Prices of construction materials increase; Iron rods and cement are the most affected.

Market prices of iron rods and cement have seen significant increases during the first quarter of the year compared to other construction materials such as roofing sheets and paints.

A survey by the Ghana News Agency (GNA) revealed that cement traders have consistently experienced price increases even when fuel prices remained stable or underwent a marginal downward revision.

Selasi Pomenaya, a construction materials trader, noted that prices of the three grades of cement produced by Ghana Cement (GHACEM) have increased.

Super Cool, which previously sold for GH¢82, now costs GH¢88; Super Fast, initially GH¢87 is now GH¢95; and Super Strong, sold at GH¢95, now costs GH¢105.

However, Pomenaya said roofing sheet prices had decreased since December 2023 and remained stable since then.

He said the prices of paint brands have not experienced fluctuations this year.

For example, a pack of aluminum sheets (raw) is currently sold at GH¢2,300, up from GH¢2,500, while plain aluminum sheets are now priced at GH¢2,100, up from GH¢1,900. GH¢.

The 20-litre Shield paint is sold at GH¢650, and the 10-litre at GH¢350, while the 10-litre Leyland paint is sold at GH¢220.

“I don’t know what is causing the changes in prices, when we go to the producers and the prices have gone up or down, we buy and we also increase or lower the prices,” he said.

Pomenaya added that although business was slow, he could not afford to sit at home and do nothing.

The GNA also discovered that a ton of iron rods, which previously sold for GH¢6,500, was now selling for GH¢7,000 or more.

Some iron rod traders said the price was very volatile, making it difficult to offer a specific selling price to potential buyers.

Meanwhile, the Ghana cedi continues to experience a decline in value against the US dollar and other major trading currencies.

In January this year, GH¢1 was equivalent to $11.91, but in April 2024, the same cedi was equivalent to about $14.42.

The Ghana Statistical Service said Ghana’s inflation rate had also experienced fluctuations, rising from 23.5 percent in January 2024 to 23.2 percent in February and then rising to 25.8 percent in March.

These factors (inflation and currency depreciation) have contributed to the increase in prices of goods and services in the country, along with the increase in transportation rates due to the instability of fuel prices, which has caused a higher cost of living.