Recently, there has been a notable surge in the market prices of iron rods and cement, contrasting with relatively stable prices for other building materials like roofing sheets.
In response to this concerning trend, the Minister for Trade and Industry, K.T. Hammond, has issued a directive to the Cement Manufacturing Development Committee (CMDC) to immediately reverse the recent price hikes announced by cement manufacturers nationwide.
K.T. Hammond stressed the importance of stabilizing cement prices to alleviate undue financial burdens on consumers and to support the continuity of ongoing construction projects. The Minister’s directive comes amidst widespread concerns over arbitrary increases in cement prices, adversely impacting both individuals and businesses.
To ensure transparency and accountability in pricing, Mr Hammond has asked all cement manufacturers to publish retail prices, empowering consumers to make informed purchasing decisions. Stakeholders across the construction industry have welcomed the Minister’s intervention, expressing support for measures aimed at curbing escalating cement prices.
In an interview with RGGNEWS, Amoako Champion, a cement seller representing local cement dealers in the Madina enclave, lauded the government’s intervention, acknowledging the strain that price hikes have placed on both customers and businesses. He urged swift compliance from manufacturers with the Minister’s directives.
With the government taking proactive steps to address rising cement prices, stakeholders remain optimistic that these measures will provide relief to consumers and foster a more stable market environment for the construction sector.
However, concerns linger about the sustainability of the Minister’s directive, with some, like Emmanuel Kwao, Administrator of Nellie’s Real Estate, questioning its long-term effectiveness.
Mr. Kwao suggested the need for a more permanent solution, advocating for a standing order or directive to prevent further price increases by the CMDC.
He says the continuous increase in building materials imposes financial burdens on builders including individuals and businesses involved in construction projects. This leads to delays in the completion of construction projects.
