ACCRA: Mr. Kojo Oppong Nkrumah, the Minister of Works and Housing, has called on the Ghana Institution of Surveyors (GhIS) and the quantity surveying community to devise innovative financial products aimed at bridging the financing gap in the construction sector. He emphasized the critical role of consistent cash flow for the successful and sustainable delivery of construction projects. According to Ghana News Agency, Mr. Nkrumah delivered this charge while addressing attendees at the 2024 Accra Conference of the International Cost Engineering Council (ICEC) and the Africa Association of Quantity Surveyors (AAQS). The minister urged the GhIS to collaborate closely with financial and insurance institutions to create financial products that address project cash flow challenges and offer adaptive financing solutions tailored for modern and complex construction projects. Mr. Nkrumah highlighted the importance of reinforcing the financial framework of projects to ensure timely commencement and completion within budget and schedule. He stated, "This kind of collaboration will help mitigate financial risks and uncertainties, ensuring that projects are delivered efficiently, on time, and with minimal disruption." The ICEC-AAQS conference, a three-day event organized in partnership with the GhIS, aimed to promote international collaboration, knowledge sharing, innovation exchange, and capacity building. With the theme "Reimagining the Future of Cost Management: Sustainability and the Digital Frontier," the conference attracted both local and international quantity surveyors. During his speech, Mr. Nkrumah stressed the importance of incorporating sustainability into project cost management, noting that buildings and infrastructure are significant contributors to global carbon emissions. He called for innovative approaches to manage not only the initial construction costs but also the long-term operational and maintenance expenses of buildings. The minister also unveiled a roadmap developed with support from various Uni ted Nations agencies to decarbonize the building and construction industry, urging stakeholders to adopt its recommendations. Dr. Anthony Arko-Adjei, President of the GhIS, acknowledged the novel challenges and untapped potential within the rapidly evolving construction industry, advocating for innovative solutions and forward-thinking strategies. He emphasized the critical role of digital technologies in addressing industry complexities and aligning with global sustainability goals. Further contributions came from Dr. Eugene Seah, Chairman of the ICEC, who urged quantity surveyors to consider sustainability and resilience in project evaluations. Dr. Matthew Ngulube, President of the AAQS, encouraged the use of tools such as artificial intelligence, big data, and building information modeling to integrate sustainability into cost management, aiming to create cost-effective and environmentally sound structures.
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