In a major relief to consumers and the construction industry, GHACEM has announced a sharp reduction in cement prices, dropping from GHS 120 to GHS 82, driven by the recent appreciation of the Ghanaian cedi against the US dollar.
The Ghana Cement Company Limited (GHACEM) has announced a significant cut in the price of its cement products, citing the Ghanaian cedi’s recent gains against the US dollar as the key driver.
The price of a 50kg bag of cement has been reduced from GHS 120 to GHS 82, offering a substantial relief to builders, developers, and the general public.
The development comes amid growing optimism over Ghana’s economic outlook under the leadership of President John Dramani Mahama, whose administration has recently intensified efforts to stabilize the local currency and tame inflation.
Industry analysts say the cedi’s appreciation has eased import costs for raw materials used in cement production, allowing local manufacturers to adjust prices downward.
GHACEM’s move is expected to trigger similar reductions across other sectors reliant on imported inputs, potentially lowering the cost of goods such as steel rods, tiles, and electrical fittings.
“The appreciation of the cedi has had a direct impact on our production cost. We are pleased to pass this benefit on to our customers,” a GHACEM spokesperson said in a statement.
Market watchers are optimistic that the reduction will stimulate construction activity and help revive stalled infrastructure projects, especially as government-led housing and roads initiatives ramp up across the country.
Economists have lauded the price drop as a sign of improving macroeconomic stability and have urged continued policy discipline to sustain the cedi’s strength and the associated benefits for consumers.
Story Written By Bernard Quaye | Kobby Kyei News
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