It has emerged that many of the local construction firms in the country are on the verge to collapse due to both external and internal competition from foreign competitors operating in Ghana.

“This is so as most businesses in Ghana are now struggling to withstand competition both locally and internationally”, Chief Executive Officer (CEO), Koans Estates, Mr. Kofi Anokye revealed.

The Board Chairman of the 2017 Ghana Property Awards (GAPOA) observed that the lack of information is collapsing local construction companies as they are unable to match international ones operating in the country.

“Exploiting the right kind of data for our business intelligence puts us competitors a little ahead of us wherever we may find ourselves”, Mr. Kofi Anokye point out.

Giving his welcome addressing at this year’s awards ceremony held at the Banquet Hall of the State House in Accra, the CEO of Koans Estates suggested to the government to salvage the situation by putting in measures to save these local companies from collapsing.

The chairman also stated guess work is their major challenge suggesting the government provide technical a system to help curb the situation of their business collapse.

“With the right kind of modern IT system, these pieces of information which are described as bricks and mortar can help us to eliminate guess work”, the 2017 GAPOA chairman suggested.

Celebrated under the theme: ‘ Exploiting Data to Bond Bricks and Mortar Trading’, the CEO of Danywise Estate & Construction Company Limited, Mr. Frank Aboagye Danyansah was adjudged Best Residential Developer – Lower Income for 2017.