Cement prices increased above¢ 80 per 50 kilogram bag due to rising manufacturing input costs.
This is an increase of nearly 10% over the last price change, which was made almost two months ago.
According to NSEMGH’s checks at several retail dealers, the cost of cement varies from ¢77 to $85 for a bag of 50 kg.
Similar to that, it differs amongst the different dealers, such as GHACEM, Diamond, and Dangote.
However, Dzata cement is less expensive.
The rising cost of cement is a sign that construction, especially building, will become more expensive.
Depending on the building’s location, this will result in a rise in real estate and housing rent prices across the nation.
Why the change?
The rise is now conceivable as a result of growing input costs brought on by the cedi’s devaluation against the US dollar.
The cost of operations is rising as a result of the importation of some raw materials required to make cement.
Depending on the building’s location, this will result in a rise in real estate and housing rent prices across the nation.
When the factory price (wholesale price) of a 50 kilogramme of a bag of cement was about ¢59.00, it was based on an exchange rate of about ¢7.60 in June 2022.
Some of the manufacturers also told Joy Business that it has been very difficult to absorb all the rising costs of operations, and therefore there is the need to share some of the burden with consumers.
They also claimed taxes or levies imposed on the raw materials at the ports is too high.
Cement price increases to ¢73 as manufacturers blame cedi depreciation
The price for a 50 kilogramme bag of cement shot up to ¢73 per bag on August 30.
The manufacturers blamed the increment on the free fall of the cedi which has not ceased since then.