Estate developers bemoan increase in cement prices

The Executive Secretary for the Ghana Real Estate Developers Association (GREDA), Samuel Amegayibor, has lamented how the increase in cement prices is affecting their business. This is in line with the general increase in cement prices. The increase in cement prices is a result of the depreciation of the cedi against the US dollar as some materials used in producing cement are imported. Prices of cement vary from GHC77 to GHC85, 50 kilograms per bag. The prices vary among the brands on the Ghanaian market which are GHACEM, Diamond and Dangote and Dzata. The increase in the price of cement has affected the cost of construction which has triggered an increase in the price of real estate. Read Also: Economic crisis: “National dialogue not the solution”- Economist Speaking on Atinka FM’s AM Drive with host Kaakyire Ofori Ayim, Samuel Amegayibor, explained that the increase in cement prices is affecting their business. Samuel Amegayibor cited an increase in the international price and the depreciation of the cedi as major causes of the increase in cement prices. He also stated a 300% freight cost, which according to him has contributed to the increase in cement prices. “The increase in cement prices is having a toll on our business. The estate developing business is not like the manufacturing of toffee which can be completed within 24hrs. We build houses which sometimes take more than 5 years. If the prices of cement keep increasing, it makes the pricing of completed projects very difficult. The inflation has become high that prices of cement increases every hour. We are really frustrated,” he added. Samuel Amegayibor has also urged the government to address the local factors influencing the rapid rise in cement prices