The reluctance of cement producers to reduce their prices in Ghana is putting pressure on property developers and prospective homeowners in the country, according to the secretary of the Ghana Real Estate Developers Association (GREDA).
Speaking to local media Samuel Amegayibor said: “Cement producers are too greedy and not fair to the system.”
“Let’s say a real estate developer had indexed the price of a property at US$100,000 when the exchange rate was around GHS16 or GHS17 to the dollar,” he explained. “Today, with the rate at about GHS12 to the dollar, the cedi equivalent of what the developer receives is much lower – yet the prices of key building materials remain high.”
Mr Amegayibor urged manufacturers to do the right thing and cut prices, however they have thus far not yielded to pressure. Ghacem’s 42.5 R cement continues to retail at GHS118-120 in Accra, while Supacem and Dangote are sold at GHS110. CIMAF and Empire are also selling at GHS100
Ghana’s housing deficit is currently around two million residential units, the highest in west Africa.
