Building Material Prices Surge: Iron Rods and Cement See Largest Increases

Building material prices, particularly iron rods and cement, have surged in the first quarter of this year, according to a survey by the Ghana News Agency (GNA).

While roofing sheets and paints have seen minimal fluctuations, traders report consistent hikes in the prices of cement.

Mr. Selasi Pomenaya, a building material trader, highlighted the increases across all three grades of cement produced by Ghana Cement (GHACEM).

Super Cool, previously priced at GH¢82, now costs GH¢88; Super Rapid has risen from GH¢87 to GH¢95, and Super Strong has jumped from GH¢95 to GH¢105.

On the other hand, roofing sheet prices have seen a slight decrease since December 2023, remaining relatively stable. Paint prices have also remained unchanged throughout the year.

However, the price of iron rods has witnessed significant volatility, with traders finding it challenging to provide a fixed selling price due to fluctuating market rates. A tonne of iron rods, previously sold at GH¢6,500, is now priced at GH¢7,000 and above.

This surge in prices comes amidst a backdrop of economic challenges, including a depreciating Ghanaian cedi and fluctuating inflation rates.

The cedi’s value has declined against major trading currencies, with inflation rates fluctuating between 23.2% and 25.8% in the first quarter of 2024.

These economic factors, coupled with unstable fuel prices leading to increased transportation costs, have contributed to the rising cost of living in the country.