Tech-driven construction cost management vital

The Minister for Works and Housing, Kojo Oppong Nkrumah, has called on quantity surveyors, cost engineers, and other industry professionals to embrace sustainable and technology-driven methods in construction cost management.
Speaking at the opening of the 2024 International Cost Engineering Council and the Africa Association of Quantity Surveyors (ICEC-AAQS) Conference in Accra, Mr. Oppong Nkrumah emphasized the need for both public and private sectors to collaborate in redefining traditional construction practices.

Sustainability and technology in construction
Under the theme “Reimagining the Future of Construction Cost Management: Sustainability and The Digital Frontier,” the three-day conference, running from October 21 to 23, has attracted over 300 participants from various industries.
It is aimed at exploring how sustainability and digital innovation can reshape construction cost management.
In his address, Mr. Oppong Nkrumah underscored the importance of integrating environmental stewardship and technological advancements into cost management to ensure financial efficiency and sustainable development.
He noted that the intersection of sustainability, technology, and cost management is where the construction industry’s future lies.
“Reimagining how we manage construction costs by integrating sustainability principles and embracing the digital frontier is crucial. This intersection will redefine traditional practices in construction and quantity surveying,” he said.

Modern construction projects
The Minister also highlighted the need for innovative financial products to address the specific needs of modern construction, particularly in managing cash flow.
He urged the Ghana Institution of Surveyors and the Quantity Surveying community to work closely with financial institutions to design adaptive solutions that mitigate financial risks and enhance project delivery.
“Effective and sustainable project delivery hinges on sound financial strategies,” Oppong Nkrumah noted. “I urge collaboration with financial institutions to design innovative financial products tailored to the construction industry.”

Decarbonization
Addressing the issue of sustainability, Mr. Oppong Nkrumah emphasized the growing necessity for the construction industry to reduce its carbon footprint.
He pointed out that buildings and infrastructure are significant contributors to global carbon emissions and that the industry has a responsibility to lead the decarbonization effort.
“Sustainability is no longer a choice; it has become a necessity. We must decarbonize our built environment by managing not just upfront costs but also long-term operational expenses,” he said.
The Minister revealed that the Ministry of Works and Housing, with support from international partners like the United Nations Office for Project Services (UNOPS), has developed a comprehensive roadmap to decarbonize Ghana’s building and construction industry.
This roadmap will be officially launched in the coming days.

Shaping the future of construction cost management
The ongoing ICEC-AAQS 2024 Conference, hosted by the Ghana Institution of Surveyors, brings together global leaders and experts to discuss emerging trends and best practices in cost engineering and quantity surveying.
Over the next two days, participants will engage in workshops, panel discussions, and technical presentations focused on the challenges and opportunities posed by digital transformation and sustainability within the construction sector.
With both local and international experts in attendance, the conference is expected to yield actionable recommendations that will influence policy and practice in Ghana and beyond, shaping the future of construction cost management for years to come.