A bag of cement is now GH¢108! – Franklin Cudjoe says government economically clueless

President of IMANI Africa, Franklin Cudjoe, has expressed concern over the rising cost of building materials.

In a post dated June 6 on his X handle, he cited reports indicating that the price of a bag of cement had reached 108 Ghana cedis.

He criticized the Nana Addo Dankwa Akufo-Addo government for its apparent lack of strategy in addressing the price increases.

“A bag of cement is now GH¢108! The economy is still stupid. Sad thing is the government has no clue about what to do,” his post stated.

A bag of cement is now GHS108!
The economy is still stupid. Sad thing is the government has no clue about what to do.

— Franklin CUDJOE (@lordcudjoe) June 6, 2024

Mr. Cudjoe also lamented the rising cost of tomatoes in a related post.

The surge in cement prices has sparked discussion, especially after manufacturers dismissed a recommendation by the trade minister against raising prices.

GBC Ghana reported on recent price hikes, noting a sharp increase from last week to this week, leaving many buyers puzzled. In May 2024, cement was priced between GH¢85 and GH¢90, depending on the brand and ratio. As of June 4, 2024, prices had risen to about GH¢110, according to dealers in Pokuase. Dzata cement (42R) is now GH¢108, Cimaf (42R) GH¢107, Cimaf (32R) GH¢87, and Ghacem is leading the market with its 42R variety priced at GH¢110.

Further checks revealed that Diamond cement is sold at GH¢75 and GH¢85, while Dangote cement ranges between GH¢92 and GH¢94.

Despite Trade and Industry Minister, Kobina Tahir Hammond’s recent call for an immediate reversal of cement price increases to alleviate pressure on Ghanaians, the prices continue to climb, suggesting either the minister’s advice has been ignored or the underlying causes of the price hikes remain unaddressed.