baths/kitchen), then cosmetics. Stop rain; stop rot.
What to Tell the Bank (or Your Investor Friend)
- “Below replacement cost” (you’re buying time + concrete already paid for).
- “Stabilized cashflow plan” (clear rent comps + water/backup power).
- “Downside control” (land value + structure salvage).
- “Exit options” (rent, sell full, sell in pieces).
- “Risk mitigants” (title search, engineer report, staged payments).
Investors don’t need poetry. They need a path to cash with guardrails.
Micro-Market Cheats (Takoradi Edition)
- Near schools/hospitals/ports: Staff & students = steady demand.
- Edge-of-town with good road: Tenants accept extra minutes if the road won’t break their spine.
- Public transport nearby: Trotro access = premium for many renters.
- Quiet + water: Two words that double your inquiries.
Fun fact: A tidy compound with gravel and plants photographs 10x better than a tiled desert. Instagram sells houses too.
The Humor Hiding in the Dust
- The house with a DStv dish but no roof ceiling. Priorities.
- The “Gate House” built first—and the main house is still a dream. Security is optimistic.
- The eight-bedroom designed for a family of three and twelve visitors who never come.
We laugh, but it’s real money left on the table. Your money, if you’re brave and diligent.
Bottom Line
Ghana—especially Takoradi—has a quiet inventory of abandoned and half-done homes waiting for value investors who know how to:
- Clean title,
- Finish smart,
- Price right, and
- Operate like a business, not a daydream.
These aren’t ruins. They’re paused assets. Hit play—with paperwork, patience, and a good mason—and watch concrete turn into cashflow.
📖 Coming Up Next: Chapter 28: Ghana, the “Switzerland of West Africa”?
Author: John S. Morlu II, CPA is the CEO and Chief Strategist of JS Morlu, leads a globally recognized public accounting and management consultancy firm. Under his visionary leadership, JS Morlu has become a pioneer in developing cutting-edge technologies across B2B, B2C, P2P, and B2G verticals. The firm’s groundbreaking innovations include AI-powered reconciliation software (ReckSoft.com) and advanced cloud accounting solutions (FinovatePro.com), setting new industry standards for efficiency, accuracy, and technological excellence.