The sudden escalating prices of commodities occasioned by the falling of the Ghanaian currency, the cedi, has caught up with cement, with prices of the product skyrocketing. The continuous decline of the cedi has pushed the prices of cement up as a result of high cost of raw materials, especially clinker, dealing a big blow to the Mills Administration.
Distributors have therefore increased the prices of the product in the retail market. The prices are said to have gone up from GH¢8.7 to GH¢ 9.2. However, cement was selling at between GH¢8 and GH¢9 in early January, but now goes for between GH¢10 and GH¢11 in some parts of Accra.
Director of Strategic and Corporate Communications at Ghacem, Dr. George Dawson-Ahmoa, an Accra-based radio yesterday that the decision to increase the prices was a very difficult one and acknowledged it was the second increase since the beginning of the year. “It is with a lot of resistance that we have to increase prices. It’s the dollar and the cedi, the disparity is too much,” he added.
He said prices were first increased on January 23 from GH¢8.03 to GH¢8.7. Asked whether prices could go up again before the end of the second quarter of the year, Dr. Dawson-Ahmoa said that will depend on the performance of the local currency against the dollar. He disclosed that Ghacem is looking at the long term project of buying clinker, limestone and gypsum locally.