Market prices for iron rods and cement have notably risen in the first quarter of the year compared to other construction materials like roofing sheets and paints.
A survey conducted by the Ghana News Agency (GNA) found that cement traders consistently faced price increases, even amid stable or slightly declining fuel costs.
According to Mr. Selasi Pomenaya, a building materials trader, prices for all three grades of cement from Ghana Cement (GHACEM) have gone up.
Previously, Super Cool was sold at GH¢82 but now costs GH¢88; Super Rapid, previously GH¢87, now stands at GH¢95; and Super Strong, formerly GH¢95, is now GH¢105.
However, Mr. Pomenaya noted that roofing sheet prices had decreased since December 2023 and remained stable since then.
He added that paint prices had not fluctuated this year, with a packet of rough aluminum sheets now priced at GH¢2,300, down from GH¢2,500, while smooth aluminum sheets increased to GH¢2,100 from GH¢1,900.
Moreover, a 20-liter shield paint is currently sold at GH¢650, with a 10-liter variant at GH¢350, and a 10-liter Leyland paint at GH¢220.
“I don’t know what is causing the changes in prices, when we go to the producers and prices have increased or decreased, we buy and also increase or decrease the prices,” he said.
Mr. Pomenaya emphasized that despite slow business, he couldn’t afford to remain idle at home.
The GNA uncovered that the price of a tonne of iron rods, formerly at GH¢6,500, had surged to GH¢7,000 and above.
Several iron rod traders mentioned that the price exhibited high volatility, making it challenging to set a specific selling price for potential buyers.
Meanwhile, the Ghana cedi continued its decline against the US Dollar and other major trading currencies.
In January of this year, GH¢1 equaled $11.91; however, by April 2024, the same cedi was valued at approximately $14.42.
According to the Ghana Statistical Service, Ghana’s inflation rate experienced fluctuations, starting at 23.5 per cent in January 2024, dropping slightly to 23.2 per cent in February, then rising to 25.8 per cent in March.
These factors – inflation and currency depreciation – contributed to the rising prices of goods and services in the country, alongside increased transportation fares due to unstable fuel prices, resulting in a higher cost of living.