Cement price increment worst I have seen in recent times

The Executive Secretary of the Ghana Real Estate Development Association (GREDA), Sammy Amegayibor, has expressed concern over the recent increase in cement prices.

He clarified that cement is a major component in building and construction, so any significant change in its price greatly impacts their operations and activities.

Speaking on JoyNews’ News Night on Thursday, May 16, Mr Amegayibor stated that the recent rise in cement prices is very surprising and affects their operations and market offerings.

He explained that their business involves building houses where the cost cannot be determined, unlike supermarket items where cost elements can be quickly factored in.

“Our case, it’s not like that. You start a project to the foundation and you will be paying cement at 60 cedis – you get to the block work level, it goes to 70 cedis,… now you’re doing plastering and it goes over 100 cedis. How do you even determine the cost of the building,” he asked.

He noted that such an increase in cement prices is very detrimental to their operations, adding that despite previous increases in the prices of building materials, the recent surge in cement pricing is the “worst” he has seen in recent times.

Commenting on the Trade and Industry Minister, K. T. Hammond’s directive to address the price increase, Mr Amegayibor said that when a ministry managing particular sector issues such directives, it confirms that they acknowledge there is a problem.

“And so expressing of concern – it’s fair and it sounds refreshing. However, issuing a directive of this nature, one will have to ask that what are the fundamental causes of the cement price increment than to just issue a directive.

“If you reduce the price of cement today/tomorrow, we will be very happy but we have to be very fair because we are all in the business of manufacturing and so one wonders the fundamental issues that caused the cement prices to go up has not been addressed or mentioned by the Minister and only issuing directives for it to come down,” he added.