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Cedi depreciation drives up cement prices

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The Chamber of Cement Manufacturers (COCMAG) has justified the recent surge in cement prices, citing the depreciation of the Ghanaian cedi against the US dollar and rising production costs as primary factors.

The cement industry relies heavily on imported raw materials priced in foreign currencies, particularly the US dollar, which has increased costs.

Tariffs, levies, and taxes imposed by other authorities, such as the Ghana Ports and Harbours Authority, are also dollar-denominated, further exacerbating expenses.

The Chamber stated that adjusting cement prices is necessary to ensure operational viability and product quality, despite potential consumer impact.

COCMAG assured customers of providing quality cement at fair prices but acknowledged the potential for future price increases.

The Chamber emphasized its dedication to Ghana’s construction sector development amid these challenges.

This development follows the Minister for Trade and Industry, K.T. Hammond’s directive to the Cement Manufacturing Development Committee (CMDC) to intervene immediately and reverse the recent price hikes. The Minister’s call was in response to the recent surge in cement prices.

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