The recent hike in cement prices has sparked widespread concerns, particularly among construction professionals like Yaw Poku, a seasoned contractor specializing in commercial properties.
With over two decades in the industry, Yaw fears that increased costs will force adjustments in project plans, ultimately burdening his clients.
“The country is already facing challenges, and now with rising cement prices, construction costs are soaring. This will inevitably drive up rents and overall living expenses,” Yaw lamented, highlighting the potential for some contractors to compromise on quality to manage costs, which could lead to structural integrity issues.
At Ola Balm block factory in Bubiashie, the impact of higher cement prices is evident, with prices of cement blocks rising sharply.
Francis Blewuji, expressing frustration as a producer, emphasized the need for a balanced approach where both producers and consumers can thrive amidst economic pressures.
Supacem, among other manufacturers, has raised prices substantially, citing increased production costs.
The ongoing debate over proposed price regulation by the Trade and Industry Minister reflects broader concerns about profit maximization versus economic sustainability.
These price hikes, marking the third increase in just two quarters, not only threaten the affordability of housing but also challenge Ghana’s efforts to address its significant housing deficit, currently estimated at 2 million units.